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Justia › US Law › US Case Law › US Supreme Court › Volume 133 › Davis v. Beason
Davis v. Beason, 133 U.S. 333 (1890)
Primary Holding
Banning polygamy, which is accepted in some religions, does not violate the First Amendment right to free exercise of religion.
Davis v. Beason
Argued December 9-10, 1889
Decided February 3, 1890
APPEAL FROM THE THIRD JUDICIAL DISTRICT
COURT OF THE TERRITORY OF IDAHO
The provision in § 501, Rev.Stats.Idaho, that
"No person who is a bigamist or polygamist, or who teaches, advises, counsels or encourages any person or persona to become bigamists or polygamists or to commit any other crime defined by law, or to enter into what is known as plural or celestial marriage, or who is a member of any order, organization, or association which teaches, advises, counsels or encourages its members or devotees or any other persons to commit the crime of bigamy or polygamy, or any other crime defined by law, either as a rite or ceremony of such order, organization or association or otherwise, is permitted to vote at any election, or to hold any position or office of honor, trust or profit within this territory"
is an exercise of the legislative power conferred upon territories by Rev.Stat. §§ 1851, 1859, and is not open to any constitutional or legal objection.
Bigamy and polygamy are crimes by the laws of the United States, by the laws of Idaho, and by the laws of all civilized and Christian countries, and to call their advocacy a tenet of religion is to offend the common sense of mankind.
A crime is nonetheless so, nor less odious, because sanctioned by what any particular sect may designate as religion.
It was never intended that the first Article of Amendment to the Constitution, that "Congress shall make no law respecting the establishment of religion or prohibiting the free exercise thereof," should be a protection against legislation for the punishment of acts inimical to the peace, good order and morals of society.
The second subdivision of § 504 Rev.Stats.Idaho, requiring every person desiring to have his name registered as a voter to take an oath that he does not belong to an order that advises a disregard of the criminal law of the Territory, is not open to any valid legal objection.
The Act of Congress of March 22, 7882, 22 Stat. 31, c. 47, "to amend section fifty-three hundred and fifty-two of the Revised Statutes of the United States in reference to bigamy, and for other purposes," does not restrict the legislation of the territories over kindred offenses or over the means for their ascertainment and prevention.
The cases in which the legislation of Congress will supersede the legislation of a state or territory without specific provisions to that effect are those in which the same matter is the subject of legislation by both.
In April, 1889, the appellant, Samuel D. Davis, was indicted in the District Court of the Third Judicial District of the Territory of Idaho, in the County of Oneida, in connection with divers persons named and divers other persons whose names were unknown to the grand jury for a conspiracy to unlawfully pervert and obstruct the due administration of the laws of the territory in this, that they would unlawfully procure themselves to be admitted to registration as electors of said County of Oneida for the general election then next to occur in that county, when they were not entitled to be admitted to such registration, by appearing before the respective registrars of the election precincts in which they resided and taking the oath prescribed by the statute of the state, in substance as follows:
"I do swear (or affirm) that I am a male citizen of the United States of the age of twenty-one years (or will be on the 6th day of November, 1888); that I have (or will have) actually resided in this territory four months and in this county for thirty days next preceding the day of the next ensuing election; that I have never been convicted of treason, felony or bribery; that I am not registered or entitled to vote at any other place in this territory, and I do further swear that I am not a bigamist or polygamist; that I am not a member of any order, organization or association which teaches, advises, counsels or encourages its members, devotees or any other person to commit the crime of bigamy or polygamy, or any other crime defined by law, as a duty arising or resulting from membership in such order, organization or association, or which practices bigamy, polygamy or plural or celestial marriage as a doctrinal rite of such organization; that I do not and will not, publicly or privately or in any manner whatever teach, advise, counsel or encourage any person to commit the crime of bigamy or polygamy, or any other crime defined by law, either as a religious duty or otherwise; that I do regard the Constitution of the United States and the laws thereof and the laws of this territory, as interpreted by the courts, as the supreme laws of the land, the teaching of any order, organization or association to the contrary notwithstanding, so help me God,"
when, in truth, each of the defendants was
a member of an order, organization and association, namely, the Church of Jesus Christ of Latter-Day Saints, commonly known as the Mormon Church, which they knew taught, advised, counseled and encouraged its members and devotees to commit the crimes of bigamy and polygamy as duties arising and resulting from membership in said order, organization, and association, and which order, organization and association, as they all knew, practiced bigamy and polygamy and plural and celestial marriage as doctrinal rites of said organization, and that in pursuance of said conspiracy, the said defendants went before the registrars of different precincts of the county (which are designated) and took and had administered to they respectively the oath aforesaid.
The defendants demurred to the indictment, and, the demurrer being overruled, they pleaded separately not guilty. On the trial which followed on the 12th of September, 1889, the jury found the defendant, Samuel D. Davis, guilty as charged in the indictment. The defendant was thereupon sentenced to pay a fine of $500, and in default of its payment to be confined in the County Jail of Oneida County for a term not exceeding 250 days, and was remanded to the custody of the sheriff until the judgment should be satisfied.
Soon afterwards, on the same day, the defendant applied to the court before which the trial was had and obtained a writ of habeas corpus alleging that he was imprisoned and restrained of his liberty by the sheriff of the county; that his imprisonment was by virtue of his conviction and the judgment mentioned and the warrant issued thereon; that such imprisonment was illegal, and that such illegality consisted in this: 1, that the facts in the indictment and record did not constitute a public offense, and the acts charged were not criminal or punishable under any statute or law of the territory, and 2, that so much of the statute of the territory as *
MR. JUSTICE FIELD, after stating the facts as above, delivered the opinion of the Court.
On this appeal, our only inquiry is whether the district court of the territory had jurisdiction of the offense charged in the indictment, of which the defendant was found guilty. If it had jurisdiction, we can go no further. We cannot look into any alleged errors in its rulings on the trial of the defendant. The writ of habeas corpus cannot be turned into a writ of error to review the action of that court. Nor can we inquire whether the evidence established the fact alleged, that the defendant was a member of an order or organization known as the "Mormon Church," called the "Church of Jesus Christ of Latter-Day Saints," or the fact that the order of organization taught and counseled its members and devotees to commit the crimes of bigamy and polygamy, as duties arising from membership therein. On this hearing, we can only consider whether, these allegations being taken as true, an offense was committed of which the territorial court had jurisdiction to try the defendant. And on this point there can be no serious discussion or difference of opinion. Bigamy and polygamy are crimes by the laws of all civilized and Christian countries. They are crimes by the laws of the United States, and they are crimes by the laws of Idaho. They tend to destroy the purity of the marriage relation, to disturb the peace of families, to degrade woman, and to debase man. Few crimes are more pernicious to the best interests of society, and receive more general or more deserved punishment. To extend exemption from punishment for such crimes would be to shock the moral judgment of the community. To call their
advocacy a tenet of religion is to offend the common sense of mankind. If they are crimes, then to teach, advise, and counsel their practice is to aid in their commission, and such teaching and counseling are themselves criminal, and proper subjects of punishment as aiding and abetting crime are in all other cases.
The term "religion" has reference to one's views of his relations to his Creator, and to the obligations they impose of reverence for his being and character, and of obedience to his will. It is often confounded with the cultus or form of worship of a particular sect, but is distinguishable from the latter. The First Amendment to the Constitution, in declaring that Congress shall make no law respecting the establishment of religion or forbidding the free exercise thereof, was intended to allow everyone under the jurisdiction of the United States to entertain such notions respecting his relations to his Maker and the duties they impose as may be approved by his judgment and conscience, and to exhibit his sentiments in such form of worship as he may think proper, not injurious to the equal rights of others, and to prohibit legislation for the support of any religious tenets, or the modes of worship of any sect. The oppressive measures adopted, and the cruelties and punishments inflicted, by the governments of Europe for many ages to compel parties to conform, in their religious beliefs and modes of worship, to the views of the most numerous sect, and the folly of attempting in that way to control the mental operations of persons and enforce an outward conformity to a prescribed standard led to the adoption of the amendment in question. It was never intended or supposed that the amendment could be invoked as a protection against legislation for the punishment of acts inimical to the peace, good order, and morals of society. With man's relations to his Maker and the obligations he may think they impose and the manner in which an expression shall be made by him of his belief on those subjects no interference can be permitted, provided always the laws of society, designed to secure its peace and prosperity, and the morals of its people, are not interfered with. However free the exercise of religion may
be, it must be subordinate to the criminal laws of the country, passed with reference to actions regarded by general consent as properly the subjects of punitive legislation. There have been sects which denied as a part of their religious tenets that there should be any marriage tie, and advocated promiscuous intercourse of the sexes, as prompted by the passions of its members. And history discloses the fact that the necessity of human sacrifices, on special occasions, has been a tenet of many sects. Should a sect of either of these kinds ever find its way into this country, swift punishment would follow the carrying into effect of its doctrines, and no heed would be given to the pretense that, as religious beliefs, their supporters could be protected in their exercise by the Constitution of the United States. Probably never before in the history of this country has it been seriously contended that the whole punitive power of the government for acts, recognized by the general consent of the Christian world in modern times as proper matters for prohibitory legislation, must be suspended in order that the tenets of a religious sect encouraging crime may be carried out without hindrance.
On this subject the observations of this Court through the late Chief Justice Waite, in Reynolds v. United States, are pertinent. 98 U. S. 98 U.S. 145, 98 U. S. 165-166. In that case, the defendant was indicted and convicted under section 5352 of the Revised Statutes, which declared that
"Every person having a husband or wife living who marries another whether married or single, in a territory or other place over which the United States have exclusive jurisdiction, is guilty of bigamy, and shall be punished by a fine of not more than five hundred dollars, and by imprisonment for a term not more than five years."
The case being brought here, the Court, after referring to a law passed in December, 1788, by the State of Virginia, punishing bigamy and polygamy with death, said that from that day there never had been a time in any state of the union when polygamy had not been an offense against society cognizable by the civil courts and punished with more or less severity, and added:
"Marriage, while from its very nature a sacred obligation, is nevertheless in most civilized nations a
civil contract, and usually regulated by law. Upon it society may be said to be built, and out of its fruits spring social relations and social obligations and duties, with which government is necessarily required to deal. In fact, according as monogamous or polygamous marriages are allowed do we find the principles on which the government of the people, to a greater or less extent, rests."
And, referring to the statute cited, he said:
"It is constitutional and valid as prescribing a rule of action for all those residing in the territories and in places over which the United States have exclusive control. This being so, the only question which remains is whether those who make polygamy a part of their religion are excepted from the operation of the statute. If they are, then those who do not make polygamy a part of their religious belief may be found guilty and punished, while those who do must be acquitted and go free. This would be introducing a new element into criminal law. Laws are made for the government of actions, and while they cannot interfere with mere religious belief and opinions, they may with practices. Suppose one believed that human sacrifices were a necessary part of religious worship, would it be seriously contended that the civil government under which he lived could not interfere to prevent a sacrifice? Or if a wife religiously believed it was her duty to burn herself upon the funeral pile of her dead husband, would it be beyond the power of the civil government to prevent her carrying her belief into practice? So here, as a law of the organization of society under the exclusive dominion of the United States, it is provided that plural marriages shall not be allowed. Can a man excuse his practices to the contrary because of his religious belief? To permit this would be to make the professed doctrines of religious belief superior to the law of the land, and in effect to permit every citizen to become a law unto himself. government could exist only in name under such circumstances."
And in Murphy v. Ramsey, 114 U. S. 15, 114 U. S. 45, referring to the act of Congress excluding polygamists and bigamists from voting or holding office, the court, speaking by Mr. Justice Matthews, said:
"Certainly no legislation can be supposed more wholesome and necessary in the founding of a
free, self-governing commonwealth, fit to take rank as one of the coordinate states of the union, than that which seeks to establish it on the basis of the idea of the family, as consisting in and springing from the union for life of one man and one woman in the holy estate of matrimony; the sure foundation of all that is stable and noble in our civilization; the best guaranty of that reverent morality which is the source of all beneficent progress in social and political improvement. And to this end, no means are more directly and immediately suitable than those provided by this act, which endeavors to withdraw all political influence from those who are practically hostile to its attainment."
It is assumed by counsel of the petitioner that because no mode of worship can be established or religious tenets enforced in this country, therefore any form of worship may be followed, and any tenets, however destructive of society, may be held and advocated, if asserted to be a part of the religious doctrines of those advocating and practicing them. But nothing is further from the truth. While legislation for the establishment of a religion is forbidden and its free exercise permitted, it does not follow that everything which may be so called can be tolerated. Crime is not the less odious because sanctioned by what any particular sect may designate as "religion."
It only remains to refer to the laws which authorized the Legislature of the Territory of Idaho to prescribe the qualifications of voters and the oath they were required to take. The Revised Statutes provide that
"The legislative power of every territory shall extend to all rightful subjects of legislation not inconsistent with the Constitution and laws of the United States. But no law shall be passed interfering with the primary disposal of the soil; no tax shall be imposed upon the property of the United States; nor shall the lands or other property of nonresidents be taxed higher than the lands or other property of residents."
Rev.Stat. § 1851.
Under this general authority, it would seem that the territorial legislature was authorized to prescribe any qualifications for voters calculated to secure obedience to its laws. But, in addition to the above law, § 1859 of the Revised Statutes
provides that
"Every male citizen above the age of twenty-one, including persons who have legally declared their intention to become citizens in any territory hereafter organized, and who are actual residents of such territory at the time of the organization thereof, shall be entitled to vote at the first election in such territory, and to hold any office therein, subject, nevertheless, to the limitations specified in the next section,"
namely that at all elections in any territory subsequently organized by Congress, as well as at all elections in territories already organized, the qualifications of voters and for holding office shall be such as may be prescribed by the legislative assembly of each territory, subject, nevertheless, to the following restrictions:
First. That the right of suffrage and of holding office shall be exercised only by citizens of the United States above the age of twenty-one or persons above that age who have declared their intention to become such citizens.
Second. That the elective franchise or the right of holding office shall not be denied to any citizen on account of race, color, or previous condition of servitude.
Third. That no soldier or sailor, or other person in the army or navy, or attached to troops in the service of the United States, shall be allowed to vote unless he has made his permanent domicile in the territory for six months; and
Fourth. That no person belonging to the army or navy shall be elected to or hold a civil office or appointment in the territory.
These limitations are the only ones placed upon the authority of territorial legislatures against granting the right of suffrage or of holding office. They have the power therefore to prescribe any reasonable qualifications of voters and for holding office, not inconsistent with the above limitations. In our judgment, § 501 of the Revised Statutes of Idaho Territory, which provides that
"No person under guardianship, non compos mentis, or insane, nor any person convicted of treason, felony, or bribery in this territory, or in any other state or territory in the union, unless restored to civil rights; nor any person who is a bigamist or polygamist, or who teaches, advises,
counsels, or encourages any person or persons to become bigamists or polygamists, or to commit any other crime defined by law, or to enter into what is known as plural or celestial marriage, or who is a member of any order, organization, or association which teaches, advises, counsels, or encourages its members or devotees, or any other persons, to commit the crime of bigamy or polygamy, or any other crime defined by law, either as a rite or ceremony of such order, organization, or association, or otherwise, is permitted to vote at any election, or to hold any position or office of honor, trust, or profit within this territory,"
is not open to any constitutional or legal objection. With the exception of persons under guardianship or of unsound mind, it simply excludes from the privilege of voting, or of holding any office of honor, trust, or profit, those who have been convicted of certain offenses, and those who advocate a practical resistance to the laws of the territory, and justify and approve the commission of crimes forbidden by it. The second subdivision of § 504 of the Revised Statutes of Idaho, requiring every person desiring to have his name registered as a voter to take an oath that he does not belong to an order that advises a disregard of the criminal law of the territory, is not open to any valid legal objection to which out attention has been called.
The position that Congress has, by its statute, covered the whole subject of punitive legislation against bigamy and polygamy, leaving nothing for territorial action on the subject, does not impress us as entitled to much weight. The statute of Congress of March 22, 1882, amending a previous section of the Revised Statutes in reference to bigamy, declares
"That no polygamist, bigamist, or any person cohabiting with more than one woman, and no woman cohabiting with any of the persons described as aforesaid in this section, in any territory or other place over which the United States have exclusive jurisdiction, shall be entitled to vote at any election held in any such territory or other place, or be eligible for election or appointment to, or be entitled to hold any office or place of public trust, honor, or emolument in, under, or for any such territory or place, or under the United States."
22 Stat. 31, c. 47, § 8.
This is a general law applicable to all territories and other places under the exclusive jurisdiction of the United States. It does not purport to restrict the legislation of the territories over kindred offenses or over the means for their ascertainment and prevention. The cases in which the legislation of Congress will supersede the legislation of a state or territory, without specific provisions to that effect, are those in which the same matter is the subject of legislation by both. There, the action of Congress may well be considered as covering the entire ground. But here there is nothing of this kind. The act of Congress does not touch upon teaching, advising, and counseling the practice of bigamy and polygamy -- that is, upon aiding and abetting in the commission of those crimes -- nor upon the mode adopted, by means of the oath required for registration, to prevent persons from being enabled by their votes to defeat the criminal laws of the country.
The judgment of the court below is therefore
NOTE -- The constitutions of several states, in providing for religious freedom, have declared expressly that such freedom shall not be construed to excuse acts of licentiousness, or to justify practices inconsistent with the peace and safety of the state. Thus, the Constitution of New York of 1777 provided as follows:
"The free exercise and enjoyment of religious profession and worship, without discrimination or preference, shall forever hereafter be allowed, within this state, to all mankind, provided that the liberty of conscience hereby granted shall not be so construed as to excuse acts of licentiousness or justify practices inconsistent with the peace or safety of this state."
Article xxxviii, 2 Charters and Constitutions 1338. The same declaration is repeated in the Constitution of 1821 (Article vii, Section 3, id. 1347), and in that of 1846 (Article I, Section 3, id. 1351), except that for the words "hereby granted," the words "hereby secured" are substituted. The Constitutions of California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, Minnesota, Mississippi, Missouri, Nevada, and South Carolina contain a similar declaration.
"No person under guardianship, non compos mentis, or insane, nor any person convicted of treason, felony, or bribery in this territory or in any other state or territory in the union, unless restored to civil rights, nor any person who is a bigamist or polygamist or who teaches, advises, counsels, or encourages any person or persons to become bigamists or polygamists or to commit any other crime defined by law or to enter into what is known as plural or celestial marriage or who is a member of any order, organization, or association which teaches, advises, counsels, or encourages its members or devotees or any other person to commit the crime of bigamy or polygamy or any other crime defined by law, either as a rite or ceremony of such order, organization, or association or otherwise is permitted to vote at any election or to hold any position or office of honor, trust, or profit within this territory."
"The registrar must, before he registers any applicant, require him to take and subscribe the oath to be known as the 'elector oath,' which is as follows:"
" I do swear (or affirm) that I am a male citizen of the United States of the age of twenty-one (21) years (or will be on the ___ day of _____, 18__, naming the date of next succeeding election). That I have (or will have) actually resided in this territory for four (4) months and in this county for thirty (30) days next preceding the day of the next ensuing election (in case of any election requiring time of residence so make it). That I have never been convicted of treason, felony, or bribery; that I am not now registered or entitled to vote at any other place in this territory; and I do further swear that I am not a bigamist or polygamist; that I am not a member of any order, organization, or association which teaches, advises, counsels, or encourages its members, devotees, or any other person to commit the crime of bigamy or polygamy or any other crime defined by law as a duty arising or resulting from membership in such order, organization, or association, or which practices bigamy or polygamy or plural or celestial marriage as a doctrinal rite of such organization; that I do not and will not publicly or privately or in any manner whatever teach, advise, counsel, or encourage any person to commit the crime of bigamy or polygamy or any other crime defined by law, either as a religious duty or otherwise; that I do regard the Constitution of the United States and the laws thereof and of this territory, as interpreted by the courts, as the supreme law of the land, the teachings of any order, organization, or association to the contrary notwithstanding (when made before a judge of election add 'and I have not previously voted at this election'), so help me God."
Id., § 504.
Samuel D. Davis
Beason
Chris Skelton Mountain View, CA


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text:
package com.jfixby.rana.api.loader;

import com.jfixby.rana.api.format.PackageFormat;
import com.jfixby.scarabei.api.ComponentInstaller;
import com.jfixby.scarabei.api.collections.Collection;

public class PackagesLoader {

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redpajama_set_name: RedPajamaGithub


text:
Old news
Bruce Packard
banks, equity, investing, Uncategorized
Occasionally, I like to read out of date newspapers. With hindsight, what we thought we knew, turns out to be wrong. What we thought was serious, turns out to be trivial. What we dismiss and throw away, many years later is sought after and valued as "vintage". And sometimes, what we once ignored as irrelevant, turns out to be prophetic.
I came across the article below, published in The Sunday Telegraph, 14th April 1963. I haven't asked their permission to reproduce it – but it is so old that I hope they won't mind. Especially since the Telegraph is a free website. The author, Nigel Lawson was a financial journalist. But later he became a Conservative politician, and 20 years after he wrote this article he was appointed Chancellor of the Exchequer in 1983. He then de-regulated The City, and brought in tax cuts which resulted in the "Lawson Boom." Allowing banks (whose main business is making loans) to buy stockbrokers (whose main business is capital markets) probably inadvertently led to the flawed "universal" banking model and the 2007-8 financial crisis.
He resigned over a difference of opinion on interest and exchange rates with one of Margaret Thatcher's other advisers. He ended up in the House of Lords, as Baron Lawson of Blaby. He is, of course, also Nigella Lawson's father.
I like his article, it ages well. I have always thought you can learn a lot from reading between the lines of what companies' management say. Rather than just the accounting numbers they report. Two of the companies he praises (Legal and General, Unilever) are still around and the decades since the article first appeared have been kind to them. Whereas the Lancashire Cotton Corporation and Pressed Steel which he disparages, have disappeared into obscurity. Which suggests there is something to his approach.
I also am interested in "simple rules of thumb", and how these can be applied to investing. This approach is clearly not as original as I thought, as the article below shows. I hope you enjoy reading it too.
Seven rules for investors
The Sunday Telegraph 14th April 1963
I am delighted that my colleague "Capitalist" is doing so well with his portfolio of shares. His careful system of selection is plainly a very sound one. But I can't help feeling that – like most accountants – he is obsessed with figures, with the purely statistical facts.
Earnings growth rates and dividend yields are all very well in their way. But the shrewd investor will want to look beyond mere figures, just as the trained psychoanalyst looks beyond the patient's words to discover truths deep in his subconscious.
Happily, I am not alone in this view. So great an authority as the well-known investment trust expert, Mr George Touche, remarked in the midst of a learned, 25 page address on investment to the Institute of Chartered Accountants at Oxford last summer that "general impressions may be obtained from many sources, apart from the conclusions to be drawn from the financial results. The cult of a chairman's personality, combined with constant repetition of his photograph, rarely inspires confidence in the management of a company."
Sole contribution
So we have investment rule number one:
Avoid companies whose chairman's photograph is published more than four times a year.
Unfortunately this was Mr Touche's only contribution to the important science of non statistical investment analysis. But I strongly recommend the following as rule number two:
Avoid companies that publish their balance sheet in front of their profit and loss account in the annual report.
The Companies Act stipulates that both these be published, but it does not lay down the order in which they should appear. So companies invariably put first the document of which they are proudest (or least ashamed).
Obviously a company that is prouder of its assets than its profits is one to be avoided at all costs. This is the very hallmark of an unprogressive company earning an inadequate rate of return (if any) on its capital employed.
How many fortunes might have been saved, for example, had investors noticed that Pressed Steel publishes the parent company's balance sheet in front of the consolidated profit and loss account. You would not catch a growth stock like Elliott-Automation doing that. Again, the Lancashire Cotton Corporation, short of profits but long on assets, publishes its balance sheet first; whereas expansionist ICI…but I needn't elaborate…
But perhaps at this stage I ought to warn investors that this particular rule, although in my experience invaluable, is not an infallible guide. Take the two cement companies, for example. Associated Portland Cement puts its profit and loss account first, Rugby Portland Cement its balance sheet. And yet it is Rugby that has by far the better growth record. The explanation of this superficially startling phenomenon brings us to rule number three:
Invest in companies whose chairman is less than 5'8" tall.
What you must look for is the Napoleon of industry, those dynamic individuals who make up for lack of physical stature by making their companies grow instead. Sir Isaac Wolfson and Mr Charles Clore are obvious examples.
This is also the explanation of the cement conundrum. Rugby's chairman Sir Halford Reddish qualifies with flying colours under the height rule. But APC's Mr John Reiss, although a charming gentleman and fine chairman, is over six feet tall.
It is always advisable, therefore, when considering a purchase of any share, to ask your stockbroker to let you know the precise height of the company's chairman. But you should also take a scientific interest in the rest of the board. Which brings us to Rule number four:
Assess the board on the points system as follows-one point for every director, and an extra point for every peer, admiral, general or air marshal. More than 15 points disqualifies, or more than twenty in the case of banks and insurance companies.
Plainly no board meeting will ever reach rapid agreement if there are too many directors; equally, an excessive number of peers and military gentlemen is dangerous because such people were taught by their nannies to believe that trade is no calling for a gentleman.
The shares of Sun Alliance Insurance, for example, are lower today than they were four years ago; whereas those of Legal and General have doubled. The Sun Alliance has 33 members, including eight peers: 41 points, which means instant disqualification. Legal and General's board, however, has only 16 members, including one peer and one admiral. Eighteen points is all right for insurance.
Inner Three
Then again Rank Organisation board runs to 18 points (which means disqualification for an industrial company) whereas the Financial Times, another leading group in the entertainment field, easily qualifies with nine points in spite of its three peers. But you have to be careful. The Unilever board contains 24 members, which might lead an unsuspecting investors to look elsewhere. But in fact an inner board of only three is what really counts.
This should complete your study of the company's report and accounts, except perhaps for two minor points, rules five and six:
Avoid companies who hold their annual general meetings at awkward times or in unlikely places.
Avoid companies who have just moved into a lush new head office.
The first of these is obvious. A company that announces that the annual meeting will be at 8:30AM at Chipping Sodbury Town Hall is evidently not going out of its way to encourage shareholder participation.
The second derives from one of Professor Parkinson's laws, viz that new offices are built just as the company reach its peak, from where it can only decline.
…In 1961, when the Bowater Paper Corporation moved into its lavish Knightsbridge skyscraper, profits fell sharply and the company lost its growth stock rating.
But as well as the annual report, it is also well worth paying attention to the announcement of preliminary figures. Here we come to my final, and most important, rule seven:
Longer to Add
Bad figures take longer to add up
From this follows a simple conclusion: you should sell any share in a company whose preliminary profits figures fail to be published within five days of the date on which they were published the previous year. By following this simple rule, you will save far more money than you lose.
Shareholders in both Lombard Banking and Firth Cleveland, for example, could have sold in advance of bad news on three separate occasions.
It will be interesting to see what 1963 brings.
Here, then are my seven rules for investment for Easter. There are, of course, others. But that's another story.
My Fever-Tree Story
The Price of Marmite
Heroes and Xeros
Financial analysis and non conformist thoughts from Bruce
Labelling warnings
On value and information
A new role
Tweets by @bruce_packard

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MidOcean Partners Acquires FullSpeed Automotive, a Leading Platform in Auto Aftermarket Services
NEW YORK --(BUSINESS WIRE)--MidOcean Partners, a premier middle market private equity firm focused on the business services and consumer sectors, announced today that it has acquired FullSpeed Automotive ("FullSpeed" or the "Company") from CenterOak Partners. FullSpeed is an industry leading auto aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes and other ancillary services through multiple brand formats including under the Grease Monkey® and SpeeDee® brands. The Company has a broad geographic footprint of nearly 600 franchised and company owned locations. MidOcean Partners plans to continue the Company's aggressive growth plan through comprehensive organic initiatives and strategic M&A. Financial terms of the transaction were not disclosed.
FullSpeed Automotive was founded in 1978 and has nearly 600 automotive centers across the U.S. as well as internationally. The Company's brands include: Grease Monkey®, SpeeDee®, American Lubefast®, and Uncle Ed's Oil Shoppe®. The Company's Retail Operations division also operates Havoline xpress lube locations. In addition to quick lube oil changes, FullSpeed Automotive provides a variety of other services, such as tire rotations, brake services, suspension repairs, and minor electrical-system repairs.
Daniel Penn, Managing Director at MidOcean, commented, "MidOcean has been evaluating the auto aftermarket services space for a number of years and is thrilled to partner with FullSpeed's exceptional management team for the Company's next phase of growth. We believe FullSpeed will continue to experience strong growth from its existing locations with industry leading customer service and robust performance metrics. We also plan to support the Company's existing aggressive M&A strategy, as well as to drive franchise development in new and existing markets. Our focus in this sector has been in partnership with our MidOcean Executive Board member Marc Graham who brings over 35 years of expertise in this industry, and we are pleased to have Marc involved as Chairman of the Board of the Company going forward."
Marc Graham joined MidOcean as an Executive Board member in 2020 as a dedicated resource to MidOcean's efforts in the auto aftermarket sector. Mr. Graham is an accomplished auto aftermarket operating executive with over 35 years of senior management experience in high volume automotive consumer products and services industries. Mr. Graham's prior experience includes roles as CEO of Take 5 Oil Change, a rapidly growing oil change business under his leadership, and President of Jiffy Lube International. Mr. Graham will be an integral member of the MidOcean-backed FullSpeed team, and will serve as Chairman of the Board of the Company.
"I'm thrilled to partner with the FullSpeed management team and am excited about the opportunities to drive growth alongside MidOcean," said Mr. Graham. "FullSpeed has best-in-class operations across a number of different brands with a wide variety of service offerings for its customers. We plan to focus on maintaining these industry leading service levels, while also accelerating new units. We are looking forward to executing this strategic plan closely with the FullSpeed team."
"We are excited to partner with MidOcean to drive outsized growth for the FullSpeed platform," said Kevin Kormondy, CEO of FullSpeed. "MidOcean has an impressive track record in executing transformational growth, and they bring deep expertise in the auto aftermarket that will enhance our ability to better serve our customers, our employees, and our franchise partners, while also providing support for the Company to expand into additional markets."
Honigman LLP acted as legal advisor to MidOcean. Harris Williams served as financial advisor, and Gibson Dunn & Crutcher LLP acted as legal advisor to FullSpeed Automotive.
About MidOcean
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
Amanda Shpiner/Grace Cartwright
Allison Donohue
Investorrelations@midoceanpartners.com
Daniel Penn
Managing Director, Consumer
Steven Loeffler
Marc Graham


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Wallace W. Abbey
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Donald W. Furler
Robert A. Hadley
Victor Hand
Perry Frank Johnson
Leo King
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Ted Rose
Jim Shaughnessy
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Robert A. Witbeck
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Winners of the 2014 Gruber Awards: Lasting Impressions
The theme of the 2014 John E. Gruber Creative Photography Awards Program was "Lasting Impressions," and all of the images, from ninety photographers, live up to exceed it. The Center asked for photographs that leave lasting impressions, photography worthy of display on a living room wall or even a museum. Here you have the selections of the judges to enjoy.
First place went to Eric Williams, Millburn, New Jersey, for a stunning night view of the Chicago elevated (top image at right). Matthew Malkiewicz, Mount Laurel, New Jersey, received second place for a holiday card-like photograph of a steam train in the snow (middle right); third went to Dennis Livesey, New York City, for three images representing the fascination of the city (lower right).
"We were encouraged to see the high quality of the entries continue," said one of the judges. "Railroad photography is alive and well these days. Photographers are innovative, using light in new and unusual ways. The rare back and white entries are standouts."
"As in 2013, it was an exciting contest for three of us to judge, with entries from very creative photographers," said John Gruber, a Center founder. "It is gratifying to see how railroad photography continues to be exciting in new and creative says." While the judges struggled with the difficult task of picking only three images for the first, second, and third place winners, they saw no losers among the entries.
First place receives $500 and a 13×19 printer from co-sponsor Canon. Second place receives $300, and third place receives $200. Complimentary one-year subscriptions to the Center's quarterly journal, Railroad Heritage, go to all who received honorable mentions.
The Center will publish the winners and a selection of images the "Judges Also Liked" in Railroad Heritage (Spring 2015), as will Railfan & Railroad in its March 2015 issue. The California State Railroad Museum in Sacramento will host an exhibition with most of the photographs. All honorable mentions are online.
First prize: Eric Williams
Second prize: Matthew Malkiewicz
Third prize: Dennis Livesey
Judges' Comments
The location is in Chicago's Loop above the intersection of Lake and Wells Streets, originally built in 1900, modified numerous times and known as both CTA Tower 18 and Junction 18. Although we've seen spot this photographed many times before, the image has the combination of framing, light, color, and a slow shutter speed depiction of train movement that creates a terrific feel for the fascinating elevated tracks and trains.
Eric Williams (www.ericwilliams.photography) lives in Mlllburn, New Jersey, trained in industrial design, and works in Manhattan as a creative director. Born in Illinois, he moved frequently as his father was in the Air Force, which exposed him to a wide range of regions and railroads. These experiences instilled love of travel and history, and he tries to put regional context into his images.
Williams has had a lifelong love for trains and railroading, and he began photographing them at age 15. High school photography classes helped hone his skills, and he shot primarily black-and-white film until the digital revolution. Early influences included Steinheimer and Ted Benson. Williams was the grand prize winner in the 2011 Railfan & Railroad Centerspread Competition, and he received an honorable mention in 2010. He also received second prize in the Center's 2012 program and in Trains Photo competitions of 1997 and 1998, along with Trains runner-up award in the 2009 contest.
Matthew Malkiewicz
This could be a Christmas card painting. An East Broad Top Railroad steam train with open platform, wood-side coaches moving through a rural winter scene in Pennsylvania with fresh falling snow framed by trees and a road curving out of sight.
Matthew Malkiewicz resides in Mount Laurel, New Jersey, where he is the senior designer for an instrumentation/electrical/process control engineering firm. Born in New Jersey, he has also lived in California and Colorado, which ignited the drive to travel and capture the country's modern-day tourist steam operations. Vacations are now planned around and spent photographing special railroad related events, private train photo charters, and historical places.
Malkiewicz's fascination with trains started at the age of four months by watching a toy train run around the Christmas tree; he has been hooked ever since. Completely self-taught—first with 35mm and medium format film and more recently digital cameras and Photoshop—creating timeless images has become a passionate hobby. Early influences include Don Ball, Jack Delano, and Mallory Hope Ferrell; lately Zack Arias. Matthew was the third prize B&W winner in the Center's 2012 Awards Program, and he has recently been featured on the CNN International, Weather Channel, DPReview and SLR Lounge websites, and published in Trains and Shutterbug magazines.
His entire portfolio can be viewed at: "Lost Tracks of Time."
Third Prize
Dennis Livesey
These three photographs comprise an engaging collection of images from the New York City area:
Above: F train at Smith and 9th St Station, Brooklyn
Right: Grand Central Terminal and Chrysler Building, Manhattan
Below: The number 7 subway 40th Street Station, Sunnyside, Queens
The GCT image is reminiscent of classic B&W photography of earlier times.
Dennis Livesey has pursued his twin passions of trains and photography ever since he could look at a Lucius Beebe book or hold a camera. While making a living as a cinematographer, he chased trains wherever and whenever he could. See more of his work at: www.liveseyimages.com
Judges Also Liked
Layers of images, patterns, lines and colors combine to toy with the viewers visual senses.
Nick Benson
A fierce storm with flooding rain and frequent lightning bolts illuminates the Minnesota Southern's GP9 in Luverne, MN.
Stewart Buck
A very exciting and somewhat impressionistic image of the Union Pacific 844 at speed, taken in Kansas. Steam locomotive wheels and rods are as fascinating in motion as parts of a windup watch.
Patrick J. Cashin
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Travis Dewitz
Describing this image as 'mystic' would stating the obvious. Subject, color and form all contribute to making this photo unforgettable. Dakota Bad Lands, August 2014.
In eastern Montana near the North Dakota state line, blue sky with high thin clouds and ground covered with blown snow depict a scene of vast nothingness broken only by a lone tree and the thin line of a distant train on the horizon.
Anthony Dickson
With what appears to be x-ray vision, the camera captures a double exposure depicting the engine interior of a CSXT GE ES44AH. Bold colors and dynamic lines add to the fascination of the image.
Charles Dischinger
A sudden rain drenching the station platform and bench combined with a westbound manifest running on the eastward main with headlights illuminating the raindrops provide the elements for this image.
Olaf Haensch
In one of those magic moments in the Harz Mountains in Germany, the sun near the horizon has dropped below heavy clouds to provide golden light just as the steam powered train approaches.
In Sandaoling, China, a JS steam locomotive emits hot ash in the exhaust made visible with the lack of lights at night. A single strobe flash is used to illuminate the locomotive itself.
Tom Kline
The side rod, drive rod and eccentric crank of the N&W 1218 on display in Roanoke, VA are caught in just the right light near sunset. This 2-6-6-4 monster was built in 1943 for heavy haul freight trains on mountain grades, developing 114,000 lbs tractive effort.
Ken Kuehne
Beneath a clear sky filled with thousands of stars in the Milky Way, an eastbound empty hopper train waits at Cima, CA for a passing intermodal.
J. Alex Lang
The lonely midnight shift. It is 1:05 A.M., Oct 14, 2011 and Operator Jeannie Fouse is working 3rd trick at ALTO tower in Altoona PA. With bagged lunch on the counter behind her, she has nearly a full shift ahead of her making certain all train movements pass safely on correct routes.
Duane Rapp
One of the best snow busting images we've seen. Photographed in north central Illinois on the CN's Freeport subdivision, the combination of side lighting leaving the engine nose dark and easily seen chunks of snow seeming to explode in all directions makes for an eye-popping photo.
Cool and damp winter weather sets the mood at Ogilvie Station, formerly North Western Terminal, in Chicago on February 23, 2012. Numerous LED dwarf signals dot the complex interlocking. The colors convey that a train has a route out of the station, but the dual stars illuminate if a commuter train has permission to depart the terminal.
Nick Suydam
The BNSF yard in Galesburg, IL provides the scene for a departing train on a crisp winter night.
Brandon Townley
Gorgeous side lighting on the NS office car special on the unusual curved truss bridge crossing the Tuscarawas River in Massillon, OH. Vertical lines, curved track and classic EMD cab unit make this picture pop.
A clever combination of the interior of the preserved interlocking tower at Marion, OH., complete with everything from telegraph sounder to railroad radio, and a passing NS office car special.
A CSX local emerging from fog and seemingly approaching a bleak darkness is using the last remaining active route of the New York, Ontario and Western Railway, Seneca Hill, NY.
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'Illegal Migrants' Among Six Dead In Ukrainian Helicopter Crash
At least six people have been killed, including suspected illegal migrants, in the crash of a Ukrainian-registered helicopter in eastern Slovakia.
The Ukrainian border guard service said in a statement on November 13 that "two Ukrainian citizens and four nationals from Southeast Asia, including two women, were on board" the helicopter that crashed 35 kilometers from Ukraine.
It added that the Mi-2 helicopter was "likely" being used by human traffickers to transport illegal migrants.
Slovak Interior Minister Robert Kalinak said in Bratislava earlier in the day that the accident is believed to have occurred on November 11 near the eastern city of Michalovce but the crash site wasn't discovered until two days later because of thick fog in the area.
Kalinak said the helicopter was trying to evade Slovakia's air-traffic control system and was performing "dangerous maneuvers."
Based on reporting by AFP and AP


The defect has been linked to 16 deaths and scores of injuries globally.
In China, the recalls involve 37 manufacturers and more than 20 million vehicles, of which 24 carmakers had recalled 10.59 million units by the end of June, the General Administration of Quality Supervision, Inspection and Quarantine said.
China is a crucial market for leading international carmakers.


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Understanding the Difference Between Briefs Vs. Underwear
Urinary incontinence is an issue that affects millions worldwide each year. It's a difficult condition to treat despite the numerous medications and exercises doctors employ in an attempt to make it manageable for those affected by it.For many sufferers of urinary incontinence, the best solution is to minimize the damage that this condition can inflict. Urinary briefs and underwear are the two most prominent ways to do this.
The problem comes with understanding the difference between briefs VS. underwear. Style, functionality and even how well one solves the issues created by urinary incontinence differ from one style of garment to the next.
How Incontinence Underwear Works
The basic premise of incontinence underwear is that it should be similar to how regular underwear performs. Most incontinence underwear has a waistband that keeps it on the wearer's waist, feels relatively normal in texture, and provides the same coverage that regular underwear would.
The difference in incontinence underwear from regular underwear is that it is designed to absorb urine itself while trapping any odor from escaping. This prevents many of the issues that urine would otherwise cause in regular underwear, and allows for the wearer to have a higher degree of assurance that their problem will not become a public one.
How Incontinence Briefs Work
Incontinence briefs work much like underwear, yet they are more stylish and feel natural. The typical person may look at a pair of incontinence briefs and be unable to tell it apart from regular briefs.
They tend to have an elastic waistband and elastic around the legs that makes them fit more snugly, which in turn makes them feel considerably more like regular briefs. They are also generally made from cotton in an attempt to make them look even more normal.
The only drawback to incontinence briefs is that they tend to cost somewhat more than incontinence underwear. People who use them generally regard them as worth the minor difference in price due to their more natural feel, but this ultimately comes down to preference.
Underwear OR Briefs?
The bottom line is that both styles of incontinence undergarments work to protect an individual from the same thing.The only way to decide between incontinence briefs or underwear is to try both. Some individuals may find a particular style more comfortable, while others may prefer the look of briefs to the look of underwear.
Overnight Options for Incontinence
Why Use Adult Disposable Underwear
What Bariatric Incontinence Options Are Available?
Finding the Right Fit for Your Incontinence Products
Incontinence and Parents: Buying the Right Product...
What is discreet shipping?
3 Tips for Living with Incontinence
Are There Special Incontinence Products for Women?
Do I Have Incontinence?


NTT Urban Development, the real estate development arm of the NTT communications group, is jointly developing several high-end hotels with restaurant and wedding planning company Hiramatsu.
Hiramatsu is known for their French and Italian restaurants, wedding planning, catering and wine businesses. In May 2015, they announced their foray into the hotel industry with the establishment of Hiramatsu Hotels & Resorts.
Meanwhile, NTT Urban Development has decided to pursue the development of hotels and resorts to cater to the explosive growth in the number of foreign tourists visiting Japan. On October 1, 2015, they established a hotel and resort division in their commercial department.
Hamamatsu City can soon look forward to celebrating Halloween all year round as a spooky block of rental apartments nears completion.
Shibuya's local government has found itself in hot water after it was discovered that a building purchased as a retreat had previously been used as a studio for filming adult movies.
The 'Kikusuikan' hotel is located in the hot spring town of Kawazu in Shizuoka Prefecture. The building and land was purchased by the Shibuya local government in April 2014 for 110,000,000 Yen and is scheduled to open in October. Total acquisition and renovation costs are expected to reach 228,000,000 Yen.
According to a Shibuya ward assemblyman, Kikusuikan was used as a location for 11 adult films between 2006 and 2013. City office officials, however, deny having any knowledge of this fact and were only made aware after it was reported in a weekly publication.
Taking into account the building's 'history' an independent real estate appraiser valued the property at 40,000,000 Yen.
The Asahi Shimbun, September 25, 2014.
The Mainichi Shimbun, September 24, 2014.
According to the latest data from the Real Estate Economic Institute's report on the high-rise apartment market, there are over 96,500 apartments in buildings over 20 stories tall either under construction or in the planning stages across Japan.
273 high-rise residential buildings are expected to be completed from 2013 onwards, with a total of 96,512 individual apartments. This is an increase of 38 buildings and 14,374 apartments from March 2012.
The Nanzu Ice Factory in Shimoda City is scheduled to be torn down this month due to deterioration and concerns over its earthquake-resistance.
The popular beachside resort area of Atami in Shizuoka levies a special tax on owners of holiday homes and resort apartments within the city. Called a "besso" tax (besso = holiday house), it is very similar to a municipal tax. This tax is only charged on properties in Atami City, and is not found anywhere else in Shizuoka Prefecture.
Demolition preparation work has started on the Matsubishi Department Store in Hamamatsu City, Shizuoka Prefecture. The building is expected to be completely demolished by the end of July, 2012.
The total cost is expected to reach 500 ~ 600 million Yen and will be shared amongst the landholders, which include Asahi Corporation.
The main building of the Matsubishi Department Store was completed in 1936. It suffered damage but miraculously survived the bombing of Hamamatsu in WWII which destroyed 60 percent of the city. Later, in 1956, the store was home to the first escalator in Shizuoka Prefecture.
The coastal city of Omaezaki in Shizuoka Prefecture suffered a big fall in land prices and is seeing vacancy rates soar as property transactions and prices plummet.
The tsunami in northern Japan and the Fukushima nuclear disaster have had a big effect on this coastal town which is also home to the controversial Hamaoka Nuclear Power Plant. Vacancy rates are climbing and property transactions are down.
In the quiet residential Izusan neighborhood, this contemporary 1-bedroom designer home is for sale. Designed by office and the house was featured in Shinchiku magazine. The house was designed to maximize the views with each space facing the ocean.