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CHAPTER V THE SOUTHERN
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    Richmond & Danville—East Tennessee, Virginia & Georgia—Formation of the Southern Railway Security Company—Growth and Combinations—Failure and reorganization of the East Tennessee—Reversal of position between the Richmond & Danville and the Richmond & West Point Terminal—Acquisition of the Central of Georgia—Failure and reorganization of the whole system—Subsequent development.

At the present time there are in the South five great railway systems: the Atlantic Coast Line; the Seaboard Air Line; the Southern Railway; the Louisville & Nashville Railroad; and the Illinois Central Railroad, which cover, in the order named, the territory between the Atlantic Ocean and the Mississippi River.

The backbone1 of the Southern Railway is formed by the old Richmond & Danville and East Tennessee, Virginia & Georgia companies: of which the first formerly2 stretched with its subsidiary lines from Washington and Richmond on the north to Atlanta, Georgia, and Greenville, Mississippi, on the south and west; and the second reached from Bristol, Tennessee, in a great half circle to the ocean at Brunswick, Georgia, and by means of the Mobile & Birmingham straight to the Gulf3 at Mobile.

The Richmond & Danville was opened in 1856 between Richmond and Danville, Virginia. It was largely aided by the state of Virginia. Three-fifths of its stock were owned by the state in 1867, there was a state loan of $400,000, and a state guarantee of $200,000 besides.286 In natural consequence the state elected three of the six directors. It was not long, however, before the state was able to relieve itself of a large part of its investment. On the 31st of August, 1871, all of the state shares were taken over by the147 Pennsylvania Railroad Company.287 The money sunk in the company’s bonds still remained. From Danville the Richmond & Danville steadily5 pushed south in the years following 1856. Under the leadership of the Pennsylvania it became its ambition to open direct rail communication from the great Northern cities to the heart of North and South Carolina and Georgia. To obtain a ninety-mile extension to Charlotte the company leased the North Carolina Railroad, 223 miles in length.287 To get into Atlanta it allied6 itself with the Atlanta & Richmond Air Line Company, projected to construct a line between Atlanta and Charlotte.288 In 1878 it bought a controlling interest in the Charlotte, Columbia & Augusta Railroad and secured entrance to the latter city.289 The Pennsylvania aided the new enterprise by advances from time to time, and when the current liabilities became unmanageable took $1,000,000 of a new refunding7 mortgage.290

Meanwhile the East Tennessee, Virginia & Georgia Railroad had been established to the west of the Richmond & Danville, in the heart of the southern Appalachians.291 This company was a consolidation9 in 1869 of the East Tennessee & Virginia Railroad, from Bristol, on the boundary between Virginia and Tennessee, to Knoxville, Tennessee; and the East Tennessee & Georgia Railroad, from Knoxville, Tennessee, to Dalton, Georgia. Both roads were aided by the state of Tennessee. In 1870, however, the new company extinguished its debt to the state by the payment of $4,117,761 in state bonds. Not long after the completion of its line from Bristol to Dalton, the East Tennessee fell under the control of the Pennsylvania Railroad, which already dominated its neighbor148 to the east. To facilitate the control and to unify10 the interests of the Pennsylvania south of Washington a “Southern Railway Security Company” was formed, with a capital of $5,000,000. This company was entrusted11 with a majority of the stock of the Richmond & Danville and of the East Tennessee. It also controlled the Coast Line railroads from Richmond to Charleston, and the Memphis & Charleston from Chattanooga to Memphis.292 Unfortunately the financial results of the combination were disappointing. Of the subsidiary roads the East Tennessee managed to pay at least 3 per cent on its capital stock from 1872 to 1876; but the Richmond & Danville paid nothing, the Coast Lines nothing, and the Memphis & Charleston barely earned the 3 per cent guaranteed under its lease. In 1873, therefore, a special meeting was held at the office of the Southern Railway Security Company to consider the propriety12 of making sale of certain properties of the company.293 In 1874 the lease of the Memphis & Charleston was surrendered,294 and in 1876 the bulk of the securities held, outside of the Richmond & Danville stock, were disposed of.295

The retirement13 of the Southern Railway Security Company marked the beginning of the withdrawal14 of the Pennsylvania from investment in the South. For the rest, it left the lines north of South Carolina in three main competing groups. There were the Coast Lines from Richmond south, the Richmond & Danville, and the East Tennessee, Virginia & Georgia properties. And stretching from west to east was the Memphis & Charleston, which was already in financial difficulties of a serious nature. All three of these groups were now thrown upon their own resources; and two of them, at least, took vigorous measures in self-protection. The policy of the East Tennessee was the most aggressive. Shut up in the narrow valley between the Clinch15 and the Great Smoky Mountains, and flanked by hostile roads, it conceived it to be necessary for it to acquire connections to the south, to the east, and to the west. Accordingly, it leased the Memphis & Charleston in 1877 and obtained an outlet16 upon the Mississippi River.296 In149 1878 it bought the Georgia Southern and the Selma, Rome & Dalton and provided itself with a line as far south as the Flint River in Alabama.297 In 1881 it bought the Alabama Central, extending some 96 miles west from Selma. The same year it secured control of the Macon & Brunswick in Georgia, and began construction from Macon to Rome to complete a line to the South Atlantic coast.298 In the north it made an alliance with the Norfolk & Western, which opened that company’s line from Bristol to Norfolk,299 and arranged with the Louisville & Nashville and the Kentucky Central for construction to a connection at the Kentucky-Tennessee state line which should open to it the business of the Central West.300

The Richmond & Danville fell under the control of a group of capitalists who already controlled the Atlantic Coast lines and held an interest in the East Tennessee, and who now bought the 24,000 shares of Danville stock still held by the Pennsylvania Railroad.301 Like its rival, it enlarged its system. It leased the Atlanta & Charlotte Air Line in 1881,302 with certain minor17 roads in the Carolinas and in Georgia. In 1882, under the charter of the Georgia Pacific, it began construction westward18 from Atlanta to the Mississippi. It did not stretch out, as did the East Tennessee, but it secured a very complete control of the territory between150 Richmond in the north and Augusta, Savannah, and Atlanta in the south. In 1881, also, the Richmond & Danville took a step destined19 to have important consequences. Since it desired to acquire certain railroads, and since its charter allowed it to hold stock in none but connecting lines, it caused to be incorporated a so-called Richmond & West Point Terminal Railway & Warehouse20 Company, with authority to acquire stocks and bonds of railroad companies in North Carolina, South Carolina, Tennessee, Kentucky, Georgia, Alabama, Mississippi, and other states. This company increased its stock by October, 1881, to $3,000,000; of which the Richmond & Danville then owned $1,510,000. The most important acquisition which it made at the time was the Virginia Midland Railway, from Alexandria, Virginia, to Danville; but other additions were to follow.

The independent action of the Danville and East Tennessee companies was followed by a new consolidation which reunited most of the lines dominated by the old Security Company. In response to queries21 in August, 1883, Mr. Calvin S. Brice admitted that a syndicate in which he was interested had bought control of the Richmond & Danville.

“We have secured,” said he, “about 28,000 of the 50,000 shares of stock issued by the Richmond & Danville Company. Our syndicate controls, besides our new purchase, the East Tennessee, Virginia & Georgia Railway and the Chesapeake & York River line of steamers that ply22 between West Point, on the Chesapeake, and Baltimore, and has close traffic arrangements with the Clyde steamers, which run between New York and Philadelphia and all Southern points. Our purpose is to confine all our railroad and steamship23 lines under one management, and to equip and operate the system in the best possible manner.”303

It appears from this statement that the capitalists who controlled the East Tennessee now again consolidated24 with the leading interests of the Richmond & Danville and lines east, albeit26 changes in personnel and transfers of holdings occurred. Return to the old combination was made desirable by the more intimate connection of the two groups of roads. The Western North Carolina had been opened across the mountains of North Carolina in 1882. This had151 made practicable the diversion of the western traffic of the East Tennessee from the Norfolk & Western to the Richmond & Danville; a traffic which the northern connections of the East Tennessee promised largely to increase. Consolidation was doubtless also prompted by the desire to save the East Tennessee from serious financial difficulty which threatened it. It had become apparent that this company, at least, had severely28 taxed its strength in the rapid extension of mileage29 which had followed 1876. Before that time its position had been secure. It had possessed30 a monopoly of the somewhat limited local traffic between Chattanooga and Bristol, and had formed part of the most direct route between New York, Philadelphia, Baltimore, and Washington, and towns in Tennessee, Northern Alabama, and Mississippi. Its extensions had changed the situation. They had brought it into touch with the Mississippi River and the Atlantic Ocean, and had increased its fighting power; but they had also endowed it at large cost with a group of poorly equipped, unprofitable lines located in a keenly competitive territory. The Selma, Rome & Dalton had been purchased just after a foreclosure sale. The Macon & Brunswick had never been able to earn much more than working expenses. The Alabama Central had not seen fit to publish its financial figures after 1878, while the Memphis & Charleston, as we have seen, had turned to the East Tennessee only to escape bankruptcy31.

The East Tennessee had hoped to make profitable the lines which it had so rapidly acquired. Unfortunately the company was poorly equipped for such a task. Its finance had been extravagant32. In 1875, on 269 miles of lines there had been $7317 in stock and $15,620 in bonds per mile. In 1883 the mortgage bonds and car trusts outstanding per mile owned amounted to $23,444, the income bonds to $15,404, and the capital stock to $41,079. A grand total of $79,927 as compared with the $22,937 of eight years earlier, and an average of almost $100,000 in securities per mile of new line acquired! Ninety-nine per cent of net income was being absorbed in paying interest on all classes of securities, although maintenance figures were kept as low as $630 per mile of line. This large volume of stocks and bonds made improvement from earnings34 impossible, and prevented conservative management by taking from the stockholders any chance of dividends38, and by reducing the quotations39 of common152 stock to less than $5 per share. And though in some respects the location of the system was good, the route which it offered to much of its business was indirect, the competition which it had to meet was severe, and its Atlantic terminal, Brunswick, was of small importance compared with the thriving cities of Savannah and Norfolk. The result was a failure to secure the gains from consolidation which had been expected. Surplus earnings were continuously small, and current bills were left to run; until by 1883 the floating debt had become so large that an issue of $1,200,000 in debenture40 bonds was required to take care of it.

The failure of the East Tennessee to weld its connections into an efficient transportation system left it helpless in face of the panic of 1884. Earnings fell off in that year, a directors’ committee was appointed,304 and the resulting report revealed a plain inability on the part of the company to meet its charges.
“The interest charges proper for the calendar year 1885 are,” said the committee,     $1,476,505.85     ?
“To this must be added the principal due on car trusts and debentures42 in 1885,     280,954.11     ?
“Or a total of     $1,757,459.96     ?
“The payments on similar account will be—     ?
in 1886,     $1,739,196.28     ?
in 1887,     1,720,932.60     ?
gradually decreasing until the debentures and car trusts being paid off in 1894, the total fixed43 charges for the year 1895 will be     $1,295,970.00     ?
“The net revenue for the year 1883–4 was     1,699,925.84     ?
“The net revenue for 1885 and 1886, allowing for the decrease in earnings following the panic, and supposing the road to be operated for 60 per cent, may be estimated at     $1,400,000.00     ?

“This will leave,” said the committee, “an annual deficit44 of $350,000, to which must be added a total of $1,000,000 required by the general manager for steel rails, iron bridges, and other needed improvements.

“The sums for covering these expenses should not be raised by temporary loans, as this would not relieve the company of its embarrassments45 nor place its finances upon a sound footing. It cannot be raised by an additional mortgage, on account of the provisions of the mortgage securing the income bonds. It must and can be153 raised from a funding of coupons46 which shall leave the earnings of the company sufficiently48 free to meet the demands upon them. The committee therefore recommends:

(1) “That the holders36 of the consolidated 5 per cent bonds be asked to fund four coupons, being those maturing January and July 1, 1885, and January and July 1, 1886, by depositing said four coupons with the Central Trust Company of New York, as trustee, and receiving instead the company’s funded coupon47 bond dated July 1, 1885, and bearing 6 per cent interest per annum from that date, ... which bond shall run ten years from its date and be redeemable49 at the pleasure of the company at par4 and accrued50 interest after three years, on three months’ notice; such funded coupon bond to be secured by the coupons so deposited, the lien51 of which will be in all respects preserved.

“The total extensions under this clause would be $1,467,400.

(2) “That the holders of the $2,000,000 of the Cincinnati & Georgia Division first mortgage 6 per cent bonds be asked to fund four coupons, ... being those maturing March and September 1, 1885, and March and September 1, 1886, ... and accepting in lieu thereof a funded coupon bond ... dated September 1, 1885.

“The total amount extended under this clause would be $240,000.

(3) “That the holders of the debentures be asked to extend for ten years such of the debentures as fall due during the years 1885 and 1886, and to accept similar debentures running from five to ten years, for the interest....

“The total amount extended under this clause would be $373,200.

(4) “That an arrangement be made with the holders of the car trust certificates of the company, series A, for an extension for ten years of all the payments of principal falling due in 1885 and 1886, being $100,000 in each year.

“The total amount extended under this clause would be $200,000.”305

The committee had an apology to offer for the state in which the company was placed. “The actual cost of the 190 miles of the new roads constructed by the company has largely exceeded,” said they, “the estimated cost. The physical condition of the roads purchased by the company necessitated53 the expenditure54 of large sums in the154 improvement of roadway and track; the construction and reconstruction55 of bridge masonry56 and bridge superstructure. The facilities for the conduct of the company’s business were entirely57 inadequate58 to the requirements of its increasing traffic and had to be enlarged. Unfortunately the company did not fully59 provide for these expenditures60, and the shrinkage of the value of its securities greatly aggravated61 the evil.” This much was very true. In its criticism of existing facilities the committee was on sure ground. In its suggestions for relief it was less well advised. It seems to have felt that the East Tennessee’s difficulties were due to a temporary inability to raise cash for the improvement of its roadbed and equipment, and that the suspension of certain charges for a few years would allow the expenditure of liberal sums from income, ensure the improvement of the road, and bring about a condition of permanent prosperity. The truth was that the East Tennessee was in too bad a shape to be re?stablished by such means. The heavily burdened and physically62 defective63 lines which made up the system were past being restored from income even with the aid of a funding of a few years’ coupons. They required a definitive64 surrender of portions of the claims against them, extensive new charges to capital account, and a correspondingly complete reconstruction of their whole operating plant.306 The practical service which the committee rendered was not in suggesting an adequate remedy for existing troubles, but in making plain how serious these troubles were. So imminent65, in fact, did they show collapse66 to be, that the management determined67 to forestall68 hostile action by themselves asking for the appointment of a receiver; and on January 7 the Circuit Court appointed Henry Fink to that position.307 The committee’s funding scheme fell of its own weight.155 The decrease in the earnings of the company, a truer appreciation69 of its condition, and, it may be surmised70, the influence of New York banking71 houses, forced it to make room for a thorough plan of financial reconstruction.

Action looking toward reorganization of the East Tennessee, Virginia & Georgia began with the year 1886. In January Mr. Nelson Robinson,308 who had held proxies72 for a controlling stock interest at the previous election, returned from Europe; and after a conference with certain large bondholders agreed with them to draft a plan for the reorganization of the property. A reorganization committee was chosen from members of large banking firms,309 meetings were held, and in the first part of February, 1886, a scheme was put forth73. This plan comprised the following points:

(1) Reduction of fixed charges;

(2) Exchange of new bonds and preferred stock for old bonds;

(3) Assessment74 on the junior securities;

(4) Foreclosure.

Foreclosure was to take place under the consolidated mortgage. A new 5 per cent seventy-year consolidated mortgage was then to be created. Enough of the bonds under this mortgage were to be reserved to retire the liens75 prior to the existing consolidated mortgage as they should mature, and the balance was to be used for taking up the outstanding consolidated mortgage bonds, the Cincinnati & Georgia division bonds, and the ten-year debentures. It was estimated that the exchanges would reduce the annual interest charge from $1,757,460 to $994,737.310 This necessitated considerable demands upon old securityholders. Thus the old consolidated mortgage bonds bearing 5 per cent received only 60 per cent of their face value in new consolidated bonds with the same rate of interest; and the old 6 per cent Cincinnati & Georgia division156 bonds received only 48 per cent in consols, besides suffering a decrease in interest rate from 6 to 5 per cent. The difference was made up by the allowance of preferred stock, to which, moreover, was given the right for five years to elect a majority of the board of directors, unless before that time the new company should have paid out of its net earnings 5 per cent dividends on such preferred stock for two full successive years. To the Cincinnati & Georgia division bonds were given 62 per cent in new first preferred besides the 48 per cent in bonds,—a total of 110 per cent; upon which the yield in prosperous times might exactly equal the yield on the securities which they surrendered. To the consolidated bonds were given 50 per cent in new first preferred, making possible a total return greater than that which they had formerly enjoyed. For the debentures was made the same provision as for the divisional bonds. In order that net earnings might go first of all to the prior liens and to the above securities, new second preferred and common stock was issued for the benefit of the old income bonds and stock. Of these the income bonds received 100 per cent in new second preferred; while the old preferred received 100 per cent and the old common stock 40 per cent in new common. Only in return for their assessments76 did the income bonds receive first preferred stock, and even for their assessment the common stock took second preferred. Cash assessments were 5 per cent on the income mortgage and 6 per cent on the new common stock. This was expected to yield $2,475,000, which, with a surplus of new securities in the treasury77 of $1,534,000, was thought sufficient to liquidate78 outstanding car trusts and to provide the company with a fund available for future use.311

The plan may be criticised in some respects. It made no adequate provision for future capital requirements. Two millions and a half of cash and two millions of securities were considerable sums in hand, but of these over half a million was in the form of stock, and from the rest had to be deducted80 at least a million and a half for the liquidation81 of car trusts. This left, it is true, enough for existing needs,312 but it did not allow for constantly recurring157 and legitimate82 demands for improvements out of capital in future years. Moreover, the securities given for the consolidated, the Cincinnati & Georgia division, and the debenture bonds exceeded by 10 per cent the nominal83 value of the bonds retired84 by them. But on the whole the reorganization plan was an excellent attempt to solve a difficult problem. It proceeded on a sound principle, it laid the burden on the proper parties, it avoided a funding of current liabilities, and even in respect to the volume of securities outstanding it accomplished85 a much needed reform by wiping out 60 per cent of the almost worthless common stock.313 It was accordingly accepted by the securityholders. On March 18, the reorganization committee obtained a decree of sale.314 By May 1, practically all the consolidated and income bonds, with a majority of the preferred stock, had assented86;315 and on May 25, 1886, the East Tennessee, Virginia & Georgia Railroad was sold for $10,250,000 to a representative of the reorganization committee. Previous to this the opposition88 committee, which had been formed by the minority stockholders, had disbanded.316 The final step was the organization of the East Tennessee, Virginia & Georgia Railway,158 which on July 1 took over the title to the East Tennessee, Virginia & Georgia Railroad and branches, a controlling interest in the stock of the Knoxville & Ohio, and a controlling interest in the stock of the Memphis & Charleston Railroad Company.317

During this time the Richmond & Danville had not been standing33 still. It will be remembered that in 1883 the capitalists who dominated the East Tennessee and the Coast Lines had purchased a controlling interest in this company, with the purpose, according to Mr. Brice, of confining all their railroad and steamship lines under one management and of operating the system in the best possible manner. These gentlemen had found the earnings of the Richmond & Danville sufficiently unsatisfactory and the need for improvements sufficiently great to lead them to pass the interest on its debenture bonds in October, 1883. The net earnings for 1882, out of which this dividend37 would have been paid, they found had been fully taken up by the fixed charges and the expenses for new equipment and betterments. The net earnings for 1883 they believed sure to show large gains, but still not likely to be equal to necessary expenditures.318 Strict economy was to be the order of the day. In the three previous years the company had accumulated a large floating debt. This the new management reduced more than one-half by the end of 1885. The funded debt it allowed to increase largely, but the earnings it managed somewhat to improve. In general, however, it secured no very striking gains. union in interest with the East Tennessee and the Coast Lines modified the severity of competition, but the panic of 1884 checked business, and the real saving in operating cost was very slight.319

In their search for means to reduce expenses the owners of the Richmond & Danville came across the Richmond & West Point Terminal Company. By 1884 this company was in peaceful possession159 of 1815.8 miles of railroad, which included all the important branches of the Richmond & Danville except the North Carolina Railroad, from Goldsboro to Charlotte, and the Atlanta & Charlotte Air Line, from Charlotte to Atlanta. It had been obliged to issue notes to retire its floating debt in 1883,320 but had no earnings apart from dividends on the stock which it held, and no expenses other than its cost of administration and the interest on the notes above mentioned and on its floating debt. There was a possibility, nevertheless, that the maintenance of the company involved the Richmond & Danville in unnecessary outlay89, and caused a certain loss of efficiency through indirectness of control. The Terminal Company had originally been necessary because the Richmond & Danville could by its charter hold stock in none but connecting lines. By 1885 this prohibition90 had been removed, and there was open an opportunity to consolidate25 the system.

Early in 1886 the directors of the Richmond & Danville appointed a committee to report a plan of union with the Richmond & West Point Terminal.321 Apparently91 this committee recommended the elimination92 of the Terminal Company; for in April it was known that the Richmond & Danville was trying to buy from the Terminal the stock of certain of the more important branches which it had formerly controlled.322 In that month the Richmond & Danville leased the Virginia Midland Railway323 and the Western North Carolina; in May it took over the Charlotte, Columbia & Augusta and the Columbia & Greenville; in June the Northeastern of Georgia; and in October the Washington, Ohio & Western, or a total of 1483 miles out of the 1839 held by the central corporation.324 At the same time the Richmond & Danville transferred into its own treasury $13,617,400 in stock and bonds of subsidiary companies, giving in return 25,000 shares of the Terminal’s own stock, and a guarantee of the Virginia Midland’s general mortgage bonds. This done, the Danville Railroad threw the rest of its holdings of Terminal stock upon the market;160 where they were bought by investors93 who knew nothing of the above transactions. The operation left the Terminal high and dry. It was of no further use to the Richmond & Danville, for that company had made arrangements with its branch lines direct; and it could not launch upon an independent existence, because the greater part of its mileage was in its rival’s hands.

Fortunately for the small Terminal holders it so happened that men of large wealth and resourcefulness were interested with them. Under the leadership of these capitalists the Terminal Company began in its turn the purchase of Danville stock. It may have been that the East Tennessee group who had acquired a majority in 1883 had meantime parted with their holdings, or members of that syndicate may have sold in 1886 to take advantage of a favorable price.325 At any rate, 25,000 shares were rapidly acquired, and the control of the company obtained. This done the new Terminal interests turned to the East Tennessee, Virginia & Georgia. Negotiations94 were at once begun, and culminated96 in an agreement in 1887 by which the Brice-Thomas group sold 65,000 shares of East Tennessee first preferred for $4,000,000 in cash and 50,000 shares of new Terminal common. Since the Tennessee first preferred elected a majority of the directors this ensured control. At the same time the Richmond Terminal provided for its floating debt, and for the purchase of the balance of the Richmond & Danville shares outstanding.326

161 Thus was the Richmond & West Point Terminal Company saved, and the principal railroads east and west of the southern Appalachians still kept under common control. The new grouping was weaker than the old, however, in that it did not include the Coast Line railroads. It was also imperfect as regards the nature of the control possessed over the East Tennessee, Virginia & Georgia. It has been said that the Richmond Terminal held a majority of the first preferred stock of this latter road.327 By the terms of the Tennessee reorganization of 1886 this stock was to have the right for five years to elect a majority of the directors, unless before that time it should have received 5 per cent dividends for two successive years. This gave control to the Terminal Company; but it plainly made a control precarious97 which rested, as this did, on ownership of first preferred alone. In 1887 4 per cent was paid in dividends, and in 1888 5 per cent. In 1888, accordingly, a lease was drawn98 up, and the Richmond & Danville took the operation of the road for ninety-nine years. For four years it agreed to pay over 33? per cent of the gross earnings; for five years more 35 per cent; and so on until 37 per cent should be reached. And, further, it guaranteed that the percentage allowed should be sufficient to pay all the East Tennessee’s fixed charges, including 5 per cent annually99 on the first preferred shares outstanding.328

It cannot be denied that the ethics100 of the Tennessee’s lease were questionable101. The East Tennessee reorganization had invested the first preferred stock of that company with temporary authority. To use this to bind102 the property for years to come was neither fair to the other stockholders, nor in accordance with the spirit of the reorganization plan. We need not, therefore, be surprised at the prompt application for an injunction and for the appointment of a receiver which occurred.329 In a circular to the second preferred and junior stockholders the opponents of the lease urged that its consummation would constitute an abuse of power on the162 part of the existing board; that it was entirely in the interests of the first preferred stockholders; that under no circumstances could the junior stockholders derive103 any income from the lease; that it failed to provide other safeguards and was in many respects improvident104 and imperfect. In one suit before State Chancellor105 Gibson at Knoxville, Tennessee, emphasis was laid on the statutory prohibition of the consolidation of competing lines. In another, petition was even made that the holders of the first preferred stock be enjoined106 from electing a majority of the board of directors at the approaching meeting.330 Chancellor Gibson handed down two vigorous opinions. He refused to enjoin107 the voting of the first preferred stock, on the ground that the plaintiffs had been in possession for two years of stock certificates which bore on their face the conditions and agreements under which they were issued, and that the complaint was not justified108, either in law or equity109.331 But he held that the East Tennessee had no power under its charter to lease its road as it had done; that the combination of the East Tennessee and the Richmond & Danville was forbidden by the law of Tennessee against the consolidation of competing lines; and that similar prohibitions110 in the laws and constitution of Georgia were so stringent111 as to imperil the East Tennessee’s charter in case the lease should be carried through.332 This effectually checked the lease. After Chancellor Gibson’s first opinion the East Tennessee election had been held and the arrangement with the Richmond & Danville approved.333 After his second the lease was cancelled, and the management of the East Tennessee restored to its own officers.334 The Richmond Terminal was still left in control of the property. It was forced, however, to secure a majority of all the East Tennessee stock outstanding if it wished to make its control permanent, and it was prevented from using the power temporarily given a section of the stock to bring about a ninety-nine-year arrangement distasteful to the majority.

Master of the Richmond & Danville, the East Tennessee, and their allied lines, the Richmond Terminal now took one step further; it acquired the Central Railroad & Banking Company of163 Georgia. The importance of this was very great. The Central Company owned the most considerable of the lines in Georgia and Eastern Alabama. It stretched from Savannah and Port Royal on the Atlantic coast to Spartanburg, South Carolina, on the north; to Atlanta, Birmingham, and Montgomery on the west; and to Albany, Georgia, and to Columbia on the south. Its system had been formed by a consolidation in 1872 of the Central Railroad from Savannah to Macon with the Macon & Western from Macon to Atlanta,335 and was compact, ably managed, and profitable. Previous to June, 1847, the Central Railroad Company had paid seven dividends aggregating112 10.68 per cent. From June, 1847, to June, 1889, the Central Railroad and the Central Railroad & Banking Company which succeeded it, had paid seventy-five dividends aggregating 337.5 per cent,336 besides stock dividends of 8 per cent in 1854 and 12 per cent in 1861, and a dividend of 40 per cent in certificates of indebtedness in 1881. It was paying 8 per cent in 1888 when the Richmond & Danville was paying 5, and the East Tennessee was congratulating itself on the 5 per cent which it was able to turn over to its first preferred stock.337

So fruitful a piece of railroad property was naturally looked on as desirable, especially since its acquisition was to free the East Tennessee from one of its most dangerous competitors. From a traffic point of view, nevertheless, the advantages of a consolidation were doubtful. The local business of the Central was likely to be little increased by a merger113. The through business was in danger of being decreased. The Central lines ran on the whole east and west. It was to their interest to carry freight from Georgia, Alabama, and the West to Savannah, and thence to send it north by way of the Ocean Steamship Company which they controlled, and from which they obtained in 1889 one-fifth of their total net earnings; while the Richmond Terminal’s interest was to send164 this traffic north by land so as to secure for its own railroads the long haul. The advantages to the Terminal of a union depended on the price at which the Central Railroad could be acquired. The purchase was made, and the price was a high one. And this price was paid, it was freely charged, not in pursuance of an honest though mistaken judgment114, but in order to allow a large personal gain to individual capitalists who were interested in both the Central and the Terminal Companies.

Among the most prominent owners of Central of Georgia stock at this time were members of the Logan-Rice group of financiers, who had begun to accumulate holdings at least as early as 1886. The average price which these parties paid was later estimated at 130, and their holdings were apparently secured with a view to resale at a higher figure. At any rate, when 40,000 shares had been purchased, a double operation was put through. The shares bought were turned over, with $400,000 cash, to a newly formed “Georgia Company,” and for them $4,000,000 in 5 per cent trust bonds and $12,000,000 in Georgia Company stock were received in exchange. And, second, a vigorous campaign was entered upon to secure control of the Richmond Terminal. Sully resigned the Terminal presidency115 in April. For his vacant place the Logan-Rice people offered General Alexander of the Central of Georgia, and the Terminal management supported John H. Inman. The struggle which ensued was most extraordinary. The existing board of directors charged the Central group with trying to unload their Georgia Company’s stock upon the Terminal system; and the Logan-Rice party insinuated116 that the purchase of the East Tennessee Railroad had been the occasion of fraudulent profits to the Terminal directors.338

165 “We understand,” declared the directors, “that a majority of the names thus far proposed by the parties soliciting117 proxies to be cast for directors and president of this company are gentlemen who are well known to be the owners of a majority of the stock of the Georgia Company, which owns railroads whose business and interests are at all points of our system in competition with and antagonistic118 to the business and interests of this Company; any diversion of traffic, or exercise of influence favorable to the Georgia Company at the numerous competitive points would work incalculable injury to your prosperity.... If on the other hand the preponderance of the Georgia Company’s interest in this Company should result in a sale to and purchase by your Company of the Georgia Company stock owned by these gentlemen, it would necessitate52 the issue of many millions of your common stock, or some kind of obligation taking precedence of that stock, the effect of which upon the value of your property you are fully competent to judge.”339

The general election of the Terminal was held on May 31, and Mr. Inman was elected president for the remainder of the unexpired term.340 The Rice party was apparently overwhelmingly defeated. In reality its activity and the presence of its friends in the councils of the victors resulted in the successful sale of the Georgia Company securities. In October, 1888, little over five months after the directors’ circular of April 6, the Richmond Terminal took over the Georgia Company stock at $35 a share and allowed its owners to withdraw successfully from their speculation119. Subsequently it also took the Georgia Company bonds from the bankers who had purchased them.341 This left Inman, Hollins, and the rest a profit of $60 a share on their original investment. It meant for the Richmond Terminal a direct annual loss which there was very little prospect166 of making good. To provide for the $4,000,000 in bonds and the 120,000 shares of stock acquired, this latter issued approximately $8,200,000 of 5 per cent collateral120 bonds bearing an annual interest charge of $410,000. Now both the stock and the $4,000,000 of bonds were a lien on 40,000 shares of Central of Georgia stock and depended altogether upon the dividends declared on these by the Central Company. The Central never paid over 8 per cent, or a total of $320,000 on 40,000 shares. The difference between this and $410,000, or $90,000, constituted a direct loss which the Terminal pledged itself to meet each year. If the victory of the friends of the company in May is to be considered a genuine one, one wonders what price the owners of the Georgia Company would have charged had the election gone the other way.

With the Central of Georgia, the East Tennessee, and the Richmond & Danville under its control the Richmond Terminal could look for still further extension. In 1890 it acquired control of the Erlanger group of roads from Cincinnati in the north to Chattanooga, thence to Meridian121, Mississippi, thence to Vicksburg, Mississippi, and to Shreveport, Louisiana. At the same time it took in the Louisville Southern, which joined Louisville with the Cincinnati lines.342 In 1888 the Richmond & Danville had concluded a close alliance with the Atlantic Coast Line,343 and arrangements had been made for terminal facilities at Norfolk.344 In 1889 it leased the Georgia Pacific, and two years later, when this road reached Arkansas City, it executed a traffic agreement with the Missouri Pacific.345 In 1891 the Georgia Pacific leased the Central Railroad & Banking Company167 of Georgia for ninety-nine years at 7 per cent on its capital stock.346 This immensely improved the connection of the East Tennessee with the North and West, did away with the competition of a parallel line, and afforded another outlet upon the Mississippi.

Here, then, was the Richmond Terminal system in 1890. Three great north and south lines: one from Cincinnati through Birmingham to York, over the Erlanger system; one from Bristol through Rome to Selma, over the East Tennessee, Virginia & Georgia; and one from Alexandria and West Point through Danville, Charlotte, and Atlanta to Montgomery. One of these took business from Indiana, Illinois, and the North and Central West; one from Baltimore, Philadelphia, and the East; one from both West and East; and all three opened upon the Gulf over the Mobile & Birmingham to Mobile. In addition, three parallel east and west lines: from Chattanooga to Memphis, from Birmingham to Arkansas City, and from Meridian to Shreveport in Alabama; outlets122 on the Atlantic coast at Charleston, Port Royal, Savannah, and Brunswick; and dominance of the local traffic of the whole territory east of Alabama, south of Kentucky and Tennessee, and north of Florida. It was by all odds123 the leading system in the South. It had a mileage of 8558.5 as compared with the 2383.4 of the Louisville & Nashville, and gross earnings, exclusive of the Erlanger lines, of $41,361,095, or more than twice those of its greatest competitor.

And yet, for all its size, the Terminal group was perilously124 near collapse. Its physical condition was poor and much of its mileage was unprofitable; its capitalization was tainted125 with dishonesty; and the legality of its recent combinations had not been tested in the courts. Let us quote from the results of an examination made by a well-known banking firm three years later.

“While in a general way the main lines of the Richmond & Danville [West Point and Alexandria to Atlanta],” said this firm in its report, “are in fair condition—better than those of the East Tennessee, excepting parts of its main line between Bristol and Chattanooga, the Cincinnati, New Orleans & Texas Pacific, and the Alabama Great Southern—nearly all the rail in both systems is too light (50 to 60 lbs. while on the main lines it should be 70 to 75 lbs.), many of the trestles need renewing, and a large number of the168 bridges, principally on the East Tennessee system, are not sufficiently strong to warrant the use of heavy engines, which are essential to hauling long trains and operating with economy. To a very large extent ballast is altogether lacking or insufficient126 in quantity. Excepting that portion of the equipment represented by equipment bonds or notes, the engines and cars are generally small and weak and unsuitable for main-line service, and are also insufficient in quantity for any considerable enlargement of business. Other appointments, such as shops, yards, etc., are, with but few exceptions, crude and uneconomical.

“On the branches and secondary lines, especially those of the Richmond & Danville system, the condition is even worse, little or no effort having been made to maintain them at proper standard, even for a moderate traffic. About 700 miles of the Richmond & Danville secondary lines and branches (including about 200 miles of narrow-gauge lines) are still laid with iron rails. On July 1st, 1892, there were 72 miles of iron rails in the main lines of the East Tennessee.

“An expenditure of several million dollars should be promptly127 made on these properties for equipment alone, but it is no use to do so, even if it were possible, unless additional track and yard facilities are also provided, nor unless such enlargements of engine and car shops be made as will permit of the equipment being kept in order.”347

This verdict was only reinforced by the characterization in detail of a number of the subsidiary lines. Thus the Columbia & Greenville was termed “a collection of weak lines of constantly decreasing value”; the Mobile & Birmingham “of no value whatever to the East Tennessee”; and the Memphis & Charleston “valuable, but in a condition totally unsuited to modern requirements.” How the capitalization of the system was tainted with fraud has already been pointed41 out. The legality of the recent combinations had not been tested in the courts. In January, 1889, counsel for certain unnamed parties had a plea for a quo warranto presented to the Attorney-General of Virginia.348 The petition alleged128 that the purchase of the169 control of the East Tennessee, Virginia & Georgia Railway and of the Virginia Midland was an abuse of the powers of the Richmond & West Point Terminal ... a violation129 of public policy, and an usurpation130 to the great damage and prejudice of the constitution and laws of Virginia. This petition the Attorney-General dismissed on technical grounds. The legality of the various mergers131 was soon, however, to be attacked again, and in 1889 the question was decidedly unsettled.349

The storm broke in August, 1891. On the eighth of that month the New York Herald132 published a vigorous onslaught upon the company. It maintained that the Richmond & Danville system had failed to earn its fixed charges by $526,560 in the year ending 1890; that this fact had been concealed133 by deceptive134 or false entries on the books which made a fictitious135 profit emerge by covering up the losses on auxiliary136 lines; that the 8 per cent dividends which had been paid on the Central of Georgia had not of late years been earned, and that the price paid for the Georgia Central stock had been grossly excessive; that the East Tennessee was just about paying its way; and, finally, that the other recent acquisitions were either just paying their way or were showing annual deficits137.350 Color was given to the charges by the trouble caused by the floating debt. Though denied by the officials of the company, the sale of 2000 shares of Baltimore & Ohio stock held in the Terminal treasury;351 the negotiation95 of a short time loan at 6 per cent and 2? per cent commission for the Central of Georgia and the extension of another170 loan;352 the placing of $500,000 at 6 per cent for the Richmond & Danville; and the active financial support which General Thomas felt obliged to render the East Tennessee showed the anxiety which it occasioned.

On November 25 the directors held a meeting and appointed Messrs. Eckstein Norton, late president of the Louisville & Nashville; Wm. Solomon, of Speyer & Co.; Jacob H. Schiff, of Kuhn, Loeb & Co.; Chas. S. Fairchild, president of the New York Security & Trust Company; and Louis Fitzgerald, president of the Mercantile Trust Company, a committee to carefully inquire into and examine the condition of the Terminal properties and to aid the company in perfecting a plan of readjustment. Owing to the financial depression, they explained, “the company has been unable to sell securities based upon engagements they had made prior to the period of depression and to pay for necessary equipment and improvements. A large floating debt has in this way been accumulated, but each of our important railroad systems is solvent138.... After maturely considering the whole situation, we felt it wise to invite the gentlemen whose names appear ... to aid us in perfecting the best plan for a permanent adjustment of our affairs.”353

The committee reported provisionally on December 8. It then stated that it was essential to the proposed plan of relief that the elections of all the subordinate companies in the Richmond Terminal system should be postponed139 till after the Richmond Terminal affairs were settled, and requested that financial provision be made for the employment of an expert or experts in the examination of the properties and accounts. It was understood that the committee’s plan was to make a considerable assessment on the stockholders. The board of directors refused to respond and the committee therefore withdrew.354

171 The next day the stockholders selected Mr. F. P. Olcott to appoint a new committee to take up the work.355 They were not in favor of radical140 action, and Mr. Olcott expressed the opinion that there was no necessity for measures so stringent as those which the Schiff-Norton Committee had had in mind. It was but natural that at this point there should have been some delay. Meetings were held, expedients141 for raising cash discussed, and a reorganization plan was gradually whipped into shape. It was not, therefore, until March 19, 1892, that the public were informed what Mr. Olcott and his backers did consider that the situation required. The main points of the elaborate scheme which was then proposed were as follows:

First, a consolidation of the Richmond Terminal, Richmond & Danville, and East Tennessee properties. The Central of Georgia and the Erlanger systems were not to be included in the reorganization, but the interest of the Richmond Terminal and the East Tennessee in their stock was to be made subject to a new mortgage.

Second, a reduction in fixed charges.

Third, the sale of securities to pay off the floating debt.

Consolidation of properties was found advisable for several reasons. “While some of the companies show a surplus of earnings,” said the committee, “in many instances it has been impossible to apply such surplus earnings to make up deficiencies arising from the operations of other companies. The committee finds that the various systems have not been operated throughout for the common benefit of the controlling interest, but that they have competed among themselves for business, each system maintaining separate organizations for obtaining business.... In the judgment of the committee the only adequate remedy which can be adopted is to unite the several corporations, as far as practicable, in one system under one management, and to consolidate their obligations.”

In order to unify the system the committee proposed three great issues of new securities as follows:

$170,000,000 four per cent first mortgage 35-year gold bonds, to be issued by a new corporation representing the consolidation of the172 Richmond & Danville Railroad Company and the Richmond & West Point Terminal Railway & Warehouse Company.

$70,000,000 five per cent non-cumulative preferred stock.

$110,000,000 common stock.

In general, the new bonds were to exchange for old bonds and the new common stock for old common and preferred, while the new preferred stock was to be joined in varying proportions with each of the other issues to make the exchanges look attractive. Thus, for the Richmond & Danville consolidated 6s were offered 120 per cent in new bonds and 45 per cent in new preferred; for the East Tennessee first mortgage 7s 120 per cent in new bonds and 45 per cent in new preferred stock; for the Richmond Terminal common stock 100 per cent in new common and 50 per cent in new preferred. This arrangement was not rigidly143 adhered to. Some of the poorer of the outstanding stocks received new common only, and the Richmond Terminal preferred was given par in new bonds besides a bonus in preferred. These were, however, exceptions. The principle which determined the various ratios of exchange is more difficult to discover. It was not that of equivalence of return. The plan did not attempt to allow to each holder35 a chance at the same receipts which he had formerly enjoyed while reducing the amount which he could demand, but gave sometimes more than this and sometimes less. And the variations from what might be called a normal ratio did not always correspond with the relative security of different issues as indicated by their market quotations. For instance, the East Tennessee first 7s sold in December, 1891, at 113? and the Richmond Terminal collateral 6s at 83; yet the former received 120 per cent and 35 per cent and the latter 120 per cent and 40 per cent in new bonds and preferred stock respectively. Again, the Atlanta & Charlotte first 7s sold in October, 1891, at 118? and received under the plan 120 per cent in bonds and 40 per cent in preferred stock; the Richmond & Danville consolidated 6s sold at 109 and received 120 per cent and 45 per cent. It is clear that the committee desired to reduce the interest which the various classes of bonds should have a right to demand, and that it expected to make compensation by means of preferred stock on which payments should be made if earned. So much of its scheme was commendable144. On the other hand, the rates of exchange of old securities173 for new were in many cases ill-advised. The reduction in fixed charges was to be $1,819,837, although by the exchanges alone the capitalization was to be increased by over $50,000,000. The charges on the system had amounted in 1891 to $9,474,837.356 Net earnings had been $8,744,736. Fixed charges under the plan were to amount to $7,666,000. As a matter of fact they would have been greater than this, for some of the old bonds would have remained outstanding, and the estimate did not include interest on any bonds issued for improvements. The floating debt was to be retired by the sale of new securities, namely, $18,235,800 new first mortgage bonds and $6,382,530 preferred stock. These were to net $14,588,640, or sufficient to cancel a debt of $6,310,000 and car trusts of $2,369,564 and to provide a balance for miscellaneous uses. A syndicate guaranteed the sale, but holders of stock or of collateral trust 5 per cent bonds were to be allowed to subscribe145 up to 16 per cent of their holdings at the rate of $800 for one new mortgage bond and $350 in new stock. New bonds to a maximum of $10,000,000 were to be issued only for the acquisition of additional property, while beyond this the vote of a majority of preferred stock was to be required to authorize146 any additional mortgage on property covered by the first mortgage.357

Such was the plan laid before securityholders. It proposed a considerable reduction in fixed charges, though probably not enough to put the company out of danger, and a large increase in new securities. It failed because it imposed losses upon the wrong parties. As between the various classes of bonds its terms were frequently inequitable. As between the bonds and the stock it altogether favored the latter. It levied147 no assessment, it compelled no subscription148 to new securities, and in three cases only did it announce an intention of reducing the nominal value of the stockholders’ holdings.358 The original time limit for deposits was set at April 14,174 1892. This was subsequently extended, but without effect, and on May 16 the Olcott Committee announced that the plan had failed.359

The collapse of this attempt at readjustment was a blow to those who had hoped for a speedy and amicable149 reorganization of the Richmond Terminal system. On the same day that failure was confessed the stockholders met and appointed Messrs. W. E. Strong, Samuel Thomas, and W. P. Clyde a committee to confer with the Olcott Committee to ascertain150 what had best be done. A week later General Thomas reported a plan for the reorganization of the Richmond & Danville alone. The Richmond Terminal Company, he said, should be wound up and be succeeded by a new company with $43,000,000 of preferred stock and $70,000,000 of common. The present 6 per cent bonds should be given 170 in new preferred stock; the present 5 per cent bonds and preferred stock par in new preferred stock; and the present common should receive par in new common and be compelled to subscribe for $8,000,000 collateral trust two-year 6 per cent notes at 92?.360 This amounted to an assessment of 10 per cent upon the common. It was not proposed to pay off the floating debt with the proceeds of this assessment, but to buy the claims held by bankers, and, if necessary, foreclose these claims and take possession for the stockholders. If the full amount should not be subscribed151 by the stockholders the preferred stock was to have the right to make subscription for the balance, and to take the securities that would have gone to the non-paying common stock; and the common stock not subscribing152 was to have no rights to the common stock of the new company.361

That this scheme was much more radical as well as more limited than the Olcott plan appears upon its face. No serious attempt was175 made to carry it into effect. On suggestion of General Thomas the stockholders’ meeting voted that a consulting committee of fifteen be appointed by the chair to confer with the committee of three, and then adjourned153 subject to call.362 The enlarged committee found that application had been already made to Messrs. Drexel, Morgan & Co. by a number of prominent banking firms, asking that they enter upon the work of reorganization. It therefore dropped the Thomas plan and joined in the petition. Drexel, Morgan & Co. on their part agreed to undertake an examination of the Terminal property,363 but four weeks later replied that while in their opinion a reorganization was feasible, the lack of assurance of support from Mr. Clyde made them unwilling154 to undertake the task.364

At this point efforts at reorganization were checked. One plan had failed, one had been formulated155 but not pushed forward, and the task of creating a third had been refused by the banking firm which was apparently best able to carry a plan to a successful conclusion. For a time now the field was left to the disputes between members of the Richmond Terminal family, which made up in bitterness for what they lacked in the matter of valuable result. Mention will be made only of the wrangles156 between the Central of Georgia and the other parts of the system.

The Central of Georgia had been placed under a receiver of its176 own some two weeks before the publication of the Olcott plan. Some months later this receivership was made permanent, and the Richmond Terminal was enjoined from voting the 42,200 shares of Central stock which it held. It can scarcely be said that the withdrawal of the Central of Georgia from the Terminal system was unwelcome to the latter. Already the Richmond & Danville had refused to carry out its guarantee on the Central’s stock unless that company should deposit bonds to cover an alleged sum due from it,365 and President Oakman had hastened to inform General Alexander, the temporary Central receiver, that the Richmond & Danville would not operate the Central of Georgia after the end of the temporary receivership.366 When, however, the Central not only insisted on withdrawal, but asked Judge Speer, of the District Court of Macon, Georgia, to appoint a receiver for the Richmond & Danville Railroad on the ground that that company was insolvent157 and was indebted to the Central in the sum of $2,459,670,367 prompt action was made necessary. Application was made to Judge Bond of the Circuit Court for the Eastern District of Virginia, and on June 16 this magistrate158 appointed Messrs. F. W. Huidekoper and Reuben Foster receivers of the Danville road.368

“This appointment of receivers by Judge Bond,” explained the parties responsible,369 “is not only not inimical to nor in opposition to any plan for the financial reorganization and rehabilitation159 of the Danville system, but will be found to greatly facilitate and aid any plan of reorganization, while if the Georgia court had obtained possession of and jurisdiction160 over the Danville system this would have been rendered practically impossible.... The necessity for such action,” they continued, with a touch of pathos161, “will be further appreciated when it is known that for some weeks past the Richmond & Danville Company has not been able to keep either a dollar in bank or in its safes within the state of Georgia, because every such dollar has been attached or garnished162 by parties alleging163 claims177 against the company, and even the money sent by express for the liquidation of pay-rolls has been attached in the hands of the express company, and in every instance enormous bonds have been required to release such moneys....”370

The temporary securing of their position by the receivership allowed the Danville people to hit back at the Central in its weakest point—the details of the sale to the Terminal of the Georgia Central Company. On August 19 the Advisory164 Committee of Seventeen of the Terminal securityholders declared that the investigations165 of their sub-committee showed that certain trustees of the company, with their friends, had profited to the extent of between three and four million dollars in this operation.371 Toward the end of the year tender of the Georgia Company stock and bonds was made back to the original vendors166 and was refused.372 In December suit was begun to set aside the purchase on the ground that there had been no ratification167 sufficient in law or equity to bar the stockholders from cancelling the transaction. The plaintiff charged that “the said combination and plan so formed by and between its president and divers27 of its directors [referring to the purchase of the Georgia stock], confederating with the other syndicate defendants168 for the purpose of selling their unsalable and discredited169 securities to the plaintiff at such prices as yielded them an enormous profit and necessarily imposed on plaintiff a heavy yearly loss, was contrary to equity and good conscience, and that the pretended contract dated October 26, 1888, ... and all the acts done in pretended purchase of the stocks and bonds of said Georgia Company ... and the taking from the assets and money of the plaintiff of over $7,000,000 cash ... to put into the pockets of the said faithless directors, the syndicate defendants, and their confederates, were all acts planned ... and performed178 by said Inman, or under his direction, in the execution of such original fraudulent scheme, combination, purpose, and confederacy....” And so the plaintiff prayed the court to decree the contract of purchase void.373

These accusations170 and counter-accusations, justified though many of them were, had little direct bearing on reorganization. In this progress had completely ceased. At the same time some progress was urgently required. The Richmond Terminal, the Richmond & Danville, and the Central of Georgia were in the hands each of a different set of receivers, unpaid171 interest was piling up, and the year 1893 was to show a marked decline in earnings. Necessity and mutual172 distrust dictated173 a second appeal to Drexel, Morgan & Co. to undertake the rehabilitation of the property. On February 2, 1893, the following letter was addressed to the firm in question:

    Messrs. Drexel, Morgan & Co.,

    Gentlemen: Since the time you were previously174 requested to take up the reorganization of the Richmond Terminal system much time and thought have been devoted175 to its affairs, and we realize that adverse176 financial conditions and also the present general distrust of all plans for the restoration of this system require that, to be successful, its reorganization must be undertaken by parties possessing the confidence of both the securityholders and the public, and also the financial strength sufficient for its accomplishment177. We therefore ask you to take up this reorganization of the Richmond Terminal and its allied properties, each pledging you our personal support and aid in full confidence that the securityholders will support us in this request.

    We appreciate the labor142 and responsibility connected with this undertaking178, and are therefore willing to do all in our power to give you full control of the reorganization, as suggested in your letter of June 28,374 and to advise our friends and the securityholders generally to deposit their securities, without requiring the assurances customary in such cases.

    Very respectfully,
    Wm. P. Clyde,
    Geo. F. Stone,
    Wm. E. Strong,
    J. C. Maben,
    Thomas F. Ryan.

179 This letter was accompanied by a letter from F. P. Olcott, president of the Central Trust Company, pledging his support. Inasmuch as lack of the assurances contained in this correspondence had alone prevented Drexel, Morgan & Co. from undertaking the task proposed the previous year, their prompt though conditional179 acceptance was not surprising. A definitive engagement to attempt the work followed on April 12.375 The enlistment180 of Drexel, Morgan & Co. in the reorganization provoked general satisfaction. Mr. Hollins, of the Central of Georgia reorganization committee, expressed his pleasure in having responsible parties to deal with not connected with any past differences.376 The directors of the Richmond Terminal urged all classes of securityholders to deposit, and the Clyde Committee was emphatic181 in its recommendation. It was recognized that the situation was the most favorable which could be hoped for. No group of Southern railroad financiers seemed capable of producing a fair reorganization plan, and it was also probable that no plan from such a source, however fair, would have received a sympathetic welcome. Drexel, Morgan & Co., on the other hand, were both capable and sure of a hearing.

There was remarkably182 little delay in making public the Drexel-Morgan plan. Less than three weeks after their final acceptance of responsibility, though about three months after the correspondence of February 2, the firm published a comprehensive plan, to the examination of which the next few pages may be devoted. The principles of this plan of May 1, 1893, were simple, and were clearly and convincingly set forth. The property to be considered was to be that of the Richmond Terminal, the Richmond & Danville, and the East Tennessee. The Central of Georgia was to be omitted. The imperative183 needs of these properties the plan declared to be two:

First, the provision of a large sum for the physical improvement of the system;

Second, the reduction of fixed charges to an amount which the companies could earn.377

180 The physical condition of the above roads in 1893 was extremely bad. “One obvious trouble ... is,” said the plan, “that their maintenance and repairs have been neglected. Another is that, while nearly all the lines in the United States have been steadily substituting solid roadbeds, heavy equipment, and other modern facilities for the light and ineffective appliances formerly in use, these lines, because of the constant drain to which they were subject for the obligations assumed, and from the necessities of the Terminal Company for the payment to it, as dividends, of every available dollar with which to meet its own obligations, have not been in a financial condition to keep up to the times in this respect, and now they find themselves so far behind as to be, to a considerable extent, unqualified to handle business with economy, or to compete successfully with other lines.”378 The financial condition was little better. The absolute fixed charges of the Richmond Terminal, the Richmond & Danville, and the East Tennessee systems, viz., interest on bonds held by the public, rentals184, equipment notes, and sinking funds, and interest on floating debts, receivers’ certificates, etc., the plan declared to amount annually to about $9,900,000. The entire net earnings for the fiscal185 year ending June 30, 1893, were estimated at $7,000,000. The result was a deficit for the year of about $2,900,000. This state of affairs required serious sacrifices from somebody. The Olcott plan had illustrated186 the folly187 of laying the burden largely on well-secured senior bonds. The Drexel plan proposed to demand the necessary concessions188 from the junior bonds and from the stock. “About $74,000,000 of the bonds and guaranteed stocks of the Richmond & Danville and the East Tennessee systems held by the public,” it continued, “are on181 properties which are believed for the most part to afford adequate security, and for this or other reasons this plan has not sought to disturb them. About $50,000,000 (mostly recent issues) are junior liens, inadequately190 secured, or else are on new or branch lines of uncertain earning capacity, and the holders, in self-preservation, must make such reasonable concessions as the situation necessitates191, taking compensation therefor in preferred or common stock of the new company....”

The tools of the reorganization were to be the following new issues:

$140,000,000 first consolidated mortgage and collateral trust 100-year 5 per cent bonds, secured by mortgage and pledge of all the property of the new company. This total might be subsequently increased to acquire the whole or part of the Georgia Central system, or to acquire the ownership of the Cincinnati Southern Railway or any other line as a substitute therefor.

$75,000,000 5 per cent non-cumulative preferred stock.

$160,000,000 common stock.

“The general theory of adjustment of disturbed bonds,” said the plan, “is to substitute for them the new 5 per cent bonds to such an extent as is warranted by earnings and situation of the properties covered by the present mortgages, and the new preferred stock for the remainder of the principal. In some cases, where the bonds are on properties of no actual and little prospective192 earning capacity, a more severe reduction is necessary. In several instances, where the bonds are on properties which are likely to improve more rapidly than other disturbed parts of the system, this fact is recognized, and an extra allowance is made in compensation. Finally, in one or two cases, where the bonds are on properties the loss of which would adversely193 affect the rest of the system, a proper recognition is made of this fact.” In practice not only bonds and preferred stock, but preferred and common stock, or even common stock alone were exchanged for old securities of little value.

This provided for old securities but not for cash requirements. To raise cash three devices were resorted to, all of which bore entirely on the junior securityholders or on the stock. The most direct was the levying194 of an assessment. Terminal common stock was assessed $12.50 per share, East Tennessee first preferred $3,182 second preferred $6, and common stock $9; new preferred stock being in each case given in return. This distribution was based on the idea that the stockholders of each railroad should provide for its floating debt. The floating debt of the Richmond & Danville was about $7,000,000, that of the East Tennessee about $3,000,000, and that of the Richmond Terminal about $100,000. But since the last named held practically all of the Richmond stock and a considerable proportion of the East Tennessee, its stockholders were saddled with a total of $8,300,000 or an equivalent of $12.50 per share, while the East Tennessee was taxed proportionately. The rest of the cash requirements were covered by the sale of $8,000,000 new bonds at 85, and $33,333,000 new common stock at 15. Depositors of all classes of Terminal securities and of all classes of readjusted securities of the other systems were allowed to subscribe to the extent of $1000 in a new bond and $4000 in new stock trust certificates for each $22,000 par value of stocks or bonds deposited. The balance of the issues was looked after by an underwriting syndicate.379

Future capital requirements were provided for mainly by new bonds. $35,383,000 in new 5 per cents were set aside to be used only for new construction, betterments, purchase of rolling stock, and extensions and additions to the system. Not over $2,500,000 of these were to be used in any one calendar year; except that, in addition to this annual appropriation195, a total of $3,000,000 in bonds might be specifically appropriated with the unanimous consent of the stock trustees, for the building of branches or extensions, if undertaken within three years after the creation of the new mortgage. All property acquired with these bonds was to be brought under the lien of the new mortgage. $8,000,000 of the cash raised by assessment and sale of securities, moreover, were to be available183 for new construction and equipment on the Richmond & Danville and the East Tennessee. And, finally, there was provision for the limitation of new bond issues, for a voting trust and for the consolidation of the Terminal system.

“The ultimate object of the reorganization,” said the plan “(excluding the Georgia Central Company from consideration), is to have the new company acquire, so far as practicable, the ownership of the Richmond & Danville and East Tennessee systems, including the various securities now owned by the Terminal Company ... and the securities pledged for the Richmond & Danville and East Tennessee floating debt....

“Both classes of stock of the new company ... are to be issued to three Stock Trustees, who shall be appointed, on or before completion of reorganization, by Messrs. Drexel, Morgan & Co. The stock shall be held by the Stock Trustees and their successors, jointly196, for five years, and for such further period (if any) as shall elapse before the preferred stock shall have paid 5 per cent cash dividend in one year, although the Stock Trustees may, in their discretion197, deliver the stock at an earlier date....

“No additional mortgage shall be put upon the property to be acquired hereunder by the new company, nor shall the authorized198 amount of the preferred stock be increased without the consent in each case of the majority in amount of the preferred stockholders.”380

The result of all these provisions was to be a cancellation199 of the floating debt, a reduction in fixed charges, and a decrease in mortgage bonds; though inevitably200 also an increase in stock outstanding. The plan proposed to disturb $49,117,900 of outstanding bonds, or, including the Richmond Terminal 5s and 6s, a total of $65,617,900. But the new bonds which it offered in exchange amounted to $19,806,700 only. On the other hand it took $111,819,550 in stock from the hands of the public, and offered $165,559,514 new stock in the course of the exchanges.381 This was very conservative, since the increase in total capitalization through these exchanges was less than 4? per cent; and less too than the cash assessment for which preferred stock was allowed. Somewhat greater increase in securities184 appears if we consider, not only the exchanges, but the provisions of the plan as a whole; for here we must include $33,300,000 new common stock and $8,000,000 new bonds issued to retire in part the $12,900,000 of floating debt and for other purposes. Even so the net increase was only 6 per cent.382 The natural result was a considerable reduction in fixed charges. The absolute fixed charges of the system in 1893 the plan stated to be $9,900,000. The fixed charges under the plan were to be $6,789,000. This was certainly a step in the right direction. It was the point, nevertheless, at which the plan was weakest. The clauses which have been outlined made abundant and conservative provision for cash requirements; and the sums which they allowed for future development were not on their face inadequate; but the reduction in fixed charges was less than should have been ensured. The net earnings for the year ending June 30, 1892, were $7,725,000, and those for 1893 were estimated by the plan itself as not likely to exceed $7,000,000. This would have left $936,000 over the proposed fixed charges in 1892 and $211,000 in 1893:—or a surplus of some 3 per cent in the latter year. This was altogether insufficient. It not only put out of the question dividends on the $200,000,000 of stock, but it precluded201 the partial improvement of the road from earnings, and left the system at the mercy of the slightest decrease in the annual returns. Compared with previous fixed charges the plan proposed noteworthy reductions; compared with the earnings of the lines involved it did not go far enough.383

The reception of the Drexel-Morgan plan was, nevertheless, satisfactory. Certain concessions were made to various classes of bonds, and by June 17, over 95 per cent of the securityholders had given their assent87.384 Unfortunately the earnings of the property now steadily decreased. The gross receipts of the Richmond & Danville proper were 15 per cent less in 1893 than in 1892; and Terminal system lines which had earned $6,100,000 in 1892 earned $5,300,000 in 1893, and promised to earn some $4,250,000 only in 1894. This decrease was common to the country at large. It was of peculiar185 importance, however, in emphasizing the weak point in the Drexel plan. From January 1 to July 1, 1893, the Terminal floating debt, exclusive of car trusts, increased $2,600,000. From July 1 to March 1 it increased at least a million more. The reorganization plan had been prepared “on the assumption that, during reorganization, the receivers of the various properties could provide for the interest charges on the undisturbed securities, as well as accumulate a sum sufficient for the interest accruing202 on the ‘disturbed securities’ as readjusted.”385 As it turned out, the receivers were obliged to make many defaults among the undisturbed securities, and saved nothing for the disturbed. Some modification203 of the published plan had perforce to be arranged.

These modifications204 were detailed205 in a pamphlet dated February 20, 1894. They comprised three proposals:

(1) To exclude from the reorganization certain unprofitable properties which had previously been included. Certain alterations206 had already been made toward this end in the exclusion207 of the Erlanger line, the Memphis & Charleston, and the Mobile & Birmingham. Further modification was to exclude the Northeastern Railroad of Georgia, the Macon & Northern, and five other subsidiary lines.

(2) To fund for a year or two the coupons on new bonds given for certain securities, and to provide in other cases that the new bonds should not bear interest till 1895 or 1896.

(3) To lighten the assessment on Richmond Terminal and East Tennessee common stock, and to allow to all assessed securities one-quarter of their assessment in bonds and three-quarters in preferred stock instead of all in preferred stock.

At the same time a few other modifications allowed to some bonds a more liberal grant of new securities than they had obtained in May. It was hoped by these means to raise the average earning ability of the system, while reducing the new securities to be issued.386186 The temporary funding of coupons further lightened fixed charges until business should have had time to revive. “Under the plan as now modified,” stated Drexel, Morgan & Co., “and assuming that one-half of the new bonds to be sold are used in 1894 and the other half in 1895, the fixed charges are estimated at about

$4,100,000 in 1894,    
?4,700,000 in 1895,    
?5,400,000 in 1896.387

“The depression in the South began in 1890–91. There would appear to be no reason why in a comparatively short time these properties should not very easily earn, gross, as much as and more than they earned in that fiscal year, viz., over $21,000,000. Operated at 70 per cent ... there would remain, say $6,600,000 net against an interest charge of $5,400,000.”387

The reduction in assessments was made possible by the decrease in mileage. Although the floating debt had increased $2,600,000 from January 1, 1893, and the equipment notes recorded were greater by $1,048,000,388 yet the debt to be provided for by the modified plan of 1894 was estimated at only $12,200,000. Besides this the cash to be reserved for new construction was reduced $3,000,000, and the surplus for expenses and contingencies208 $1,380,000. Assessments were therefore set at $10 a share on Richmond Terminal common instead of $12.50; $7.20 on East Tennessee common instead of $9; and $3 and $6 on East Tennessee first and second preferred as before. The new securities to be sold were reduced correspondingly to $8,000,000 of bonds and $25,000,000 of common stock. Finally, the bonds to provide for new construction, betterments, and additions were reduced from $35,383,000 to about $19,000,000, of which not over $2,000,000 (instead of $2,500,000) were to be used in any calendar year. Other provisions of the earlier plan were to remain unchanged.

It was this modified plan which was carried to a successful conclusion. In principle it did not mend the weak spot in its predecessor187 of May. That plan had contemplated209 a surplus of $211,000 over fixed charges for 1893. This estimated charges at $4,100,000 for 1894 and net earnings at $4,250,000 on a somewhat reduced mileage. There was not to be more left for dividends and improvements than there had been before, while the cash and bond provisions for improvements were notably210 reduced. The concession189 of bonds to stockholders for one-quarter of their assessments was unsound financiering, as was, on the whole, the funding of coupons on the new mortgage bonds. The success which the modification had, nevertheless, in restoring the company to solvency211, was due to the improvement in earnings which soon took place. The original plan had based its calculations on the first year of depression; the amended212 plan kept charges down till three years had elapsed. By that time business had begun to mend, and all danger of bankruptcy was past. Other points in either plan leave little to criticise79.

The modifications to the original plan were issued on February 20, 1894. Over 75 per cent of the system bonds had assented by March 24. At one foreclosure sale after another the reorganization committee now bought in the portions of the old system covered by the plan. Suits against the Richmond Terminal had been brought under the two collateral mortgages, and on July 13, 1893, the reorganization committee bid in the pledged securities. On February 6, 1894, it bought the remaining assets of the Terminal Company; on June 15 it bought the Richmond & Danville, and on July 7 the East Tennessee, Virginia & Georgia. Two trustees’ sales, one receivers’ sale, ten foreclosure sales, and six conveyances213 without foreclosure had occurred by September, 1894, and more minor sales were in progress.389 On June 15 the Southern Railway Company was organized with a charter from the state of Virginia, and took over in succession properties to the extent of 4607 miles.390 Samuel Spencer was elected president. Some thirty corporations were swept away and thirty boards of directors abolished; for the Southern Railway was an operating company, and, unlike the Richmond Terminal and the Richmond & Danville, controlled but an inappreciable fraction of188 its mileage through the ownership of stock. The new securities were issued at the proper times, and according to the plan the common and preferred stock was turned over to three voting trustees,391 who issued trust certificates in their stead.

This completed the reorganization of the Richmond Terminal Company so far as the principal part of its mileage was concerned. The portions of the system excluded from the plan have been to some extent bought back in later years. Control of the Alabama Great Southern was bought in 1895; the Memphis & Charleston was acquired in 1898; the Richmond & Mecklenburg was leased in 1898 and the Mobile & Birmingham in 1899; and the Northeastern of Georgia was bought in 1899. The system has not yet, however, fully regained214 its old position. The most important loss has undoubtedly215 been that of the Central of Georgia. We left this company engaged in active disputes with the Terminal management. During 1892 and 1893 efforts to reorganize it were made under the leadership of Hollins & Co. The principal difficulties were the large floating debt and the money required to put the property into good physical condition.392 A plan was actually prepared at the beginning of 1893 and submitted to securityholders, but failed because of that same decline in earnings which had caused the modification of the Terminal reorganization plan. A second plan, prepared in 1894, had a better fate,393 and in modified form was put into effect. The Railroad was sold at auction216 in 1895, the Central of Georgia Railway was organized to take its place,394 and the corporation entered upon a new career which we have not space to follow.395

As for the Southern Railway, the years from 1895 to 1907 have brought it prosperity. It has extended considerably217 in mileage. Besides reacquiring lines which formerly were part of the Richmond189 Terminal system, it has grown south to Jacksonville and Palatka, east to Charleston and to a more direct connection with Norfolk, and west from Louisville to East St. Louis. It has further joined its Louisville-East St. Louis line to Chicago by acquiring a half-interest in the Monon, and to the rest of its system by a half-interest in the Cincinnati, New Orleans & Texas Pacific; and it has bought control of the Mobile & Ohio, which stretches through four states from East St. Louis to Mobile. Instead of 4392 miles as operated on June 30, 1895, it now reports 7546. The earnings of the system have increased more rapidly than its mileage. The revival218 of business after 1897 occurred with singular force in the South, and seems to have introduced there a new industrial era. As a result, the Southern’s gross earnings have trebled and its net earnings have been multiplied by two. Passenger receipts, which were $4,329,499 in 1895, have become $14,683,006 in 1907. Freight receipts have increased from $10,816,024 to $37,368,095.

It has been this increase in earnings which has at last allowed some of that margin219 for improvements which the reorganization plans weakly attempted to secure. And accordingly, large sums have been expended220. Maintenance of way charges are now over $1000 per mile instead of $630. Expenses per locomotive mile have increased from 4.19 cents in 1895 to 7.54 cents in 1907; expenses per passenger car mile from .83 to 1.03 cents; and expenses per freight car mile from .47 to 2.18 cents. It is true that locomotives and cars are larger to-day and that rails are heavier, but this fact is far from accounting221 for the difference. Not only has the existing plant been kept in good repair from earnings alone, but distinct improvements have been made. New rail has been laid, additional ballast put in, wooden trestles filled or replaced with steel. It was estimated in 1906 that $5,000,000 had been spent in betterments and charged against income up to that time, besides some $15,000,000 more paid for equipment out of earnings. Meanwhile considerable sums had been spent from capital account. The reorganization plan allowed for some $19,000,000 of new bonds to be sold at the rate of $2,000,000 per year.396 Of these the company had sold $13,000,000 for improvement of the property by February 1, 1906, besides disposing of some $23,000,000 of equipment obligations.

190 The appreciation of the need for still more liberal expenditure led in 1906 to a comprehensive plan for the issue of new capital. Under date of February 1, the company submitted to its voting trustees397 a scheme for a $200,000,000 mortgage, of which $15,000,000 were to be issued at once and the rest were to be reserved. Of the immediate222 issue $4,962,774 were to refund8 payments for equipment hitherto made and charged to capital; $3,501,000 were to refund investments in securities of, and advances to, subordinate companies, as well as to be used for the acquisition of property not heretofore funded; and $6,536,226 were for double track, revision of grades, new yards, shops, etc. Of the securities reserved, $65,164,000 were for refunding purposes: $20,000,000 for certain subsidiary lines: and $99,834,000 to go, first, for betterments and improvements on the entire system and for new equipment in amounts not exceeding $5,000,000 in each year; and second, in exchange for first mortgage bonds not exceeding in amount the actual cost of railroads and terminals hereafter to be acquired. In other words, about one-half of the total issue is to go, sooner or later, for improvements, and the rest for refundings and for new acquisitions.398 It was believed that the Southern could readily pay the interest on the increased immediate issue without endangering dividends on its preferred stock, and that the subsequent increases in earnings would more than provide for whatever additions to charges might occur. Negotiations for the placing of the new securities were concluded with J. P. Morgan & Co. at a reported price of 96?.

The results of the expenditures for improvements have been remarkable223. In 1895 the Southern Railway had in use 623 locomotives; in 1907 the number was 1536. In the former year there were 487 passenger cars and 18,924 freight cars; in the latter there were respectively 995 and 56,225.399 Only 370 miles of track in 1895 were over 65 pounds in weight per yard; more than 3100191 surpassed that limit in 1907. It is nevertheless in its inability to handle the business offered it that the Southern has provoked sharpest criticism. Over 3600 miles of its system still have rails weighing 62 pounds or less to the yard;—that is, rails incapable224 of meeting modern operating conditions. Only 206 miles of double and 1981 of side track exist. Equipment appears to be still inadequate. Signals are imperfect, and speed and promptness seemingly impossible to attain225. The late tragic226 death of Mr. Spencer was a forcible illustration of the deficiencies of the road which he had done so much to improve.

The earning power of the system cannot yet, therefore, be said to be secure. Moreover, the capitalization of almost $72,000 per mile,400 as well as the less dense227 railroad business in the South, the slight construction of many of the Southern Railway lines, the lack of adequate facilities which compels an operating ratio of 76 per cent, and the absorption of minor roads less prosperous than the main stem,—all these factors have kept down the net surplus from operation. On the other hand, the management is making an earnest attempt to raise the standard of the property. Bonds and notes to the par value of over $32,000,000 have been sold to provide for additions and improvements during the past year, and a very great change for the better has taken place. Dividends on the preferred stock have been paid since 1897. As the country develops, and as the sums spent upon improvements come more and more to have their effects, a dividend upon the common stock will be paid. The near future is more likely to witness the cessation of dividends upon the preferred.


点击收听单词发音收听单词发音  

1 backbone ty0z9B     
n.脊骨,脊柱,骨干;刚毅,骨气
参考例句:
  • The Chinese people have backbone.中国人民有骨气。
  • The backbone is an articulate structure.脊椎骨是一种关节相连的结构。
2 formerly ni3x9     
adv.从前,以前
参考例句:
  • We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
  • This boat was formerly used on the rivers of China.这船从前航行在中国内河里。
3 gulf 1e0xp     
n.海湾;深渊,鸿沟;分歧,隔阂
参考例句:
  • The gulf between the two leaders cannot be bridged.两位领导人之间的鸿沟难以跨越。
  • There is a gulf between the two cities.这两座城市间有个海湾。
4 par OK0xR     
n.标准,票面价值,平均数量;adj.票面的,平常的,标准的
参考例句:
  • Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
  • I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。
5 steadily Qukw6     
adv.稳定地;不变地;持续地
参考例句:
  • The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
  • Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。
6 allied iLtys     
adj.协约国的;同盟国的
参考例句:
  • Britain was allied with the United States many times in history.历史上英国曾多次与美国结盟。
  • Allied forces sustained heavy losses in the first few weeks of the campaign.同盟国在最初几周内遭受了巨大的损失。
7 refunding 92be4559f2102743e95f00af98d04aa6     
n.借新债还旧债;再融资;债务延展;发行新债券取代旧债券v.归还,退还( refund的现在分词 )
参考例句:
  • They are refunding parents their money on over a billion toys. 他们退还父母他们的金钱在十亿个玩具。 来自互联网
  • I am refunding the extra, but getting tired of doing this. 我退还额外的,而是要改变这样累了。 来自互联网
8 refund WkvzPB     
v.退还,偿还;n.归还,偿还额,退款
参考例句:
  • They demand a refund on unsatisfactory goods.他们对不满意的货品要求退款。
  • We'll refund your money if you aren't satisfied.你若不满意,我们愿意退款给你。
9 consolidation 4YuyW     
n.合并,巩固
参考例句:
  • The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民,对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
  • The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法
10 unify okOwO     
vt.使联合,统一;使相同,使一致
参考例句:
  • How can we unify such scattered islands into a nation?我们怎么才能把如此分散的岛屿统一成一个国家呢?
  • It is difficult to imagine how the North and South could ever agree on a formula to unify the divided peninsula.很难想象南北双方在统一半岛的方案上究竟怎样才能达成一致。
11 entrusted be9f0db83b06252a0a462773113f94fa     
v.委托,托付( entrust的过去式和过去分词 )
参考例句:
  • He entrusted the task to his nephew. 他把这任务托付给了他的侄儿。
  • She was entrusted with the direction of the project. 她受委托负责这项计划。 来自《简明英汉词典》
12 propriety oRjx4     
n.正当行为;正当;适当
参考例句:
  • We hesitated at the propriety of the method.我们对这种办法是否适用拿不定主意。
  • The sensitive matter was handled with great propriety.这件机密的事处理得极为适当。
13 retirement TWoxH     
n.退休,退职
参考例句:
  • She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
  • I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。
14 withdrawal Cfhwq     
n.取回,提款;撤退,撤军;收回,撤销
参考例句:
  • The police were forced to make a tactical withdrawal.警方被迫进行战术撤退。
  • They insisted upon a withdrawal of the statement and a public apology.他们坚持要收回那些话并公开道歉。
15 clinch 4q5zc     
v.敲弯,钉牢;确定;扭住对方 [参]clench
参考例句:
  • Clinch the boards together.用钉子把木板钉牢在一起。
  • We don't accept us dollars,please Swiss francs to clinch a deal business.我方不收美元,请最好用瑞士法郎来成交生意。
16 outlet ZJFxG     
n.出口/路;销路;批发商店;通风口;发泄
参考例句:
  • The outlet of a water pipe was blocked.水管的出水口堵住了。
  • Running is a good outlet for his energy.跑步是他发泄过剩精力的好方法。
17 minor e7fzR     
adj.较小(少)的,较次要的;n.辅修学科;vi.辅修
参考例句:
  • The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
  • I gave him a minor share of my wealth.我把小部分财产给了他。
18 westward XIvyz     
n.西方,西部;adj.西方的,向西的;adv.向西
参考例句:
  • We live on the westward slope of the hill.我们住在这座山的西山坡。
  • Explore westward or wherever.向西或到什么别的地方去勘探。
19 destined Dunznz     
adj.命中注定的;(for)以…为目的地的
参考例句:
  • It was destined that they would marry.他们结婚是缘分。
  • The shipment is destined for America.这批货物将运往美国。
20 warehouse 6h7wZ     
n.仓库;vt.存入仓库
参考例句:
  • We freighted the goods to the warehouse by truck.我们用卡车把货物运到仓库。
  • The manager wants to clear off the old stocks in the warehouse.经理想把仓库里积压的存货处理掉。
21 queries 5da7eb4247add5dbd5776c9c0b38460a     
n.问题( query的名词复数 );疑问;询问;问号v.质疑,对…表示疑问( query的第三人称单数 );询问
参考例句:
  • Our assistants will be happy to answer your queries. 我们的助理很乐意回答诸位的问题。
  • Her queries were rhetorical,and best ignored. 她的质问只不过是说说而已,最好不予理睬。 来自《简明英汉词典》
22 ply DOqxa     
v.(搬运工等)等候顾客,弯曲
参考例句:
  • Taxis licensed to ply for hire at the railway station.许可计程车在火车站候客。
  • Ferryboats ply across the English Channel.渡船定期往返于英吉利海峡。
23 steamship 1h9zcA     
n.汽船,轮船
参考例句:
  • The return may be made on the same steamship.可乘同一艘汽船当天回来。
  • It was so foggy that the steamship almost ran down a small boat leaving the port.雾很大,汽艇差点把一只正在离港的小船撞沉。
24 consolidated dv3zqt     
a.联合的
参考例句:
  • With this new movie he has consolidated his position as the country's leading director. 他新执导的影片巩固了他作为全国最佳导演的地位。
  • Those two banks have consolidated and formed a single large bank. 那两家银行已合并成一家大银行。
25 consolidate XYkyV     
v.使加固,使加强;(把...)联为一体,合并
参考例句:
  • The two banks will consolidate in July next year. 这两家银行明年7月将合并。
  • The government hoped to consolidate ten states to form three new ones.政府希望把十个州合并成三个新的州。
26 albeit axiz0     
conj.即使;纵使;虽然
参考例句:
  • Albeit fictional,she seemed to have resolved the problem.虽然是虚构的,但是在她看来好象是解决了问题。
  • Albeit he has failed twice,he is not discouraged.虽然失败了两次,但他并没有气馁。
27 divers hu9z23     
adj.不同的;种种的
参考例句:
  • He chose divers of them,who were asked to accompany him.他选择他们当中的几个人,要他们和他作伴。
  • Two divers work together while a standby diver remains on the surface.两名潜水员协同工作,同时有一名候补潜水员留在水面上。
28 severely SiCzmk     
adv.严格地;严厉地;非常恶劣地
参考例句:
  • He was severely criticized and removed from his post.他受到了严厉的批评并且被撤了职。
  • He is severely put down for his careless work.他因工作上的粗心大意而受到了严厉的批评。
29 mileage doOzUs     
n.里程,英里数;好处,利润
参考例句:
  • He doesn't think there's any mileage in that type of advertising.他认为做那种广告毫无效益。
  • What mileage has your car done?你的汽车跑了多少英里?
30 possessed xuyyQ     
adj.疯狂的;拥有的,占有的
参考例句:
  • He flew out of the room like a man possessed.他像着了魔似地猛然冲出房门。
  • He behaved like someone possessed.他行为举止像是魔怔了。
31 bankruptcy fPoyJ     
n.破产;无偿付能力
参考例句:
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
32 extravagant M7zya     
adj.奢侈的;过分的;(言行等)放肆的
参考例句:
  • They tried to please him with fulsome compliments and extravagant gifts.他们想用溢美之词和奢华的礼品来取悦他。
  • He is extravagant in behaviour.他行为放肆。
33 standing 2hCzgo     
n.持续,地位;adj.永久的,不动的,直立的,不流动的
参考例句:
  • After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
  • They're standing out against any change in the law.他们坚决反对对法律做任何修改。
34 earnings rrWxJ     
n.工资收人;利润,利益,所得
参考例句:
  • That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
  • Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。
35 holder wc4xq     
n.持有者,占有者;(台,架等)支持物
参考例句:
  • The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
  • That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。
36 holders 79c0e3bbb1170e3018817c5f45ebf33f     
支持物( holder的名词复数 ); 持有者; (支票等)持有人; 支托(或握持)…之物
参考例句:
  • Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
  • It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识,才使得死刑的提倡者指控主张废除死刑的人感情用事,同情谋杀犯胜过同情受害者。
37 dividend Fk7zv     
n.红利,股息;回报,效益
参考例句:
  • The company was forced to pass its dividend.该公司被迫到期不分红。
  • The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。
38 dividends 8d58231a4112c505163466a7fcf9d097     
红利( dividend的名词复数 ); 股息; 被除数; (足球彩票的)彩金
参考例句:
  • Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
  • Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。
39 quotations c7bd2cdafc6bfb4ee820fb524009ec5b     
n.引用( quotation的名词复数 );[商业]行情(报告);(货物或股票的)市价;时价
参考例句:
  • The insurance company requires three quotations for repairs to the car. 保险公司要修理这辆汽车的三家修理厂的报价单。 来自《简明英汉词典》
  • These quotations cannot readily be traced to their sources. 这些引语很难查出出自何处。 来自《现代汉英综合大词典》
40 debenture LnDzJ     
n.债券;信用债券;(海关)退税凭单
参考例句:
  • Debenture holder has priority over ordinary shareholder.债券持有人比普通股东享有优先权。
  • Debenture holders have a prior claim and accept the least risk.债券持有人有优先索赔权,风险最小。
41 pointed Il8zB4     
adj.尖的,直截了当的
参考例句:
  • He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
  • She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。
42 debentures 562ac96c0dd37532484d5a88ce061f3e     
n.公司债券( debenture的名词复数 )
参考例句:
  • My money is invested in debentures. 我把钱用于买债券。 来自《现代汉英综合大词典》
  • Owners of debentures do not have voting rights. 信用债券的所有人没有选择权。 来自辞典例句
43 fixed JsKzzj     
adj.固定的,不变的,准备好的;(计算机)固定的
参考例句:
  • Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗?
  • Once the aim is fixed,we should not change it arbitrarily.目标一旦确定,我们就不应该随意改变。
44 deficit tmAzu     
n.亏空,亏损;赤字,逆差
参考例句:
  • The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
  • We have a great deficit this year.我们今年有很大亏损。
45 embarrassments 5f3d5ecce4738cceef5dce99a8a6434a     
n.尴尬( embarrassment的名词复数 );难堪;局促不安;令人难堪或耻辱的事
参考例句:
  • But there have been many embarrassments along the way. 但是一路走来已经是窘境不断。 来自互联网
  • The embarrassments don't stop there. 让人难受的事情还没完。 来自互联网
46 coupons 28882724d375042a7b19db1e976cb622     
n.礼券( coupon的名词复数 );优惠券;订货单;参赛表
参考例句:
  • The company gives away free coupons for drinks or other items. 公司为饮料或其它项目发放免费赠券。 来自辞典例句
  • Do you have any coupons? 你们有优惠卡吗? 来自英汉 - 翻译样例 - 口语
47 coupon nogz3     
n.息票,配给票,附单
参考例句:
  • The coupon can be used once only.此优惠券只限使用一次。
  • I have a coupon for ten pence off a packet of soap.我有一张优惠券买一盒肥皂可以便宜十便士。
48 sufficiently 0htzMB     
adv.足够地,充分地
参考例句:
  • It turned out he had not insured the house sufficiently.原来他没有给房屋投足保险。
  • The new policy was sufficiently elastic to accommodate both views.新政策充分灵活地适用两种观点。
49 redeemable 766aacb8653d78ff783bcd5db982be33     
可赎回的,可补救的
参考例句:
  • These vouchers are redeemable against any future purchase. 这些优惠券将来购物均可使用。
  • The bonds are redeemable by annual drawings. 公债每年抽签偿还。
50 accrued dzQzsI     
adj.权责已发生的v.增加( accrue的过去式和过去分词 );(通过自然增长)产生;获得;(使钱款、债务)积累
参考例句:
  • The company had accrued debts of over 1000 yuan. 该公司已积欠了1000多万元的债务。 来自《简明英汉词典》
  • I have accrued a set of commemoration stamps. 我已收集一套纪念邮票。 来自《简明英汉词典》
51 lien 91lxQ     
n.扣押权,留置权
参考例句:
  • A lien is a type of security over property.留置是一种财产担保。
  • The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。
52 necessitate 5Gkxn     
v.使成为必要,需要
参考例句:
  • Your proposal would necessitate changing our plans.你的提议可能使我们的计划必须变更。
  • The conversion will necessitate the complete rebuilding of the interior.转变就必需完善内部重建。
53 necessitated 584daebbe9eef7edd8f9bba973dc3386     
使…成为必要,需要( necessitate的过去式和过去分词 )
参考例句:
  • Recent financial scandals have necessitated changes in parliamentary procedures. 最近的金融丑闻使得议会程序必须改革。
  • No man is necessitated to do wrong. 没有人是被迫去作错事的。
54 expenditure XPbzM     
n.(时间、劳力、金钱等)支出;使用,消耗
参考例句:
  • The entry of all expenditure is necessary.有必要把一切开支入账。
  • The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。
55 reconstruction 3U6xb     
n.重建,再现,复原
参考例句:
  • The country faces a huge task of national reconstruction following the war.战后,该国面临着重建家园的艰巨任务。
  • In the period of reconstruction,technique decides everything.在重建时期,技术决定一切。
56 masonry y21yI     
n.砖土建筑;砖石
参考例句:
  • Masonry is a careful skill.砖石工艺是一种精心的技艺。
  • The masonry of the old building began to crumble.旧楼房的砖石结构开始崩落。
57 entirely entirely     
ad.全部地,完整地;完全地,彻底地
参考例句:
  • The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
  • His life was entirely given up to the educational work. 他的一生统统献给了教育工作。
58 inadequate 2kzyk     
adj.(for,to)不充足的,不适当的
参考例句:
  • The supply is inadequate to meet the demand.供不应求。
  • She was inadequate to the demands that were made on her.她还无力满足对她提出的各项要求。
59 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
60 expenditures 2af585403f5a51eeaa8f7b29110cc2ab     
n.花费( expenditure的名词复数 );使用;(尤指金钱的)支出额;(精力、时间、材料等的)耗费
参考例句:
  • We have overspent.We'll have to let up our expenditures next month. 我们已经超支了,下个月一定得节约开支。 来自《简明英汉词典》
  • The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》
61 aggravated d0aec1b8bb810b0e260cb2aa0ff9c2ed     
使恶化( aggravate的过去式和过去分词 ); 使更严重; 激怒; 使恼火
参考例句:
  • If he aggravated me any more I shall hit him. 假如他再激怒我,我就要揍他。
  • Far from relieving my cough, the medicine aggravated it. 这药非但不镇咳,反而使我咳嗽得更厉害。
62 physically iNix5     
adj.物质上,体格上,身体上,按自然规律
参考例句:
  • He was out of sorts physically,as well as disordered mentally.他浑身不舒服,心绪也很乱。
  • Every time I think about it I feel physically sick.一想起那件事我就感到极恶心。
63 defective qnLzZ     
adj.有毛病的,有问题的,有瑕疵的
参考例句:
  • The firm had received bad publicity over a defective product. 该公司因为一件次品而受到媒体攻击。
  • If the goods prove defective, the customer has the right to compensation. 如果货品证明有缺陷, 顾客有权索赔。
64 definitive YxSxF     
adj.确切的,权威性的;最后的,决定性的
参考例句:
  • This book is the definitive guide to world cuisine.这本书是世界美食的权威指南。
  • No one has come up with a definitive answer as to why this should be so.至于为什么该这样,还没有人给出明确的答复。
65 imminent zc9z2     
adj.即将发生的,临近的,逼近的
参考例句:
  • The black clounds show that a storm is imminent.乌云预示暴风雨即将来临。
  • The country is in imminent danger.国难当头。
66 collapse aWvyE     
vi.累倒;昏倒;倒塌;塌陷
参考例句:
  • The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
  • The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。
67 determined duszmP     
adj.坚定的;有决心的
参考例句:
  • I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
  • He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。
68 forestall X6Qyv     
vt.抢在…之前采取行动;预先阻止
参考例句:
  • I left the room to forestall involvements.我抢先离开了这房间以免受牵累。
  • He followed this rule in order to forestall rumors.他遵守这条规矩是为了杜绝流言蜚语。
69 appreciation Pv9zs     
n.评价;欣赏;感谢;领会,理解;价格上涨
参考例句:
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
70 surmised b42dd4710fe89732a842341fc04537f6     
v.臆测,推断( surmise的过去式和过去分词 );揣测;猜想
参考例句:
  • From the looks on their faces, I surmised that they had had an argument. 看他们的脸色,我猜想他们之间发生了争执。
  • From his letter I surmised that he was unhappy. 我从他的信中推测他并不快乐。 来自《简明英汉词典》
71 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
72 proxies e2a6fe7fe7e3bc554e51dce24e3945ee     
n.代表权( proxy的名词复数 );(测算用的)代替物;(对代理人的)委托书;(英国国教教区献给主教等的)巡游费
参考例句:
  • SOCKS and proxies are unavailable. Try connecting to XX again? socks和代理不可用。尝试重新连接到XX吗? 来自互联网
  • All proxies are still down. Continue with direct connections? 所有的代理仍然有故障。继续直接连接吗? 来自互联网
73 forth Hzdz2     
adv.向前;向外,往外
参考例句:
  • The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
  • He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。
74 assessment vO7yu     
n.评价;评估;对财产的估价,被估定的金额
参考例句:
  • This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
  • What is your assessment of the situation?你对时局的看法如何?
75 liens 3565ea81182966096c3cdcbf6d107414     
n.留置权,扣押权( lien的名词复数 )
参考例句:
  • Car les liens économiques n'ont jamais été aussi forts. 因为经济纽带从来没有如此强大。 来自互联网
  • Chapter XI Procedures for Publicizing Notice for Assertion of Maritime Liens. 第十一章船舶优先权催告程序。 来自互联网
76 assessments 7d0657785d6e5832f8576c61c78262ef     
n.评估( assessment的名词复数 );评价;(应偿付金额的)估定;(为征税对财产所作的)估价
参考例句:
  • He was shrewd in his personal assessments. 他总能对人作出精明的评价。 来自《简明英汉词典》
  • Surveys show about two-thirds use such assessments, while half employ personality tests. 调查表明,约有三分之二的公司采用了这种测评;而一半的公司则采用工作人员个人品质测试。 来自百科语句
77 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
78 liquidate I3OyM     
v.偿付,清算,扫除;整理,破产
参考例句:
  • A unanimous vote was taken to liquidate the company.全体投票一致通过停业清理公司。
  • They have not hesitated in the past to liquidate their rivals.过去他们曾毫不犹豫地铲除对手。
79 criticise criticise     
v.批评,评论;非难
参考例句:
  • Right and left have much cause to criticise government.左翼和右翼有很多理由批评政府。
  • It is not your place to criticise or suggest improvements!提出批评或给予改进建议并不是你的责任!
80 deducted 0dc984071646e559dd56c3bd5451fd72     
v.扣除,减去( deduct的过去式和过去分词 )
参考例句:
  • The cost of your uniform will be deducted from your wages. 制服费将从你的工资中扣除。
  • The cost of the breakages will be deducted from your pay. 损坏东西的费用将从你的工资中扣除。 来自《简明英汉词典》
81 liquidation E0bxf     
n.清算,停止营业
参考例句:
  • The bankrupt company went into liquidation.这家破产公司停业清盘。
  • He lost all he possessed when his company was put into liquidation.当公司被清算结业时他失去了拥有的一切。
82 legitimate L9ZzJ     
adj.合法的,合理的,合乎逻辑的;v.使合法
参考例句:
  • Sickness is a legitimate reason for asking for leave.生病是请假的一个正当的理由。
  • That's a perfectly legitimate fear.怀有这种恐惧完全在情理之中。
83 nominal Y0Tyt     
adj.名义上的;(金额、租金)微不足道的
参考例句:
  • The king was only the nominal head of the state. 国王只是这个国家名义上的元首。
  • The charge of the box lunch was nominal.午餐盒饭收费很少。
84 retired Njhzyv     
adj.隐退的,退休的,退役的
参考例句:
  • The old man retired to the country for rest.这位老人下乡休息去了。
  • Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。
85 accomplished UzwztZ     
adj.有才艺的;有造诣的;达到了的
参考例句:
  • Thanks to your help,we accomplished the task ahead of schedule.亏得你们帮忙,我们才提前完成了任务。
  • Removal of excess heat is accomplished by means of a radiator.通过散热器完成多余热量的排出。
86 assented 4cee1313bb256a1f69bcc83867e78727     
同意,赞成( assent的过去式和过去分词 )
参考例句:
  • The judge assented to allow the prisoner to speak. 法官同意允许犯人申辩。
  • "No," assented Tom, "they don't kill the women -- they're too noble. “对,”汤姆表示赞同地说,“他们不杀女人——真伟大!
87 assent Hv6zL     
v.批准,认可;n.批准,认可
参考例句:
  • I cannot assent to what you ask.我不能应允你的要求。
  • The new bill passed by Parliament has received Royal Assent.议会所通过的新方案已获国王批准。
88 opposition eIUxU     
n.反对,敌对
参考例句:
  • The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
  • The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。
89 outlay amlz8A     
n.费用,经费,支出;v.花费
参考例句:
  • There was very little outlay on new machinery.添置新机器的开支微乎其微。
  • The outlay seems to bear no relation to the object aimed at.这费用似乎和预期目的完全不相称。
90 prohibition 7Rqxw     
n.禁止;禁令,禁律
参考例句:
  • The prohibition against drunken driving will save many lives.禁止酒后开车将会减少许多死亡事故。
  • They voted in favour of the prohibition of smoking in public areas.他们投票赞成禁止在公共场所吸烟。
91 apparently tMmyQ     
adv.显然地;表面上,似乎
参考例句:
  • An apparently blind alley leads suddenly into an open space.山穷水尽,豁然开朗。
  • He was apparently much surprised at the news.他对那个消息显然感到十分惊异。
92 elimination 3qexM     
n.排除,消除,消灭
参考例句:
  • Their elimination from the competition was a great surprise.他们在比赛中遭到淘汰是个很大的意外。
  • I was eliminated from the 400 metres in the semi-finals.我在400米半决赛中被淘汰。
93 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
94 negotiations af4b5f3e98e178dd3c4bac64b625ecd0     
协商( negotiation的名词复数 ); 谈判; 完成(难事); 通过
参考例句:
  • negotiations for a durable peace 为持久和平而进行的谈判
  • Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。
95 negotiation FGWxc     
n.谈判,协商
参考例句:
  • They closed the deal in sugar after a week of negotiation.经过一星期的谈判,他们的食糖生意成交了。
  • The negotiation dragged on until July.谈判一直拖到7月份。
96 culminated 2d1e3f978078666a2282742e3d1ca461     
v.达到极点( culminate的过去式和过去分词 )
参考例句:
  • a gun battle which culminated in the death of two police officers 一场造成两名警察死亡的枪战
  • The gala culminated in a firework display. 晚会以大放烟火告终。 来自《简明英汉词典》
97 precarious Lu5yV     
adj.不安定的,靠不住的;根据不足的
参考例句:
  • Our financial situation had become precarious.我们的财务状况已变得不稳定了。
  • He earned a precarious living as an artist.作为一个艺术家,他过得是朝不保夕的生活。
98 drawn MuXzIi     
v.拖,拉,拔出;adj.憔悴的,紧张的
参考例句:
  • All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
  • Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。
99 annually VzYzNO     
adv.一年一次,每年
参考例句:
  • Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
  • They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。
100 ethics Dt3zbI     
n.伦理学;伦理观,道德标准
参考例句:
  • The ethics of his profession don't permit him to do that.他的职业道德不允许他那样做。
  • Personal ethics and professional ethics sometimes conflict.个人道德和职业道德有时会相互抵触。
101 questionable oScxK     
adj.可疑的,有问题的
参考例句:
  • There are still a few questionable points in the case.这个案件还有几个疑点。
  • Your argument is based on a set of questionable assumptions.你的论证建立在一套有问题的假设上。
102 bind Vt8zi     
vt.捆,包扎;装订;约束;使凝固;vi.变硬
参考例句:
  • I will let the waiter bind up the parcel for you.我让服务生帮你把包裹包起来。
  • He wants a shirt that does not bind him.他要一件不使他觉得过紧的衬衫。
103 derive hmLzH     
v.取得;导出;引申;来自;源自;出自
参考例句:
  • We derive our sustenance from the land.我们从土地获取食物。
  • We shall derive much benefit from reading good novels.我们将从优秀小说中获得很大好处。
104 improvident nybyW     
adj.不顾将来的,不节俭的,无远见的
参考例句:
  • Her improvident speech at the meeting has set a stone rolling.她在会上的发言缺乏远见,已产生严重后果。
  • He must bear the consequences of his improvident action.他必须对自己挥霍浪费所造成的后果负责。
105 chancellor aUAyA     
n.(英)大臣;法官;(德、奥)总理;大学校长
参考例句:
  • They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
  • He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。
106 enjoined a56d6c1104bd2fa23ac381649be067ae     
v.命令( enjoin的过去式和过去分词 )
参考例句:
  • The embezzler was severely punished and enjoined to kick back a portion of the stolen money each month. 贪污犯受到了严厉惩罚,并被责令每月退还部分赃款。 来自《简明英汉词典》
  • She enjoined me strictly not to tell anyone else. 她严令我不准告诉其他任何人。 来自辞典例句
107 enjoin lZlzT     
v.命令;吩咐;禁止
参考例句:
  • He enjoined obedience on the soldiers.他命令士兵服从。
  • The judge enjoined him from selling alcohol.法官禁止他卖酒。
108 justified 7pSzrk     
a.正当的,有理的
参考例句:
  • She felt fully justified in asking for her money back. 她认为有充分的理由要求退款。
  • The prisoner has certainly justified his claims by his actions. 那个囚犯确实已用自己的行动表明他的要求是正当的。
109 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
110 prohibitions 1455fa4be1c0fb658dd8ffdfa6ab493e     
禁令,禁律( prohibition的名词复数 ); 禁酒; 禁例
参考例句:
  • Nowadays NO PARKING is the most ubiquitous of prohibitions. 今天,“NO PARKING”(禁止停车),几乎成了到处可见的禁止用语了。
  • Inappropriate, excessive or capricious administration of aversive stimulation has led to scandals, lawsuits and prohibitions. 不恰当的、过度的或随意滥用厌恶性刺激会引起人们的反感、控告与抵制。
111 stringent gq4yz     
adj.严厉的;令人信服的;银根紧的
参考例句:
  • Financiers are calling for a relaxation of these stringent measures.金融家呼吁对这些严厉的措施予以放宽。
  • Some of the conditions in the contract are too stringent.合同中有几项条件太苛刻。
112 aggregating 0fe55a5efe451057100d17d440c89f32     
总计达…( aggregate的现在分词 ); 聚集,集合; (使)聚集
参考例句:
  • The thesis first promotes based Object Oriented Modeling method-Aggregating & Deriving Mothod. 本文首先提出了基于面向对象思想的建模方法——聚合派生法。
  • Multidimensional data cubes are composed of base cube and other cubes aggregating on base cube. 多维立方体由基本立方体和基本立方体的聚集产生的立方体组成。
113 merger vCJxG     
n.企业合并,并吞
参考例句:
  • Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
  • Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。
114 judgment e3xxC     
n.审判;判断力,识别力,看法,意见
参考例句:
  • The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
  • He's a man of excellent judgment.他眼力过人。
115 presidency J1HzD     
n.总统(校长,总经理)的职位(任期)
参考例句:
  • Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
  • Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。
116 insinuated fb2be88f6607d5f4855260a7ebafb1e3     
v.暗示( insinuate的过去式和过去分词 );巧妙或迂回地潜入;(使)缓慢进入;慢慢伸入
参考例句:
  • The article insinuated that he was having an affair with his friend's wife. 文章含沙射影地点出他和朋友的妻子有染。
  • She cleverly insinuated herself into his family. 她巧妙地混进了他的家庭。 来自《简明英汉词典》
117 soliciting ca5499d5ad6a3567de18f81c7dc8c931     
v.恳求( solicit的现在分词 );(指娼妇)拉客;索求;征求
参考例句:
  • A prostitute was soliciting on the street. 一名妓女正在街上拉客。 来自《简明英汉词典》
  • China Daily is soliciting subscriptions. 《中国日报》正在征求订户。 来自《现代英汉综合大词典》
118 antagonistic pMPyn     
adj.敌对的
参考例句:
  • He is always antagonistic towards new ideas.他对新思想总是持反对态度。
  • They merely stirred in a nervous and wholly antagonistic way.他们只是神经质地,带着完全敌对情绪地骚动了一下。
119 speculation 9vGwe     
n.思索,沉思;猜测;投机
参考例句:
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
120 collateral wqhzH     
adj.平行的;旁系的;n.担保品
参考例句:
  • Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
  • Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押,这里大部分人无法从银行贷款。
121 meridian f2xyT     
adj.子午线的;全盛期的
参考例句:
  • All places on the same meridian have the same longitude.在同一子午线上的地方都有相同的经度。
  • He is now at the meridian of his intellectual power.他现在正值智力全盛期。
122 outlets a899f2669c499f26df428cf3d18a06c3     
n.出口( outlet的名词复数 );经销店;插座;廉价经销店
参考例句:
  • The dumping of foreign cotton blocked outlets for locally grown cotton. 外国棉花的倾销阻滞了当地生产的棉花的销路。 来自《简明英汉词典》
  • They must find outlets for their products. 他们必须为自己的产品寻找出路。 来自《现代汉英综合大词典》
123 odds n5czT     
n.让步,机率,可能性,比率;胜败优劣之别
参考例句:
  • The odds are 5 to 1 that she will win.她获胜的机会是五比一。
  • Do you know the odds of winning the lottery once?你知道赢得一次彩票的几率多大吗?
124 perilously 215e5a0461b19248639b63df048e2328     
adv.充满危险地,危机四伏地
参考例句:
  • They were perilously close to the edge of the precipice. 他们离悬崖边很近,十分危险。 来自《简明英汉词典》
  • It'seemed to me that we had come perilously close to failure already. 对我来说,好像失败和我只有一步之遥,岌岌可危。 来自互联网
125 tainted qgDzqS     
adj.腐坏的;污染的;沾污的;感染的v.使变质( taint的过去式和过去分词 );使污染;败坏;被污染,腐坏,败坏
参考例句:
  • The administration was tainted with scandal. 丑闻使得政府声名狼藉。
  • He was considered tainted by association with the corrupt regime. 他因与腐败政府有牵连而名誉受损。 来自《简明英汉词典》
126 insufficient L5vxu     
adj.(for,of)不足的,不够的
参考例句:
  • There was insufficient evidence to convict him.没有足够证据给他定罪。
  • In their day scientific knowledge was insufficient to settle the matter.在他们的时代,科学知识还不能足以解决这些问题。
127 promptly LRMxm     
adv.及时地,敏捷地
参考例句:
  • He paid the money back promptly.他立即还了钱。
  • She promptly seized the opportunity his absence gave her.她立即抓住了因他不在场给她创造的机会。
128 alleged gzaz3i     
a.被指控的,嫌疑的
参考例句:
  • It was alleged that he had taken bribes while in office. 他被指称在任时收受贿赂。
  • alleged irregularities in the election campaign 被指称竞选运动中的不正当行为
129 violation lLBzJ     
n.违反(行为),违背(行为),侵犯
参考例句:
  • He roared that was a violation of the rules.他大声说,那是违反规则的。
  • He was fined 200 dollars for violation of traffic regulation.他因违反交通规则被罚款200美元。
130 usurpation cjswZ     
n.篡位;霸占
参考例句:
  • The struggle during this transitional stage is to oppose Chiang Kai-shek's usurpation of the fruits of victory in the War of Resistance.过渡阶段的斗争,就是反对蒋介石篡夺抗战胜利果实的斗争。
  • This is an unjustified usurpation of my authority.你是在非法纂夺我的权力。
131 mergers b4ab62fffa9919cbf1e93fcad6d3150c     
n.(两个公司的)合并( merger的名词复数 )
参考例句:
  • Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种:横向合并,纵向合并和混合合并。 来自辞典例句
  • Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务,在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件
132 herald qdCzd     
vt.预示...的来临,预告,宣布,欢迎
参考例句:
  • In England, the cuckoo is the herald of spring.在英国杜鹃鸟是报春的使者。
  • Dawn is the herald of day.曙光是白昼的先驱。
133 concealed 0v3zxG     
a.隐藏的,隐蔽的
参考例句:
  • The paintings were concealed beneath a thick layer of plaster. 那些画被隐藏在厚厚的灰泥层下面。
  • I think he had a gun concealed about his person. 我认为他当时身上藏有一支枪。
134 deceptive CnMzO     
adj.骗人的,造成假象的,靠不住的
参考例句:
  • His appearance was deceptive.他的外表带有欺骗性。
  • The storyline is deceptively simple.故事情节看似简单,其实不然。
135 fictitious 4kzxA     
adj.虚构的,假设的;空头的
参考例句:
  • She invented a fictitious boyfriend to put him off.她虚构出一个男朋友来拒绝他。
  • The story my mother told me when I was young is fictitious.小时候妈妈对我讲的那个故事是虚构的。
136 auxiliary RuKzm     
adj.辅助的,备用的
参考例句:
  • I work in an auxiliary unit.我在一家附属单位工作。
  • The hospital has an auxiliary power system in case of blackout.这家医院装有备用发电系统以防灯火管制。
137 deficits 08e04c986818dbc337627eabec5b794e     
n.不足额( deficit的名词复数 );赤字;亏空;亏损
参考例句:
  • The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
  • Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句
138 solvent RFqz9     
n.溶剂;adj.有偿付能力的
参考例句:
  • Gasoline is a solvent liquid which removes grease spots.汽油是一种能去掉油污的有溶解力的液体。
  • A bankrupt company is not solvent.一个破产的公司是没有偿还债务的能力的。
139 postponed 9dc016075e0da542aaa70e9f01bf4ab1     
vt.& vi.延期,缓办,(使)延迟vt.把…放在次要地位;[语]把…放在后面(或句尾)vi.(疟疾等)延缓发作(或复发)
参考例句:
  • The trial was postponed indefinitely. 审讯无限期延迟。
  • The game has already been postponed three times. 这场比赛已经三度延期了。
140 radical hA8zu     
n.激进份子,原子团,根号;adj.根本的,激进的,彻底的
参考例句:
  • The patient got a radical cure in the hospital.病人在医院得到了根治。
  • She is radical in her demands.她的要求十分偏激。
141 expedients c0523c0c941d2ed10c86887a57ac874f     
n.应急有效的,权宜之计的( expedient的名词复数 )
参考例句:
  • He is full of [fruitful in] expedients. 他办法多。 来自《现代英汉综合大词典》
  • Perhaps Calonne might return too, with fresh financial expedients. 或许卡洛纳也会回来,带有新的财政机谋。 来自辞典例句
142 labor P9Tzs     
n.劳动,努力,工作,劳工;分娩;vi.劳动,努力,苦干;vt.详细分析;麻烦
参考例句:
  • We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
  • He was completely spent after two weeks of hard labor.艰苦劳动两周后,他已经疲惫不堪了。
143 rigidly hjezpo     
adv.刻板地,僵化地
参考例句:
  • Life today is rigidly compartmentalized into work and leisure. 当今的生活被严格划分为工作和休闲两部分。
  • The curriculum is rigidly prescribed from an early age. 自儿童时起即已开始有严格的课程设置。
144 commendable LXXyw     
adj.值得称赞的
参考例句:
  • The government's action here is highly commendable.政府这样的行动值得高度赞扬。
  • Such carping is not commendable.这样吹毛求疵真不大好。
145 subscribe 6Hozu     
vi.(to)订阅,订购;同意;vt.捐助,赞助
参考例句:
  • I heartily subscribe to that sentiment.我十分赞同那个观点。
  • The magazine is trying to get more readers to subscribe.该杂志正大力发展新订户。
146 authorize CO1yV     
v.授权,委任;批准,认可
参考例句:
  • He said that he needed to get his supervisor to authorize my refund.他说必须让主管人员批准我的退款。
  • Only the President could authorize the use of the atomic bomb.只有总统才能授权使用原子弹。
147 levied 18fd33c3607bddee1446fc49dfab80c6     
征(兵)( levy的过去式和过去分词 ); 索取; 发动(战争); 征税
参考例句:
  • Taxes should be levied more on the rich than on the poor. 向富人征收的税应该比穷人的多。
  • Heavy fines were levied on motoring offenders. 违规驾车者会遭到重罚。
148 subscription qH8zt     
n.预订,预订费,亲笔签名,调配法,下标(处方)
参考例句:
  • We paid a subscription of 5 pounds yearly.我们按年度缴纳5英镑的订阅费。
  • Subscription selling bloomed splendidly.订阅销售量激增。
149 amicable Qexyu     
adj.和平的,友好的;友善的
参考例句:
  • The two nations reached an amicable agreement.两国达成了一项友好协议。
  • The two nations settled their quarrel in an amicable way.两国以和睦友好的方式解决了他们的争端。
150 ascertain WNVyN     
vt.发现,确定,查明,弄清
参考例句:
  • It's difficult to ascertain the coal deposits.煤储量很难探明。
  • We must ascertain the responsibility in light of different situtations.我们必须根据不同情况判定责任。
151 subscribed cb9825426eb2cb8cbaf6a72027f5508a     
v.捐助( subscribe的过去式和过去分词 );签署,题词;订阅;同意
参考例句:
  • It is not a theory that is commonly subscribed to. 一般人并不赞成这个理论。 来自《简明英汉词典》
  • I subscribed my name to the document. 我在文件上签了字。 来自《简明英汉词典》
152 subscribing f4597c606c49819f626a7ad1f1e080a8     
v.捐助( subscribe的现在分词 );签署,题词;订阅;同意
参考例句:
  • I am subscribing for some of the books of a book club. 我预订了几本这家书刊俱乐部出版的书。 来自辞典例句
  • I am glad to have such a pleasant opportunity of subscribing myself. 今后益望努力前途,为国效力。 来自互联网
153 adjourned 1e5a5e61da11d317191a820abad1664d     
(使)休会, (使)休庭( adjourn的过去式和过去分词 )
参考例句:
  • The court adjourned for lunch. 午餐时间法庭休庭。
  • The trial was adjourned following the presentation of new evidence to the court. 新证据呈到庭上后,审讯就宣告暂停。
154 unwilling CjpwB     
adj.不情愿的
参考例句:
  • The natives were unwilling to be bent by colonial power.土著居民不愿受殖民势力的摆布。
  • His tightfisted employer was unwilling to give him a raise.他那吝啬的雇主不肯给他加薪。
155 formulated cfc86c2c7185ae3f93c4d8a44e3cea3c     
v.构想出( formulate的过去式和过去分词 );规划;确切地阐述;用公式表示
参考例句:
  • He claims that the writer never consciously formulated his own theoretical position. 他声称该作家从未有意识地阐明他自己的理论见解。 来自《简明英汉词典》
  • This idea can be formulated in two different ways. 这个意思可以有两种说法。 来自《现代汉英综合大词典》
156 wrangles 5c80328cbcafd4eeeacbd366af6a1725     
n.(尤指长时间的)激烈争吵,口角,吵嘴( wrangle的名词复数 )v.争吵,争论,口角( wrangle的第三人称单数 )
参考例句:
  • We avoided wrangles and got down to business. 他们避免了争吵开始做正事。 来自辞典例句
  • They hope to see politicians in exciting wrangles and to get some fun out of politics. 他们期望政治人物进行有趣的战斗,期望从政治中获得娱乐。 来自互联网
157 insolvent wb7zK     
adj.破产的,无偿还能力的
参考例句:
  • They lost orders and were insolvent within weeks.他们失去了订货,几周后就无法偿还债务。
  • The bank was declared insolvent.银行被宣布破产。
158 magistrate e8vzN     
n.地方行政官,地方法官,治安官
参考例句:
  • The magistrate committed him to prison for a month.法官判处他一个月监禁。
  • John was fined 1000 dollars by the magistrate.约翰被地方法官罚款1000美元。
159 rehabilitation 8Vcxv     
n.康复,悔过自新,修复,复兴,复职,复位
参考例句:
  • He's booked himself into a rehabilitation clinic.他自己联系了一家康复诊所。
  • No one can really make me rehabilitation of injuries.已经没有人可以真正令我的伤康复了。
160 jurisdiction La8zP     
n.司法权,审判权,管辖权,控制权
参考例句:
  • It doesn't lie within my jurisdiction to set you free.我无权将你释放。
  • Changzhou is under the jurisdiction of Jiangsu Province.常州隶属江苏省。
161 pathos dLkx2     
n.哀婉,悲怆
参考例句:
  • The pathos of the situation brought tears to our eyes.情况令人怜悯,看得我们不禁流泪。
  • There is abundant pathos in her words.她的话里富有动人哀怜的力量。
162 garnished 978c1af39d17f6c3c31319295529b2c3     
v.给(上餐桌的食物)加装饰( garnish的过去式和过去分词 )
参考例句:
  • Her robes were garnished with gems. 她的礼服上装饰着宝石。 来自《简明英汉词典》
  • Serve the dish garnished with wedges of lime. 给这道菜配上几角酸橙。 来自《简明英汉词典》
163 alleging 16407100de5c54b7b204953b7a851bc3     
断言,宣称,辩解( allege的现在分词 )
参考例句:
  • His reputation was blemished by a newspaper article alleging he'd evaded his taxes. 由于报上一篇文章声称他曾逃税,他的名誉受到损害。
  • This our Peeress declined as unnecessary, alleging that her cousin Thornhill's recommendation would be sufficient. 那位贵人不肯,还说不必,只要有她老表唐希尔保荐就够了。
164 advisory lKvyj     
adj.劝告的,忠告的,顾问的,提供咨询
参考例句:
  • I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
  • He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。
165 investigations 02de25420938593f7db7bd4052010b32     
(正式的)调查( investigation的名词复数 ); 侦查; 科学研究; 学术研究
参考例句:
  • His investigations were intensive and thorough but revealed nothing. 他进行了深入彻底的调查,但没有发现什么。
  • He often sent them out to make investigations. 他常常派他们出去作调查。
166 vendors 2bc28e228525b75e14c07dbc14850c34     
n.摊贩( vendor的名词复数 );小贩;(房屋等的)卖主;卖方
参考例句:
  • The vendors were gazundered at the last minute. 卖主在最后一刻被要求降低房价。
  • At the same time, interface standards also benefIt'software vendors. 同时,界面标准也有利于软件开发商。 来自About Face 3交互设计精髓
167 ratification fTUx0     
n.批准,认可
参考例句:
  • The treaty is awaiting ratification.条约正等待批准。
  • The treaty is subject to ratification.此条约经批准后才能生效。
168 defendants 7d469c27ef878c3ccf7daf5b6ab392dc     
被告( defendant的名词复数 )
参考例句:
  • The courts heard that the six defendants had been coerced into making a confession. 法官审判时发现6位被告人曾被迫承认罪行。
  • As in courts, the defendants are represented by legal counsel. 与法院相同,被告有辩护律师作为代表。 来自英汉非文学 - 政府文件
169 discredited 94ada058d09abc9d4a3f8a5e1089019f     
不足信的,不名誉的
参考例句:
  • The reactionary authorities are between two fires and have been discredited. 反动当局弄得进退维谷,不得人心。
  • Her honour was discredited in the newspapers. 她的名声被报纸败坏了。
170 accusations 3e7158a2ffc2cb3d02e77822c38c959b     
n.指责( accusation的名词复数 );指控;控告;(被告发、控告的)罪名
参考例句:
  • There were accusations of plagiarism. 曾有过关于剽窃的指控。
  • He remained unruffled by their accusations. 对于他们的指控他处之泰然。
171 unpaid fjEwu     
adj.未付款的,无报酬的
参考例句:
  • Doctors work excessive unpaid overtime.医生过度加班却无报酬。
  • He's doing a month's unpaid work experience with an engineering firm.他正在一家工程公司无偿工作一个月以获得工作经验。
172 mutual eFOxC     
adj.相互的,彼此的;共同的,共有的
参考例句:
  • We must pull together for mutual interest.我们必须为相互的利益而通力合作。
  • Mutual interests tied us together.相互的利害关系把我们联系在一起。
173 dictated aa4dc65f69c81352fa034c36d66908ec     
v.大声讲或读( dictate的过去式和过去分词 );口授;支配;摆布
参考例句:
  • He dictated a letter to his secretary. 他向秘书口授信稿。
  • No person of a strong character likes to be dictated to. 没有一个个性强的人愿受人使唤。 来自《简明英汉词典》
174 previously bkzzzC     
adv.以前,先前(地)
参考例句:
  • The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
  • Let me digress for a moment and explain what had happened previously.让我岔开一会儿,解释原先发生了什么。
175 devoted xu9zka     
adj.忠诚的,忠实的,热心的,献身于...的
参考例句:
  • He devoted his life to the educational cause of the motherland.他为祖国的教育事业贡献了一生。
  • We devoted a lengthy and full discussion to this topic.我们对这个题目进行了长时间的充分讨论。
176 adverse 5xBzs     
adj.不利的;有害的;敌对的,不友好的
参考例句:
  • He is adverse to going abroad.他反对出国。
  • The improper use of medicine could lead to severe adverse reactions.用药不当会产生严重的不良反应。
177 accomplishment 2Jkyo     
n.完成,成就,(pl.)造诣,技能
参考例句:
  • The series of paintings is quite an accomplishment.这一系列的绘画真是了不起的成就。
  • Money will be crucial to the accomplishment of our objectives.要实现我们的目标,钱是至关重要的。
178 undertaking Mfkz7S     
n.保证,许诺,事业
参考例句:
  • He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
  • He is too timid to venture upon an undertaking.他太胆小,不敢从事任何事业。
179 conditional BYvyn     
adj.条件的,带有条件的
参考例句:
  • My agreement is conditional on your help.你肯帮助我才同意。
  • There are two forms of most-favored-nation treatment:conditional and unconditional.最惠国待遇有两种形式:有条件的和无条件的。
180 enlistment StxzmX     
n.应征入伍,获得,取得
参考例句:
  • Illness as a disqualification for enlistment in the army. 疾病是取消参军入伍资格的一个原因。 来自《简明英汉词典》
  • One obstacle to the enlistment of able professors was that they had to take holy orders. 征聘有才能的教授的障碍是他们必须成为牧师。 来自辞典例句
181 emphatic 0P1zA     
adj.强调的,着重的;无可置疑的,明显的
参考例句:
  • Their reply was too emphatic for anyone to doubt them.他们的回答很坚决,不容有任何人怀疑。
  • He was emphatic about the importance of being punctual.他强调严守时间的重要性。
182 remarkably EkPzTW     
ad.不同寻常地,相当地
参考例句:
  • I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
  • He made a remarkably swift recovery. 他康复得相当快。
183 imperative BcdzC     
n.命令,需要;规则;祈使语气;adj.强制的;紧急的
参考例句:
  • He always speaks in an imperative tone of voice.他老是用命令的口吻讲话。
  • The events of the past few days make it imperative for her to act.过去这几天发生的事迫使她不得不立即行动。
184 rentals d0a053f4957bbe94f4c1d9918956d75b     
n.租费,租金额( rental的名词复数 )
参考例句:
  • In some large hotels, the income derived from this source actually exceeds income from room rentals. 有些大旅馆中,这方面的盈利实际上要超过出租客房的盈利。 来自辞典例句
  • Clerk: Well, Canadian Gifts is on the lower level. It's across from Prime Time Video Rentals. 噢,礼品店在楼下,在黄金时刻录像出租屋的对面。 来自口语例句
185 fiscal agbzf     
adj.财政的,会计的,国库的,国库岁入的
参考例句:
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
186 illustrated 2a891807ad5907f0499171bb879a36aa     
adj. 有插图的,列举的 动词illustrate的过去式和过去分词
参考例句:
  • His lecture was illustrated with slides taken during the expedition. 他在讲演中使用了探险时拍摄到的幻灯片。
  • The manufacturing Methods: Will be illustrated in the next chapter. 制作方法将在下一章说明。
187 folly QgOzL     
n.愚笨,愚蠢,蠢事,蠢行,傻话
参考例句:
  • Learn wisdom by the folly of others.从别人的愚蠢行动中学到智慧。
  • Events proved the folly of such calculations.事情的进展证明了这种估计是愚蠢的。
188 concessions 6b6f497aa80aaf810133260337506fa9     
n.(尤指由政府或雇主给予的)特许权( concession的名词复数 );承认;减价;(在某地的)特许经营权
参考例句:
  • The firm will be forced to make concessions if it wants to avoid a strike. 要想避免罢工,公司将不得不作出一些让步。
  • The concessions did little to placate the students. 让步根本未能平息学生的愤怒。
189 concession LXryY     
n.让步,妥协;特许(权)
参考例句:
  • We can not make heavy concession to the matter.我们在这个问题上不能过于让步。
  • That is a great concession.这是很大的让步。
190 inadequately TqQzb5     
ad.不够地;不够好地
参考例句:
  • As one kind of building materials, wood is inadequately sturdy. 作为一种建筑材料,木材不够结实。
  • Oneself is supported inadequately by the money that he earns. 他挣的钱不够养活自己。
191 necessitates 4a421c24d0717e67b81bbcf227596ade     
使…成为必要,需要( necessitate的第三人称单数 )
参考例句:
  • The increase in population necessitates a greater food supply. 人口的增加需要更多食物供应。
  • Your proposal necessitates borrowing money. 你的提议使借款成为必要。
192 prospective oR7xB     
adj.预期的,未来的,前瞻性的
参考例句:
  • The story should act as a warning to other prospective buyers.这篇报道应该对其他潜在的购买者起到警示作用。
  • They have all these great activities for prospective freshmen.这会举办各种各样的活动来招待未来的新人。
193 adversely 6zEzi6     
ad.有害地
参考例句:
  • We commented adversely upon the imbecility of that message of telegraphic style. 我们对着这条电报式的愚蠢的留言发泄了一通不满。
  • Widely fluctuating exchange rates may adversely affect international trade. 浮动幅度很大的汇率可能会对国际贸易产生有害的影响。
194 levying 90ad9be315edeae7731b2d08f32e26d5     
征(兵)( levy的现在分词 ); 索取; 发动(战争); 征税
参考例句:
  • The high tax will be given levying to the foreign country car. 对外国汽车要予以征收高税。
  • Levying estate income tax are considered to be goods tax. 遗产税是在财产所有者死亡后所征收的税。
195 appropriation ON7ys     
n.拨款,批准支出
参考例句:
  • Our government made an appropriation for the project.我们的政府为那个工程拨出一笔款项。
  • The council could note an annual appropriation for this service.议会可以为这项服务表决给他一笔常年经费。
196 jointly jp9zvS     
ad.联合地,共同地
参考例句:
  • Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
  • She owns the house jointly with her husband. 她和丈夫共同拥有这所房子。
197 discretion FZQzm     
n.谨慎;随意处理
参考例句:
  • You must show discretion in choosing your friend.你择友时必须慎重。
  • Please use your best discretion to handle the matter.请慎重处理此事。
198 authorized jyLzgx     
a.委任的,许可的
参考例句:
  • An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。
199 cancellation BxNzQO     
n.删除,取消
参考例句:
  • Heavy seas can cause cancellation of ferry services.海上风浪太大,可能须要取消渡轮服务。
  • Her cancellation of her trip to Paris upset our plan.她取消了巴黎之行打乱了我们的计划。
200 inevitably x7axc     
adv.不可避免地;必然发生地
参考例句:
  • In the way you go on,you are inevitably coming apart.照你们这样下去,毫无疑问是会散伙的。
  • Technological changes will inevitably lead to unemployment.技术变革必然会导致失业。
201 precluded 84f6ba3bf290d49387f7cf6189bc2f80     
v.阻止( preclude的过去式和过去分词 );排除;妨碍;使…行不通
参考例句:
  • Abdication is precluded by the lack of a possible successor. 因为没有可能的继承人,让位无法实现。 来自《简明英汉词典》
  • The bad weather precluded me from attending the meeting. 恶劣的天气使我不能出席会议。 来自《现代英汉综合大词典》
202 accruing 3047ff5f2adfcc90573a586d0407ec0d     
v.增加( accrue的现在分词 );(通过自然增长)产生;获得;(使钱款、债务)积累
参考例句:
  • economic benefits accruing to the country from tourism 旅游业为该国带来的经济效益
  • The accruing on a security since the previous coupon date. 指证券自上次付息日以来所累积的利息。 来自互联网
203 modification tEZxm     
n.修改,改进,缓和,减轻
参考例句:
  • The law,in its present form,is unjust;it needs modification.现行的法律是不公正的,它需要修改。
  • The design requires considerable modification.这个设计需要作大的修改。
204 modifications aab0760046b3cea52940f1668245e65d     
n.缓和( modification的名词复数 );限制;更改;改变
参考例句:
  • The engine was pulled apart for modifications and then reassembled. 发动机被拆开改型,然后再组装起来。 来自《简明英汉词典》
  • The original plan had undergone fairly extensive modifications. 原计划已经作了相当大的修改。 来自《简明英汉词典》
205 detailed xuNzms     
adj.详细的,详尽的,极注意细节的,完全的
参考例句:
  • He had made a detailed study of the terrain.他对地形作了缜密的研究。
  • A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。
206 alterations c8302d4e0b3c212bc802c7294057f1cb     
n.改动( alteration的名词复数 );更改;变化;改变
参考例句:
  • Any alterations should be written in neatly to the left side. 改动部分应书写清晰,插在正文的左侧。 来自《简明英汉词典》
  • Gene mutations are alterations in the DNA code. 基因突变是指DNA 密码的改变。 来自《简明英汉词典》
207 exclusion 1hCzz     
n.拒绝,排除,排斥,远足,远途旅行
参考例句:
  • Don't revise a few topics to the exclusion of all others.不要修改少数论题以致排除所有其他的。
  • He plays golf to the exclusion of all other sports.他专打高尔夫球,其他运动一概不参加。
208 contingencies ae3107a781f5a432c8e43398516126af     
n.偶然发生的事故,意外事故( contingency的名词复数 );以备万一
参考例句:
  • We must consider all possible contingencies. 我们必须考虑一切可能发生的事。
  • We must be prepared for all contingencies. 我们要作好各种准备,以防意外。 来自辞典例句
209 contemplated d22c67116b8d5696b30f6705862b0688     
adj. 预期的 动词contemplate的过去分词形式
参考例句:
  • The doctor contemplated the difficult operation he had to perform. 医生仔细地考虑他所要做的棘手的手术。
  • The government has contemplated reforming the entire tax system. 政府打算改革整个税收体制。
210 notably 1HEx9     
adv.值得注意地,显著地,尤其地,特别地
参考例句:
  • Many students were absent,notably the monitor.许多学生缺席,特别是连班长也没来。
  • A notably short,silver-haired man,he plays basketball with his staff several times a week.他个子明显较为矮小,一头银发,每周都会和他的员工一起打几次篮球。
211 solvency twcw5     
n.偿付能力,溶解力
参考例句:
  • Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
  • Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。
212 Amended b2abcd9d0c12afefe22fd275996593e0     
adj. 修正的 动词amend的过去式和过去分词
参考例句:
  • He asked to see the amended version. 他要求看修订本。
  • He amended his speech by making some additions and deletions. 他对讲稿作了些增删修改。
213 conveyances 0867183ba0c6acabb6b8f0bc5e1baa1d     
n.传送( conveyance的名词复数 );运送;表达;运输工具
参考例句:
  • Transport tools from work areas by using hand trucks and other conveyances. 负责用相关运输设备从工作区域运载模具。 来自互联网
  • Railroad trains and buses are public conveyances. 火车和公共汽车是公共交通工具。 来自互联网
214 regained 51ada49e953b830c8bd8fddd6bcd03aa     
复得( regain的过去式和过去分词 ); 赢回; 重回; 复至某地
参考例句:
  • The majority of the people in the world have regained their liberty. 世界上大多数人已重获自由。
  • She hesitated briefly but quickly regained her poise. 她犹豫片刻,但很快恢复了镇静。
215 undoubtedly Mfjz6l     
adv.确实地,无疑地
参考例句:
  • It is undoubtedly she who has said that.这话明明是她说的。
  • He is undoubtedly the pride of China.毫无疑问他是中国的骄傲。
216 auction 3uVzy     
n.拍卖;拍卖会;vt.拍卖
参考例句:
  • They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
  • They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。
217 considerably 0YWyQ     
adv.极大地;相当大地;在很大程度上
参考例句:
  • The economic situation has changed considerably.经济形势已发生了相当大的变化。
  • The gap has narrowed considerably.分歧大大缩小了。
218 revival UWixU     
n.复兴,复苏,(精力、活力等的)重振
参考例句:
  • The period saw a great revival in the wine trade.这一时期葡萄酒业出现了很大的复苏。
  • He claimed the housing market was showing signs of a revival.他指出房地产市场正出现复苏的迹象。
219 margin 67Mzp     
n.页边空白;差额;余地,余裕;边,边缘
参考例句:
  • We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
  • The village is situated at the margin of a forest.村子位于森林的边缘。
220 expended 39b2ea06557590ef53e0148a487bc107     
v.花费( expend的过去式和过去分词 );使用(钱等)做某事;用光;耗尽
参考例句:
  • She expended all her efforts on the care of home and children. 她把所有精力都花在料理家务和照顾孩子上。
  • The enemy had expended all their ammunition. 敌人已耗尽所有的弹药。 来自《简明英汉词典》
221 accounting nzSzsY     
n.会计,会计学,借贷对照表
参考例句:
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
222 immediate aapxh     
adj.立即的;直接的,最接近的;紧靠的
参考例句:
  • His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
  • We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
223 remarkable 8Vbx6     
adj.显著的,异常的,非凡的,值得注意的
参考例句:
  • She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
  • These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。
224 incapable w9ZxK     
adj.无能力的,不能做某事的
参考例句:
  • He would be incapable of committing such a cruel deed.他不会做出这么残忍的事。
  • Computers are incapable of creative thought.计算机不会创造性地思维。
225 attain HvYzX     
vt.达到,获得,完成
参考例句:
  • I used the scientific method to attain this end. 我用科学的方法来达到这一目的。
  • His painstaking to attain his goal in life is praiseworthy. 他为实现人生目标所下的苦功是值得称赞的。
226 tragic inaw2     
adj.悲剧的,悲剧性的,悲惨的
参考例句:
  • The effect of the pollution on the beaches is absolutely tragic.污染海滩后果可悲。
  • Charles was a man doomed to tragic issues.查理是个注定不得善终的人。
227 dense aONzX     
a.密集的,稠密的,浓密的;密度大的
参考例句:
  • The general ambushed his troops in the dense woods. 将军把部队埋伏在浓密的树林里。
  • The path was completely covered by the dense foliage. 小路被树叶厚厚地盖了一层。


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