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CHAPTER VI ATCHISON, TOPEKA & SANTA FE
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    Charter—Strategic extensions—Competitive extensions—Effect on finances—Raise in rate of dividend1—Reorganization of 1889—Acquisition of the St. Louis & San Francisco and of the Colorado Midland—Income bond conversion2—Receivership—English reorganization plan—Mr. Little’s report—Final reorganization plan—Sale—Subsequent history.

The Atchison, Topeka & Santa Fe Railroad has been reorganized twice, in 1889 and in 1893–5; the first time without, but the second time after a foreclosure sale. The keynote of its history has been extension. It was the enterprise of the men in control before 1889 which gave it the position and power it holds to-day, but it was also that enterprise which necessitated3 its first reorganization by imposing4 upon it heavier burdens than it could bear.

Chartered in Kansas in 1863, the Atchison spread west, southwest, south, and northeast. It received some aid from the state of Kansas in the shape of a grant of lands, but depended primarily on the investment of private capital. Kansas itself was not, in 1870, a very encouraging field for railroad building. It had been admitted as a state only in 1861, and could boast for the most part of less than two inhabitants to the square mile;—although settlement was pushing westward6 with considerable rapidity, and stores of mineral wealth had been discovered in Colorado. The railroad in those days had to create its own traffic, and population followed the means of transportation. The peculiarity8 of Kansas was a central position, which lent itself to schemes of the most far-reaching nature. A railroad reaching from one end of the state to the other might almost equally well have been extended to California, to Chicago, or to the Gulf9; and could be sure in time, if it survived, of the carriage of a vast volume of traffic out in every direction from the Central West. The Atchison managers saw this opportunity, and courageously10 and persistently11 endeavored to realize it;—part of the project they announced, and part they kept back till the fitting time should come.

The systematic12 extension of the Atchison Railroad may be divided into four parts:

193 (1) The construction through Kansas to Colorado, to save the charter, then down the valley of the Rio Grande to Albuquerque.

(2) The securing of a connection with the Pacific Coast by construction, lease, or traffic agreement.

(3) The connection with the Gulf.

(4) The connection with Chicago.

As the system neared completion, and its territory came to be invaded by other roads, there were added to this systematic extension what may be called competitive extensions, consisting largely in the construction of branch lines, and multiplied beyond anything which the country could need for years to come. This sort of building was most prominent from 1884 to 1888 and will be considered in its place.

The first stretch of road was built with few difficulties or complications. It was commenced in 1869, and, after numerous delays, it reached the western border of the state of Kansas on December 28 of the same year; from this point it went on more leisurely13, first west and then southwest, to Albuquerque.401 These early miles were paid for from the proceeds of both stocks and bonds. From Albuquerque a variety of routes presented themselves. The Southern Pacific had by that time built to El Paso, and it was feasible to extend the Atchison to that point and to rely on a traffic agreement for the handling of the western business. Or, building to Deming near El Paso, Atchison might have extended its line down the river valleys in the northwestern part of Mexico to Guaymas on the Gulf of California. Or, Atchison might have built directly west from Albuquerque. All three of these routes were considered, and all three were eventually carried out.402

The connection with the Southern Pacific was not a very difficult one to make, and the Atchison reached Deming in March, 1881. By the traffic agreement then concluded the Atchison secured the use of the Southern Pacific tracks from Deming to Benson, Arizona, and arranged to build south into Mexico from this point; while the Southern Pacific was allotted14 51 per cent of the through rate on traffic passing over Southern Pacific lines.403 This formed the second through route from the East, and in September, 1881, it194 took one-quarter as much business as the Central Pacific. It was also the first of Atchison’s projected routes to be completed. The line to Guaymas was added by purchase. Instead of building, Atchison exchanged its stock for the stock of the already existing Sonora Railroad in the proportion of one to two, and guaranteed the interest on the Sonora first mortgage 7 per cent bonds.404 This made up for the lack of an independent line to the coast further north. The total of Sonora stock was $5,400,000, requiring $2,700,000 Atchison stock in exchange. The total first mortgage 7 per cent bond issue was $4,050,000. With the railroad came a subsidy15 of $2,608,200 (American gold), equal to $11,270 (Mexican) per mile. This subsidy kept cropping up in Atchison finance for some time, and was finally adjusted in 1896 by the transfer to the company of $1,159,800 in 3 per cent bonds of the Mexican Interior Consolidated17 Debt.

For the direct route President Strong sought the help of the St. Louis & San Francisco, and the use of the charter of the Atlantic & Pacific which it owned. The Atlantic & Pacific was a road incorporated in 1886, with a charter to build from St. Louis to California. In spite both of its charter and of its name it had never gone further west than Vinita, in the northeast corner of Indian Territory.405 President Strong and the Frisco now agreed to continue construction under the name of the Atlantic & Pacific, both from Vinita and from Albuquerque. The Atchison was to be given a half-interest in the charter, directors were to be chosen equally from the two companies, and the cost was to be met by a $25,000,000 loan, which the Atchison and the Frisco were to guarantee jointly19 but not severally.406 Before the new construction neared completion, however, the St. Louis & San Francisco fell under the control of Messrs. Gould and Huntington, who, as owners of the Texas & Pacific and the Southern Pacific respectively, naturally disapproved20 of the plan to extend the Atlantic & Pacific to the coast. The Atchison, therefore, agreed to build no further west than the Colorado River. At that point the Southern Pacific was to meet it with a line from Mojave. The Southern Pacific gave to the Atlantic195 & Pacific an interest guarantee on its bonds to the extent of 25 per cent of the gross earnings21 derived22 from Atlantic & Pacific through business, and the latter road retained all its rights for a line in California.407 This proved unprofitable, for the Southern Pacific persistently diverted traffic to Ogden and El Paso, and in 1884 still another arrangement was made. By this—

(a) The Atlantic & Pacific bought the Southern Pacific division between the Needles (the Colorado River) and Mojave, 242 miles, for $30,000 per mile, and, until such time as title could be given by the discharge of the mortgage upon it, took a lease at an annual rental23 of 6 per cent on the purchase price.

(b) The Atlantic & Pacific secured trackage and traffic rights and facilities between Mojave and Oakland and San Francisco, as well as the use of terminals at the latter point.

(c) The Atchison (and the St. Louis & San Francisco likewise) agreed to buy from the Pacific Improvement Company first mortgage bonds and other securities of the Atlantic & Pacific of the par5 value of $3,096,768, at the actual cost to the Improvement Company, to wit, $1,524,356.

To complete the connection to the coast the Atchison built from Waterman, some seventy miles east of Mojave on the Atlantic & Pacific, to Colton on the Southern Pacific, and secured control of the California Southern from Colton to San Diego.408 In 1885 entrance was obtained to Los Angeles by lease of the Southern Pacific track between Colton and that city.409

The money for this rapid progress was obtained by the sale of both stocks and bonds, but on the whole stock predominated. The directors rightly considered it much more conservative to issue stock and sell it at par than to load the road down with a heavy debt in the shape of bonds; and what is more, they were able to make good their word, and to sell stock at or near par in spite of the risk incident to operations such as the Atchison was conducting and the frequent bonuses or stock dividends24 declared.

By 1884, then, Atchison had reached the Pacific coast. The next great steps were the extensions to Galveston and to Chicago. The196 year of entrance to Los Angeles the Atchison did not cross the southern boundary of Kansas. Certain of its stockholders were, however, unofficially interested in the Gulf, Colorado & Santa Fe, which ran from Galveston on the south to the Indian Territory on the north, roughly 200 miles. In 1884 a charter was obtained for the Southern Kansas Railway Company, a corporation organized solely26 to build south from Arkansas City. The same year the Gulf, Colorado & Santa Fe obtained permission to stretch north. The two roads met at Purcell in the summer of 1887.410 In 1886 the Gulf, Colorado & Santa Fe was formally brought in. Gulf stock then amounted to $4,560,000 and bonds had been issued to a limit of $17,000 per mile. For the entire capital stock, subject to the above encumbrance27, Atchison agreed to pay $8000 a mile in Atchison stock, par value.411 The final move was to get into Chicago. “The Atchison Company has been much too conservative during the last few years,” said the Chronicle, “and thus has allowed its territory to be invaded.” The first intent was to build direct. There were incorporated, in Illinois the Chicago, Santa Fe & California Railway Company, and in Iowa the Chicago, Santa Fe & California Railway Company of Iowa. In 1887 the Atchison was able to purchase the Chicago & St. Louis Railroad, between Chicago and Streator, with a branch to Pekin,412 and to save itself construction between these points. The whole line was opened for traffic in May, 1888.413

This completed Atchison’s systematic extensions before 1889. From a local road in Kansas it had become a through route, taking freight over its own rails from Chicago to Galveston and to the Pacific coast. But especially in the latter eighties competition had become keen; and to its strategic extensions Atchison was obliged to add competitive building on an enormous scale. Of the 7000 miles in 1888, over 2700 had been added since January, 1886, and had been built, not to tap new sources of traffic, but to defend what was thought to be Atchison’s rightful territory by means of a desperate war of rates. “About three or four years ago,” said a competent observer, “a mania29 seized three great corporations (Atchison, Missouri Pacific, and Rock Island) to gridiron Kansas with railroad197 iron, and each tried hard to see which could cover the most ground, without regard to the character of the ground, the result [being that] railroads were built where they would not be required for ten years to come.”414 Such roads could not be expected to pay, and in fact did not. Even in the case of better planned extensions, the lines had to be built in an unopened territory, the traffic of which had yet to be developed. In Indian Territory, Oklahoma, and Arizona, the bulk of the country had less than two inhabitants to the square mile; in New Mexico and Lower California only one-half of the area was more thickly settled; and it was largely from this southwestern corner that local traffic for the Atchison had to be built up.

The method of financiering these competitive extensions varied30: sometimes the parent company guaranteed the principal and interest of the branch-line bonds; sometimes it took these into its treasury31 and issued collateral32 bonds against them; sometimes, perhaps more frequently still, it leased new roads for a rental equivalent to the annual interest on their bonds. If the branches could have earned their fixed33 charges the burden on the Atchison would have been nominal34, but as in large part they could not it was real and serious. In 1888 there were actually paid in rentals35, interest on Sonora Railway bonds, and on sundry36 railway bonds, $2,361,300. Large sums were carried to capital account. In 1888 there was an accumulated account of “due from sundry leased, controlled, and auxiliary37 roads in construction and general account” (net) $13,558,678, including various cash current construction and other charges, which was carried as an asset, but which in reality consisted of advances from which there was little or no hope of return. Besides the claims for interest the parent company had in practice other claims to meet. Where a branch failed to earn operating expenses, as often happened, sums had to be advanced to keep the road and rolling stock in repair. Thus the item “due from auxiliary roads in current traffic and operation accounts” amounted in 1888 to $1,008,554. Bills and accounts payable38 the same year were $6,553,775, and accrued39 interest, taxes, and sinking funds totalled $915,337. The following table shows vividly40 the effect upon the system of the rapid extension of the years 1884 to 1888:

198

Total System
      1884           1888     ?
Mileage41     ???? 2,799           ????? 7,010     ?
Bonds     48,258,500           163,694,000     ?
Stock (Atchison)     60,673,150           ?75,000,000     ?
Gross earnings     16,699,662           ?28,265,339     ?
Operating expenses     ?9,410,424           ?21,958,195     ?
Net earnings from operation     ?7,289,237           ??6,307,145     ?
Net profits, excluding dividends     ?5,147,883     def.     ??2,933,197     ?
Net profits, including payments for dividends and interest on floating debt           def.     ??5,557,323     ?

Whatever may be said as to the necessity of extension, it is evident that the position of the system by 1888 had changed for the worse. This last-named year was a bad one, it is true, but certain evils of which the directors then complained were permanent, and should have been permanently42 allowed for. Some realization43 of the fact that the Atchison might be going too fast appeared in the financial journals of the time. “Were these undertakings44 less solidly backed,” said the Railway Age, “there might be apprehension45 that enterprise was being pushed too far and too fast.”415 But on the whole the rapid growth and enormous extent of the system seem to dazzle beholders. “The career of this company,” said the Railway Age again, “has been one of the marvels46 of railway enterprise, and it would be unsafe now to attempt to fix a limit to its extension or to the ambition of its Napoleonic president and its bold and enterprising directors.”416

In 1887 the directors increased the rate of dividend from 6 to 7 per cent.417 The action was thoroughly47 unjustifiable, and the rate199 was speedily again reduced. By the end of 1888 the main company was liable to be called on any year to the extent of $8,625,365, which was the amount of interest on auxiliary roads either guaranteed or payable as rentals. In four years the mileage of the Atchison system had increased 150 per cent; its bonded48 indebtedness 239 per cent; its fixed charges 216 per cent; and its gross earnings only 69 per cent; while the deficits49 on its branch lines were obviously not matters of bookkeeping, and the value of interchanged business was not equal to the increased burdens which the subsidiary lines imposed. The floating debt mounted up, as is usual in times of trouble. From a total of $3,317,446 in 1884 it increased to $8,076,059 in 1888. To offset51 it the directors secured in October, 1888, subscriptions53 to a $10,000,000 issue of “guarantee fund,” three-year notes. Not all of the amount authorized54 was to be sold at once, but from time to time Atchison was to call on subscribers to take part of their subscription52, and the notes were to bear 6 per cent from the time they were put forth56.418 For the rest, the directors economized57 as much as possible. Salaries were cut 10 per cent in every branch of the service, beginning with the president, and the unlucky 7 per cent rate of dividend was reduced to 6 per cent, to 2 per cent, and then to nothing at all in successive quarters. None of these expedients58 proved sufficient. In fact, the situation was so critical that nothing short of a general reorganization could probably have secured the radical60 reduction in fixed charges which the company required.

In September, 1889, accordingly, Messrs. Libby, Abbott, Peabody,200 and Baring were appointed a committee to consider the broad question of financial and general reorganization,419 and in October a plan for the complete rehabilitation62 of the company was brought forward. The obligations with which the plan had to deal are indicated in the following table:

Obligations of the Atchison Company in 1889
      Principal     Interest     ?
Bonds, guarantee fund notes     $160,786,000     ?$9,203,620.00     ?
Contingent63 issue of additional bonds     ???? 775,000     ???? 38,750.00     ?
Car trusts     ???1,445,660     ???? 86,739.60     ?
      $163,006,660     ?$9,329,109.60     ?
Less interest on bonds and guarantee
fund notes owned by the Company           ??? 253,340.00     ?
            ?$9,075,769.60     ?
Sinking Fund           ??? 359,000.00     ?
Taxes           ??1,221,000.00     ?
Rentals           ??? 502,000.00     ?
            $11,157,769.60     ?

Of the bonds outstanding $56,498,000 were direct loans upon the Atchison’s main lines, bearing anywhere from 4? to 7 per cent, and $104,288,000 were bonds upon some of the thirty-two subsidiary corporations for whose obligations the Atchison was responsible.

The dealing64 of the Libby Committee with this situation was intelligent and comprehensive. It proposed an increase and simplification of securities, a decrease in fixed charges, and a cancellation65 of the floating debt. In place of the forty-one classes of bonds outstanding it suggested that two grand issues be put forth, one of 4 per cent general mortgage bonds to the amount of $150,000,000, and one of 5 per cent income bonds to a total of $80,000,000. From these issues $13,750,000 should be used to provide for cash requirements,420 and the remainder should be employed in direct201 retirement66 of old obligations. The exchange of some $216,000,000 of new bonds for $163,000,000 of old was to mean an increase in securities outstanding, but since interest on only part of the new bonds was to be obligatory67 fixed charges were to be less than they had been before. The managers figured on what the property could earn, good times or bad, and capitalized this sum into 4 per cent general mortgage bonds. They then calculated the difference between this and the former return to bondholders, and capitalized the difference into income bonds.421 Each individual bondholder, therefore, was offered a chance to receive the same return which he had previously68 enjoyed, although his right to demand an annual payment was limited to an amount which the road could earn.

A few points deserve to be specially28 noticed. The reduction in interest was sufficient to have transformed the deficit50 for the whole Atchison system for 1888 into a respectable surplus, providing that no dividends had been paid; but this reduction was dependent on the retention69 of the income bonds as optional obligations. There was no cash assessment70. Had the reorganization taken place in a time of general depression, the sale of securities for cash would probably have been impossible, but the days of depression had not yet arrived. The stockholder suffered in the introduction of the principal of some $67,000,000 additional indebtedness between him and his property, although he was not called upon directly; but it should not be forgotten that for a long while the Atchison stockholders had received very liberal dividends, both in stock and in cash, and could not well complain of the moderate loss now necessary. There was no voting trust, although one was proposed, and the bonds were not even temporarily given voting power. The situation seems to have been that the securityholders thought it more to their advantage to reduce voluntarily the rate of interest than to force a foreclosure sale and take their chances; for the directors, in submitting the plan, said that they felt it necessary “to state in the strongest terms that the non-success of this proposal will inevitably71 result in foreclosure, with all its attendant misfortunes.”422

202 By the end of November, although the plan had not been promulgated72 until well into October, more than one-half of the outstanding bonds had assented73, and the directors were enabled to announce success. Certain changes in the management had already taken place. President Strong had resigned in September, and had been succeeded by Mr. Allen Manville, general manager of the St. Paul, Minneapolis & Manitoba Railway.423 Mr. Reinhart was credited with a large part in the construction of the new plan of 1889, and his later promotion75 may have been connected therewith.

After the reorganization Atchison resumed its policy of expansion, its new directors being apparently76 as “bold and enterprising” as the old. In 1890 it took in the St. Louis & San Francisco, a road running from St. Louis west and southwest through Missouri, Kansas, Arkansas, and Indian Territory, connecting at Paris, Texas, with the Gulf, Colorado & Santa Fe, and through half-ownership of the Atlantic & Pacific connecting Albuquerque in New Mexico with Barstow in Southern California. The total length of the Frisco system, exclusive of jointly owned roads, was 1329 miles, and this constituted the largest single acquisition that the Atchison had ever made. The terms of the purchase were highly favorable to the Frisco shareholders77, but the benefits to the Atchison were less than was expected. Although the consolidation78 removed certain difficulties experienced from the joint18 ownership of the Atlantic & Pacific, and although the united roads were in a better position to compete for transcontinental and Gulf traffic than either of them had been before, the Atchison directors were forced to announce in 1891 that, “with every opportunity given it to work with advantage, the property (Frisco) has failed to demonstrate its ability to carry itself financially and to liquidate79 its debts; nor could it hope to obtain such results without the provision of New Capital.... This is due largely to the absence of complete and proper facilities and machinery80 with which to conduct operations in the nature of Round Houses, Machine Shops, Stations and other buildings, improved Bridges and Equipment.”424 A bond issue was needed, and was in fact put forth,—the Atchison taking a goodly share.

203 Less important than this was the purchase, in 1890, of the Colorado Midland, a road 346 miles long in Colorado, valued chiefly for its ore traffic. In August, 1890, the Mexican Government resumed payment of the Sonora subsidy, on which nothing had been paid for eight years.425 It does not seem as if at any time after 1889 the Atchison enjoyed unalloyed prosperity. The year 1890 showed an increase in net earnings of 48 per cent according to the figures given, and the directors were unhappy until they had increased the fixed charges to match, but the year 1891 recorded a falling off, and 1892 showed a comparatively slight gain over the figures of 1891. There was obviously nothing in the reported figures to cause alarm, but there was nothing which justified81 the payment of more than 2? per cent any year on the income bonds, or of any dividends on the stock.

Toward the end of 1891 the guarantee fund notes fell due. They had been issued, it will be remembered, to protect the property in 1888, and were secured by an equal amount of general mortgage 4s; but now the directors, disliking to put these 4s on the market at 83?, decided82 to extend the notes for two years at par with a cash commission of one per cent.426

Extension of the guarantee fund notes did not increase the fixed obligations, it merely postponed83 a reduction; but the conversion of the income bonds of 1889 acted as a positive increase. There were $80,000,000 of these incomes, and it was in the optional character of payments upon them that the saving of fixed charges by the reorganization of 1889 had consisted. They had been issued instead of preferred stock probably because more acceptable to the bondholders; but it was early found that their use involved difficulties which had not been sufficiently84 regarded. By the conditions of their indenture85 no bonds could be inserted between them and the general mortgage 4s; they held a second lien86 for all time. But similarly it was difficult to put bonds after them. Their lien was on income,—interest was payable only when earned; any regular mortgage would of necessity have taken precedence. The hindrance87 to new issues was real and serious, and although some check on an aggressive management was salutary, yet the system required additions and improvements from time to time which could not204 be supplied from current income. Under these circumstances the Atchison directors decided within three years to sacrifice the reduction in fixed charges secured in 1889 in order to obtain new capital with greater ease. “It is the opinion of the Management,” said the annual report for 1892, “that the time has now arrived when all the obligations of the Company can be returned to a Fixed Basis, sufficient funds provided to take care of all Improvements ... required for at least four years, and at the same time the junior Bonds and Capital Stock be restored to a more permanent market value with assured returns on the first, and probable balances for the latter.”427 “The Atchison plan of conversion,” said Mr. Reinhart, “... is the completion of the reorganization plan put in effect October 18, 1889, and returns the obligations of the company ... to a fixed and stable basis....”428

The plan so cordially referred to provided for the issue of a new, second mortgage, 4 per cent bond, and the exchange of this security for the outstanding income bonds. The second mortgage was to be issued in two classes:

(a) $80,000,000. These were to exchange for income 5s, par for par, and bore a rate of interest which increased from 2? per cent in 1892 to 4 per cent in 1896, and then remained at 4 per cent until maturity88.

(b) $20,000,000. These bore 4 per cent and were to be issued in no greater sum in any year than $5,000,000 for specific improvements on the Atchison exclusive of the Colorado Midland or the St. Louis & San Francisco. There was reserved to the company the right, when all the above should have been exhausted89, to issue more bonds of the same sort as in class B for the same purposes and on the same mileage, up to a limit of $50,000,000.429

The conversion plan was approved at the annual meeting in 1892, and was put into effect. The result was most unfortunate. The annual burden on the company was increased at the very time when the panic of 1893 was about to reduce railroad earnings, while the advantages of freer issues of new bonds were of little account in a year when the sale of new securities was practically impossible. Moreover, a new light was soon to be thrown on the whole operation205 by disclosures of dishonest manipulation of figures in the Atchison reports.

In 1892 and 1893 rumors90 of trouble were afloat, and were repeatedly and vigorously denied by Mr. Reinhart, president of the Atchison Company. Thus in June, 1893, this officer declared that “the Atchison, Topeka & Santa Fe Railroad Company, strictly91 speaking, has no floating debt. Its current liabilities are more than equalled by its current cash assets.”430 In December Mr. Reinhart said again: “The interest on the General Mortgage Bonds of the Atchison Company, due January 1, will be paid. It seems hardly necessary to make this statement, because doubts as to its payment have, in my judgment92, been created solely by speculators who have no substantial interest in the property.” These official denials did not carry conviction, but opinions varied as to the seriousness of the situation. The Boston News Bureau cheerily insisted that all the Atchison needed was “days of grace” during the existing depression,431 while in England it was thought that the rumors of a receivership were at most but premature93.432

At the end of the year President Reinhart went to Europe to float a loan. On his return, after a failure to obtain subscriptions, a receivership was applied94 for and granted. It had been hoped up to the very last moment that the January interest could be met; but the refusal of English bondholders to subscribe55 additional capital, the failure to place a third mortgage loan in the United States, and the death of Director Magoun, one of the strong influences in Atchison’s affairs, made a crash inevitable95. Current obligations had mounted to over $10,000,000, credit had disappeared, and the railroad necessarily succumbed96. The Atlantic & Pacific, the Colorado Midland, the Gulf, Colorado & Santa Fe, and the Southern California lines were not included in the Atchison receivership, though the Atchison receivers were given like office in respect to the Atlantic & Pacific.433 The Gulf, Colorado & Santa Fe announced that it would continue to operate its own line, and was prepared to pay its current obligations as before.434

206 No sooner was failure announced than committees of bondholders sprang up. In Boston a committee was formed with six members, including J. L. Thorndike and H. L. Higginson. In New York the union Trust Company, the Mercantile Trust Company, the New York Life Insurance Company, Baring, Magoun & Co., and Giddes & Smith got together in a committee, with Edward King as chairman. A second New York committee, R. Somers Hayes, chairman, was formed by express invitation of the road. A directors’ committee was organized, of which E. B. Cheney, Jr., was chairman. The London holders25 of the second mortgage class A bonds themselves formed a committee. Even before 1888 Englishmen had invested heavily in Atchison, attracted perhaps by glowing stories of the business to spring up across the western plains. It was said that not only had they been influential97 in shaping the reorganization of 1889, but that from that date to 1893 the management had been controlled by a board elected by proxies98 entrusted99 to representatives of English interest. In particular Englishmen had become interested in the second mortgage bonds of 1892, successors to the income bonds of 1889, holding about one-half of the total issue, and they now fought for the protection of this issue as against the stock.

A plan of reorganization was early matured after the English influence substantially as follows: Either the general mortgage or the second mortgage bonds were to be foreclosed and a new company was to be formed. If the foreclosure should be under the general mortgage, overdue100 interest on that mortgage was not to be paid, and new securities, similar to the existing bonds, were to be issued, bond for bond. If the foreclosure should be under the second mortgage, the company was to provide for past due interest, and was to assume the payment of principal and interest on the general mortgage bonds. The capital stock was to remain as before. There was to be a new income mortgage to the amount of $115,000,000, of which $84,000,000 were to go for the existing second mortgage A bonds, and $5,600,000 for the existing B bonds; the surplus to be given for assessments101, or for the securities of such auxiliary companies as it should be thought advisable to acquire. These income bonds were to bear 5 per cent and were to have voting power. There was to be a second mortgage, to amount eventually to207 $35,000,000; of which $5,000,000 were to be used at once to retire the floating debt and for other purposes, and $3,000,000 were to be used each year for improvements. The new stock was to be held in trust until 5 per cent per annum should have been paid in cash on the new income bonds for three consecutive102 years. Finally there was to be an assessment of $12 per share upon the stockholders, the proceeds of which were to go as far as necessary to pay the debts of the old company, including interest on the general mortgage.435

On the whole, the scheme was to put the Atchison back to the condition of 1889, and to regain103 the margin104 of safety afforded by the income bonds. So far it was acceptable enough. Conservative officers had looked askance at the income bond conversion in 1892, and this was a simple acknowledgment of the mistake. The old difficulty as to future capital requirements, moreover, was evaded105 by a provision for an annual increment106 of second mortgage bonds to take precedence of the incomes. The notable part of the scheme was the anxious care of the bondholders to protect themselves. Since their bonds had been converted from income bonds less than two years before they could not claim a large allowance for the reconversion; but as a condition of their assent74 to this and to the introduction of a second mortgage for $35,000,000 before their lien they demanded not only a bonus of 5 per cent in the new incomes for their holdings, but the grant of voting power to the income bonds, a stock assessment of $12 per share, and the interposition of an additional $5,000,000 of bonds between the stock and the property of which it was nominally107 the possessor. “It is true,” said the Railway Review, “that the scheme contemplates108 the issue of income bonds which shall be given to assenting109 stockholders at par in return for the cash assessment, but it is a little difficult to see wherein such bonds are of very much more value than the stock of the company except that they are not subject to assessment.”436 The reception of the plan was what might have been expected. On July 30, in London, the London bondholders’ committee met and passed a resolution in its favor. Having now secured, they said in substance, the substantial features for which they had contended, and although the plan was not altogether what they could have desired, they considered, after very prolonged and anxious208 negotiations110, that a plan had been arrived at which was the best obtainable in the interests of bondholders.437 Meanwhile meetings of stockholders were held in New York in protest. Resolutions were adopted condemning111 the plan, and a stockholders’ committee was chosen.438

Debate was stopped by the publication in August of the report of an expert who had been selected to examine the books of the Atchison Company. Few more disgraceful instances of the juggling112 of figures have been brought to light in the history of American railroad finance. Whereas the reports of the company had shown net earnings steadily113 increasing from $7,600,000 in 1890 to $12,100,000 in 1893, being ample to meet existing charges and to pay from 2 to 2? per cent on the income bonds besides to the time of their conversion, Mr. Little, the expert, reported that the net earnings had never exceeded $8,085,608; and maintained that an annual deficit had occurred each year from 1894, which reached the portentous114 amount of $3,000,000 for 1891 alone. The condition of the company was far worse than had been imagined, and all plans had to be thoroughly recast. The following is an abstract of the report in question:

“I have already advised you verbally,” said Mr. Little, “that income was, in my judgment, overstated in these several years (since ’89), to the extent of $7,000,000 or more, and I now confirm this specifically. These overstatements may be classified as follows:

“(1) Rebates116. For the four years ending June 30, 1894, the debits118 for rebates to shippers on the Atchison system aggregated119 $3,700,776, and on the St. Louis & San Francisco system $205,879, or a total of $3,906,656.

“This sum was charged, not to the earnings from whence it came, as it should have been, but to an account entitled, ‘Auditor121’s Suspended Account-Special,’ and was reported from year to year as a good and available asset, while in fact it had no value whatsoever122.

“(2) Additions to Earnings and Deductions123 from Expenses. Next in order of importance to the rebate115 account comes an aggregate120 of $2,791,000, which, on instructions from the East, was credited from time to time to the earnings and expenses respectively, but which credit has no foundation in fact. Of this aggregate $2,010,000 was209 added to earnings and $781,000 deducted124 from operating expenses, the sum of the two being debited125 to ‘Auditor’s Suspended Account.’

“(3) Improvements. The sum of $488,000 was in the period under consideration transferred, improperly126 as I contend, from Operating Expenses to Improvements or Capital Account, these Improvements being finally closed into the account of Franchises127 and Property, which represents the cost of the road and property.

“(4) Traffic Balances. It further appears that a traffic agreement for a division of business was formed in November, 1890 (running to July, 1891), between the Atchison Company and certain other companies, whereby such other companies were charged with a balance of $305,843, which the Atchison Company was unable to collect, and which is absolutely uncollectable, and should have been heretofore written off, though it still stands as an asset, and hence must be written to the debit117 of profit and loss.”439

Two facts appear from these charges on which emphasis was laid from different points of view: (1) That for four years the Atchison had been persistently violating the law by the granting of rebates. (2) That to conceal128 these rebates, and for other purposes, the books had been so systematically129 falsified as to defy detection, and to deceive not only the investing public but the whole railroad world. The report was handed to Mr. Reinhart, and an answer was requested by the following day. The answer was made, and proved inadequate130; for though Mr. Reinhart pointed61 out some half-dozen items which he argued that Mr. Little had wrongly excluded, he explained no one of the charges directly brought against him.440 There is no doubt at the present time that Mr. Reinhart was guilty, though perhaps because of the difficulty of fixing legal responsibility he was never prosecuted131 for falsification of the books. He resigned, of course, and Major Aldace F. Walker was appointed receiver in his stead. Two months later he was indicted132 with other officers of the company and certain shippers, not for falsifying the books, but for the illegal granting of rebates. His defence was that he had been, at the time the rebates were given, only the general auditor at Boston, and had had no part in the fiscal133 or executive210 business of the road.441 The Government failed to prove connection, and the case fell through.

All this completely altered the requirements to be met by a reorganization plan. A more sweeping134 reduction in charges, and a more general distribution of losses was needed than before had been the case. Old proposals were laid aside once and for all, and a new scheme was built up from the beginning. The mortgage indebtedness of the Atchison in 1895 was $233,595,247, of which the first and second mortgage bonds comprised $217,258,276. The reorganization of 1889 had done its work in one respect at least, and the reorganization managers were able to concentrate their attention on two issues. The annual net earnings, according to the company’s reports had been:
1890     $7,632,348     ?
1891     7,631,598     ?
1892     10,953,896     ?
1893     12,126,866     ?

but as corrected in Mr. Little’s report were:
1891     $5,204,880     ?
1892     7,853,173     ?
1893     8,085,608     ?
1894     5,956,615     ?

Inasmuch as Mr. Little had discovered annual deficits of
1891     $1,964,285     ?
1892     60,938     ?
1893     134,825     ?
1894     3,008,242     ?

it was very evident that a reduction in interest charges was called for. As in 1889 the salvation135 of the company was sought in the substitution of securities on which payment was optional for securities bearing an obligatory charge.

Soon after Mr. Little’s final report in November three of the existing committees, namely, the General Reorganization Committee, the London Committee, and Messrs. Hope & Co. of Amsterdam, joined in a Joint Executive Reorganization Committee, with Edward King as chairman.442 With these now worked a committee chosen by the directors themselves. The result was a reorganization211 plan under date of March 14, 1895. The purposes announced were:

(a) To reduce fixed charges to a safe limit;

(b) To make adequate provision for future capital requirements, subject to proper restrictions136 as to issue of bonds for this purpose;

(c) To liquidate the floating debt, and to make adequate provision for existing prior lien indebtedness shortly to mature;

(d) To reinstate existing securities upon equitable137 terms in their order of priority;

(e) To consolidate16 and unify138 the system (so far as practicable) and thus to save large annual expense.

It was proposed to foreclose the Atchison general mortgage ... and to vest in a railway company the bonds, stocks, and other properties of the existing company, acquired at foreclosure sale or otherwise. The new company was to issue:
(a) Common Stock     $102,000,000          ?
(b) Five per cent non-cumulative139 preferred stock     ?111,486,000          ?
(c) General mortgage 4 per cent bonds     ??96,990,582          ?
(d) Adjustment 4 per cent bonds     51,728,310443     ?

Of the above the interest on only the general mortgage bonds was to be a fixed charge;—the stock obviously got a return only when earned, and the adjustment bonds were income bonds in fact if not in name. Additional issues to a comparatively small aggregate were provided for, but no mortgage, other than the general and adjustment mortgages, was to be executed by the company, nor was the amount of preferred stock to be increased, unless the execution of such mortgage, or such increase of preferred stock, should have received the consent of the holders of a majority of the whole amount of preferred stock at the time outstanding, given at a meeting of the stockholders called for that purpose, and the consent of the holders of a majority of such part of the common stock as should be represented at said meeting. The securities mentioned were to retire all previously existing issues. Old common stockholders were to receive share for share in the common stock of the212 new company. They were to be assessed $10 per share, and to receive for the assessment $10 in new preferred stock, while a syndicate guaranteed payment of assessments by engaging to take the place of non-assenting or defaulting stockholders. The general mortgage bondholders were to get 75 per cent of their holdings in new general mortgage 4s and 40 per cent in adjustment 4s. The second mortgage and income bondholders were to be assessed 4 per cent and were to get new preferred stock.444 The prior lien bondholders were dealt with separately, and were to be paid either in general mortgage 4s of the additional issues (over the $96,990,582) mentioned, or in the new prior lien bonds. If in the latter, the general mortgage bonds which would otherwise have been issued were to be held for the ultimate retirement of these bonds. Provision was made for future construction and additions by the allowance of $3,000,000 general mortgage bonds, to be issued each year to a limit of $30,000,000, and then of $2,000,000 adjustment bonds, to be issued each year to a limit of $20,000,000. Additional new general mortgage bonds, up to $20,000,000, might be issued and used in such amounts respectively and in such proportions as the Joint Executive Committee might determine, for the acquisition of the Atlantic & Pacific, the St. Louis & San Francisco, and the Colorado Midland; and for like purposes $20,000,000 preferred stock. The lien of the new general mortgage was to cover all properties which should be vested in the new company, and also any other property which might be acquired by use of any of the new bonds, but the Joint Executive Committee might, in its discretion140, except from the new general mortgage the stocks and bonds deposited under the existing general mortgage, representing branch lines, the operation of which should be found to be unprofitable and an unnecessary burden to the system. A voting trust was considered, but was rejected as unsatisfactory; and the213 committee confined its efforts to the securing of the best possible management.
The proposed fixed charges amounted to           $4,528,547     ?
Net earnings according to Mr. Little had been in     1891     ?5,204,880     ?
      1892     ?7,853,173     ?
      1893     ?8,085,608     ?
      1894     ?5,956,615     ?

Thus the new charges appeared well within the earning power of the road. The plan made the following, provision for cash requirements:
Assessment on Atchison stock at $10 per share     $10,000,000     ?
Assessment on second mortgage and on income bonds at 4 per cent     3,567,644     ?
      $13,567,644     ?

The estimated cash requirements were:
For receiver’s debt, preferred or secured floating debt of the Atchison Company, estimated as of January 1, 1895     $7,793,875          ?
Leaving for receivers and floating debt, accrued interest and undisturbed securities, etc.,     773,769          ?
      $13,567,644445     ?

This reorganization had certain interesting features. As before remarked, it sought, as did the reorganization of 1889, to replace securities, the interest on which was a fixed charge, by securities on which payment of interest or dividends should be optional. But whereas the earlier reorganization had depended on income bonds, this plan included both income bonds and preferred stock. There are several reasons why preferred stock is preferable to income bonds, and it will be remembered that a peculiar7 difficulty experienced from the income bonds of 1889 had arisen from the impossibility of putting other mortgages ahead of them; yet that this was not the chief obstacle sought to be avoided by the use of preferred stock at this later date appears from the current use of adjustment bonds. Provision for future capital requirements was in fact made in another way, and the question was not here involved. So far as the acceptability of the income bonds and the preferred stock respectively to the old bondholders was concerned, it should be noted141 that the men who received the greater part of the new issue were the holders of the old income and second mortgage214 bonds; that is, Englishmen who had already shown their preference for income bonds as opposed to stock. The chief reason for the new expedient59 seems to have been the desire to retain for the general mortgage holders a priority of lien, while reducing part of their holdings to the level of an optional obligation. If income bonds or preferred stock alone had been used, these would necessarily have been given to the owners both of general mortgage and of second mortgage or old income bonds; so that the former might have received a larger amount, but not any lien different in kind. By the scheme proposed, all possible interest on the securities given for old mortgage 4s was to be met before anything was to be paid on the equivalent of issues which had been inferior before the reorganization took place. Abundant provision was made for future capital requirements. That lesson had been learned once for all. Cash requirements were met by an assessment. In speaking of the reorganization of 1889 the rule was laid down that the disposal of securities for cash is impossible except at an enormous sacrifice in a time of general depression. There was widespread depression in 1895, and the reorganization managers wisely made no attempt to negotiate a sale. The amount of the assessment on the common stock was very considerably142 above the quoted price of the shares, but it was correctly figured that the hope of future increase in value would be sufficient to induce stockholders to furnish the sums required. Not to tax them too heavily call was made also on the junior securities. On the whole, the decrease of $5,000,000 in fixed charges more than compensated143 the stockholders for the additional obligations put between them and their property; their claim on the road itself was made more remote, but their chances for dividends were improved. Examination of the plan shows clearly that nothing was taken from either bonds or stock which those securities had a right to retain. The bondholders could not, in any case, have received more than the earnings of the road; and an amount equal to the return previously due them was assured, whenever the road should earn it, by the new combination of mortgage and income bonds and preferred stock. As it was, in return for an assessment they retained the right to participate in any future prosperity, a right which has proved of extreme value.

215 The plan was underwritten by Messrs. Baring Bros. & Co. and other strong foreign and American bankers, who assumed the liability of paying the assessment and of taking the stock.446 The comment at the time was favorable. “On the whole,” said the Railway Age, “we do not believe that any one who is acquainted with the properties could have expected a more satisfactory plan than that which the committee has evolved.”447 The London bondholders promptly144 accepted the plan. “We are disposed,” said the Railway Times of London, “to regard the latest of Atchison reorganization schemes as a praiseworthy attempt to grapple with a very thorny145 problem.”448 Such opposition146 as there was came from a minority of the stockholders, and was directed at two points: the prevention of foreclosure, and the inauguration147 of an entirely148 new administration. It was asserted that certain old members of the board of directors who had been forced to resign by the earlier disclosures, had nevertheless secured the election of successors to perpetuate149 their policy and to protect their interest. With a directory so constituted, it was maintained that the stockholders would have no guarantee of important changes in the executive offices, financial policies, or business methods of the company.449 Sharp criticism was directed to a statement of the existing board which referred to the “mistakes and misfortunes of the previous management.” “Only those who believe,” said the Stockholders’ Protective Committee, “that gross irregularities, if not worse, have been perpetrated ... may be relied upon to probe to the bottom the acts of the former officers of the Atchison.”450 On the other hand, the accusations150 of the committee were asserted by the directors to be unqualifiedly false.451 It soon became apparent that the opposition could not muster151 enough votes to control an election, and although their fight had been begun in August, they had proxies by November for only 250,000 out of the 1,020,000 shares of stock. Recourse was had to the courts, and an attempt was made to secure at least a minority representation on the coming board by the enforcement of a provision for cumulative voting embodied152 in a Kansas law of 1879. This failed in November, 1894, and no further obstacle to reorganization was encountered.

216 Practically all of the assessments were paid in by September 21. On November 25 Mr. E. P. Ripley was elected president, and in the first week of December, 1895, Mr. Aldace F. Walker was elected chairman of the board of directors of the new company. On December 10, 1895, the property and franchises of the Atchison were sold at foreclosure, and were purchased for $60,000,000 by Edward King, Charles C. Beaman, and Victor Morawetz, representing the reorganization committee.452 The Atchison, Topeka & Santa Fe Railroad Company was then organized by the purchasers pursuant to the laws of Kansas, under a certificate of incorporation153 dated December 12, 1895. A board of directors was elected, and by-laws were adopted. The entire estate embraced in the foreclosure sale was duly conveyed by deed of the same date as the incorporation of the company, in consideration of which the company executed a delivery to the Joint Executive Reorganization Committee of the securities acquired under the plan of reorganization. Certain subsidiary roads were subsequently foreclosed and bought in, notably154 the Atlantic & Pacific and the Chicago, Santa Fe & California. The St. Louis & San Francisco was not so bought in. “The question of retaining the St. Louis & San Francisco as a part of the Atchison system,” said the annual report of 1896, “received very careful consideration from the Directors.... A series of conferences was held, which resulted in the matter ultimately presenting the alternative of the sale of our existing interest upon favorable terms, or the purchase by us of all other outstanding interests upon terms involving the outlay155 of a very large amount of both cash and securities. While the future control of that road was regarded as important, the financial considerations affecting the situation prevailed, and the sale was decided on the whole to be more prudent156 than the purchase.” “With the acquisition of the Frisco,” said Mr. Fleming of the Joint Executive Committee, “the fixed charges on the Atchison system of 7780 miles would have been increased from $7000 to $9000 per mile. Atchison is financially much stronger without Frisco.”

This ends that part of the history of the Atchison Company which can be connected with either of its reorganizations. From 1895 to the present time the Atchison has enjoyed a rapidly increasing prosperity, due in part to the lightening of the charges upon it, in part217 to able management, and in part to the great increase in volume of business which has been a characteristic of the time. One or two things may be noted. A final settlement has been made of the relations between the Southern Pacific and the Atchison in the Southwest. It will be remembered that the final result of the negotiations in 1882 had been the purchase of the former Mojave division from the Needles to Mojave, but that since title could not be acquired until the maturity of the outstanding mortgages, Atchison had leased this track at an annual rental of 6 per cent on the purchase price. In 1897 this rental was cancelled. The Southern Pacific could not even then give a clear title, but exchanged a long time lease of the Mojave division against a similar lease of the Sonora Railway, the Atchison branch which reached from Deming to Guaymas. The rentals cancelled each other, and the actual transfer is eventually to take place.453 The arrangement is mutually advantageous157. On the one hand the Mojave division formed a spur of the Southern Pacific, and on the other the Sonora Railway was totally disconnected from the Atchison, so that the latter company was obliged to use the Southern Pacific’s tracks to reach the property at all. In 1898 Chairman Walker of the Executive Committee was able to announce the substantial completion of negotiations for the purchase of the San Francisco & San Joaquin Valley Railroad, running from Bakersfield to Stockton, California; the former town being sixty-eight miles from Mojave and the latter something less than that from San Francisco.454 Atchison at once began building at the Stockton end, and reached San Francisco the following year. The Santa Fe Terminal Company was then incorporated with a capital stock of $1,000,000, Atchison secured a traffic contract with the Southern Pacific, and through freight trains were run from Chicago to San Francisco on May 1, 1900, through passenger trains following two months later. Besides this there have been important extensions in Arizona and New Mexico. In 1901 the Atchison purchased two-thirds of the bonds, and practically all of the capital stock of the Pecos Valley & Northeastern Railway Company, stretching 370 miles from Texico through the southeastern corner of New Mexico to Pecos City, Texas. In July of the same year it bought the Santa Fe, Prescott & Ph?nix Railroad, from Ash Fork, Arizona, to Ph?nix, Arizona,218 some 195 miles. Construction has been practically completed between Belen, New Mexico, a few miles south of Albuquerque, and Amarillo, Texas, to afford an alternative and somewhat shorter route from California to Eastern Kansas. A still more noteworthy project is under consideration for a road to join the Gulf, Colorado & Santa Fe at Brownwood with the Belen line at Texico, and to open direct connection over the Atchison from California to the Gulf.

Briefly158 stated, the Atchison’s mileage has increased from 6479 miles in 1897, to 9273 in 1907. Its gross earnings have grown from $30,621,230 to $93,683,407; its net earnings from $7,754,041 to $32,153,692; and its surplus above all charges from $1,452,446 to $21,168,724. This marvellous showing has been accompanied by heavy expenditures159 for improvements, so that the physical condition of the system is much better than before. Operating expenses, fixed charges, and taxes took less than 77 per cent of gross income in 1907, and a decline of over $21,000,000 can be suffered in net before interest on even the adjustment bonds becomes imperilled. It is not to be wondered at that Mr. Harriman saw fit to invest $10,395,000 of union Pacific money in Atchison preferred stock in 1906,455 nor that dividends of 5 per cent on preferred, and 5 per cent on common stock are being paid. The Atchison owns 1791 locomotives instead of 953 as in 1897; 1135 passenger cars instead of 622; 49,770 freight cars instead of 26,776. There has been a large increase in the capacity and power of rolling stock. The average freight train load has increased from 131 to 320 tons. Freight train mileage has grown but 35 per cent, while ton mileage has more than tripled. Thus, although the average length of haul has increased and the average receipts per ton mile have diminished, the earnings per freight train mile are actually more than double in 1907 what they were in 1897. And, finally, the Atchison is not dependent for its revenue upon any single kind of business. Coal, ore, and other mineral products yielded but 30.87 per cent of its tonnage in 1907; products of agriculture 25.34 per cent; manufactures 17.37 per cent; and products of the forest 12.12 per cent.

219 The capital account, meanwhile, has been kept from undue160 expansion. The funded debt has increased from $174,196,750 in 1897 to $284,171,550 in 1907, but the capital stock has decreased somewhat, and the greater part of the new bond issues have been convertible161 serial162 debenture163 bonds, which occasion no permanent increase in charges. It is within the last two years only that Atchison stockholders have authorized the issue of new capital on a scale commensurate with the growth of their property. In 1906 $26,060,000 in 4 per cent convertible bonds were offered to them at par, and this last year they have authorized the issue of $98,000,000 of common stock for improvements, extensions, and the like. This provides ample facilities for the future without endangering the solvency164 of the road.

点击收听单词发音收听单词发音  

1 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%。
2 conversion UZPyI     
n.转化,转换,转变
参考例句:
  • He underwent quite a conversion.他彻底变了。
  • Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。
3 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。
4 imposing 8q9zcB     
adj.使人难忘的,壮丽的,堂皇的,雄伟的
参考例句:
  • The fortress is an imposing building.这座城堡是一座宏伟的建筑。
  • He has lost his imposing appearance.他已失去堂堂仪表。
5 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。
6 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。
7 peculiar cinyo     
adj.古怪的,异常的;特殊的,特有的
参考例句:
  • He walks in a peculiar fashion.他走路的样子很奇特。
  • He looked at me with a very peculiar expression.他用一种很奇怪的表情看着我。
8 peculiarity GiWyp     
n.独特性,特色;特殊的东西;怪癖
参考例句:
  • Each country has its own peculiarity.每个国家都有自己的独特之处。
  • The peculiarity of this shop is its day and nigth service.这家商店的特点是昼夜服务。
9 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。
10 courageously wvzz8b     
ad.勇敢地,无畏地
参考例句:
  • Under the correct leadership of the Party Central Committee and the State Council, the army and civilians in flooded areas fought the floods courageously, reducing the losses to the minimum. 在中共中央、国务院的正确领导下,灾区广大军民奋勇抗洪,把灾害的损失减少到了最低限度。
  • He fought death courageously though his life was draining away. 他虽然生命垂危,但仍然勇敢地与死亡作斗争。
11 persistently MlzztP     
ad.坚持地;固执地
参考例句:
  • He persistently asserted his right to a share in the heritage. 他始终声称他有分享那笔遗产的权利。
  • She persistently asserted her opinions. 她果断地说出了自己的意见。
12 systematic SqMwo     
adj.有系统的,有计划的,有方法的
参考例句:
  • The way he works isn't very systematic.他的工作不是很有条理。
  • The teacher made a systematic work of teaching.这个教师进行系统的教学工作。
13 leisurely 51Txb     
adj.悠闲的;从容的,慢慢的
参考例句:
  • We walked in a leisurely manner,looking in all the windows.我们慢悠悠地走着,看遍所有的橱窗。
  • He had a leisurely breakfast and drove cheerfully to work.他从容的吃了早餐,高兴的开车去工作。
14 allotted 5653ecda52c7b978bd6890054bd1f75f     
分配,拨给,摊派( allot的过去式和过去分词 )
参考例句:
  • I completed the test within the time allotted . 我在限定的时间内完成了试验。
  • Each passenger slept on the berth allotted to him. 每个旅客都睡在分配给他的铺位上。
15 subsidy 2U5zo     
n.补助金,津贴
参考例句:
  • The university will receive a subsidy for research in artificial intelligence.那个大学将得到一笔人工智能研究的补助费。
  • The living subsidy for senior expert's family is included in the remuneration.报酬已包含高级专家家人的生活补贴。
16 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。
17 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。
18 joint m3lx4     
adj.联合的,共同的;n.关节,接合处;v.连接,贴合
参考例句:
  • I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤,肩膀脫臼了。
  • We wrote a letter in joint names.我们联名写了封信。
19 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。
20 disapproved 3ee9b7bf3f16130a59cb22aafdea92d0     
v.不赞成( disapprove的过去式和过去分词 )
参考例句:
  • My parents disapproved of my marriage. 我父母不赞成我的婚事。 来自《简明英汉词典》
  • She disapproved of her son's indiscriminate television viewing. 她不赞成儿子不加选择地收看电视。 来自《简明英汉词典》
21 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%。
22 derived 6cddb7353e699051a384686b6b3ff1e2     
vi.起源;由来;衍生;导出v.得到( derive的过去式和过去分词 );(从…中)得到获得;源于;(从…中)提取
参考例句:
  • Many English words are derived from Latin and Greek. 英语很多词源出于拉丁文和希腊文。 来自《简明英汉词典》
  • He derived his enthusiasm for literature from his father. 他对文学的爱好是受他父亲的影响。 来自《简明英汉词典》
23 rental cBezh     
n.租赁,出租,出租业
参考例句:
  • The yearly rental of her house is 2400 yuan.她这房子年租金是2400元。
  • We can organise car rental from Chicago O'Hare Airport.我们可以安排提供从芝加哥奥黑尔机场出发的租车服务。
24 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。
25 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。
26 solely FwGwe     
adv.仅仅,唯一地
参考例句:
  • Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
  • The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。
27 encumbrance A8YyP     
n.妨碍物,累赘
参考例句:
  • Only by overcoming our weaknesses can we advance without any encumbrance;only by uniting ourselves in our struggle can we be invincible.克服缺点才能轻装前进,团结战斗才能无往不胜。
  • Now I should be an encumbrance.现在我成为累赘了。
28 specially Hviwq     
adv.特定地;特殊地;明确地
参考例句:
  • They are specially packaged so that they stack easily.它们经过特别包装以便于堆放。
  • The machine was designed specially for demolishing old buildings.这种机器是专为拆毁旧楼房而设计的。
29 mania 9BWxu     
n.疯狂;躁狂症,狂热,癖好
参考例句:
  • Football mania is sweeping the country.足球热正风靡全国。
  • Collecting small items can easily become a mania.收藏零星物品往往容易变成一种癖好。
30 varied giIw9     
adj.多样的,多变化的
参考例句:
  • The forms of art are many and varied.艺术的形式是多种多样的。
  • The hotel has a varied programme of nightly entertainment.宾馆有各种晚间娱乐活动。
31 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。
32 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。
33 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。
34 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。
35 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
36 sundry CswwL     
adj.各式各样的,种种的
参考例句:
  • This cream can be used to treat sundry minor injuries.这种药膏可用来治各种轻伤。
  • We can see the rich man on sundry occasions.我们能在各种场合见到那个富豪。
37 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。
38 payable EmdzUR     
adj.可付的,应付的,有利益的
参考例句:
  • This check is payable on demand.这是一张见票即付的支票。
  • No tax is payable on these earnings.这些收入不须交税。
39 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》
40 vividly tebzrE     
adv.清楚地,鲜明地,生动地
参考例句:
  • The speaker pictured the suffering of the poor vividly.演讲者很生动地描述了穷人的生活。
  • The characters in the book are vividly presented.这本书里的人物写得栩栩如生。
41 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?
42 permanently KluzuU     
adv.永恒地,永久地,固定不变地
参考例句:
  • The accident left him permanently scarred.那次事故给他留下了永久的伤疤。
  • The ship is now permanently moored on the Thames in London.该船现在永久地停泊在伦敦泰晤士河边。
43 realization nTwxS     
n.实现;认识到,深刻了解
参考例句:
  • We shall gladly lend every effort in our power toward its realization.我们将乐意为它的实现而竭尽全力。
  • He came to the realization that he would never make a good teacher.他逐渐认识到自己永远不会成为好老师。
44 undertakings e635513464ec002d92571ebd6bc9f67e     
企业( undertaking的名词复数 ); 保证; 殡仪业; 任务
参考例句:
  • The principle of diligence and frugality applies to all undertakings. 勤俭节约的原则适用于一切事业。
  • Such undertakings require the precise planning and foresight of military operations. 此举要求军事上战役中所需要的准确布置和预见。
45 apprehension bNayw     
n.理解,领悟;逮捕,拘捕;忧虑
参考例句:
  • There were still areas of doubt and her apprehension grew.有些地方仍然存疑,于是她越来越担心。
  • She is a girl of weak apprehension.她是一个理解力很差的女孩。
46 marvels 029fcce896f8a250d9ae56bf8129422d     
n.奇迹( marvel的名词复数 );令人惊奇的事物(或事例);不平凡的成果;成就v.惊奇,对…感到惊奇( marvel的第三人称单数 )
参考例句:
  • The doctor's treatment has worked marvels : the patient has recovered completely. 该医生妙手回春,病人已完全康复。 来自辞典例句
  • Nevertheless he revels in a catalogue of marvels. 可他还是兴致勃勃地罗列了一堆怪诞不经的事物。 来自辞典例句
47 thoroughly sgmz0J     
adv.完全地,彻底地,十足地
参考例句:
  • The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
  • The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。
48 bonded 2xpzkP     
n.有担保的,保税的,粘合的
参考例句:
  • The whisky was taken to bonded warehouses at Port Dundee.威士忌酒已送到邓迪港的保稅仓库。
  • This adhesive must be applied to both surfaces which are to be bonded together.要粘接的两个面都必须涂上这种黏合剂。
49 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
50 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。
51 offset mIZx8     
n.分支,补偿;v.抵消,补偿
参考例句:
  • Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
  • He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。
52 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。
53 subscriptions 2d5d14f95af035cbd8437948de61f94c     
n.(报刊等的)订阅费( subscription的名词复数 );捐款;(俱乐部的)会员费;捐助
参考例句:
  • Subscriptions to these magazines can be paid in at the post office. 这些杂志的订阅费可以在邮局缴纳。 来自《简明英汉词典》
  • Payment of subscriptions should be made to the club secretary. 会费应交给俱乐部秘书。 来自《简明英汉词典》
54 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。
55 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。
56 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。
57 economized 81381b644889a64b070beda63408465b     
v.节省,减少开支( economize的过去式和过去分词 )
参考例句:
  • He economized by using trams instead of taking a taxi every time he went to school. 他上学搭电车而不坐出租汽车,以节省钱。 来自《现代英汉综合大词典》
  • He economized by using buses instead of taking taxis. 他不坐出租车而改乘公共汽车以节省钱。 来自辞典例句
58 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
59 expedient 1hYzh     
adj.有用的,有利的;n.紧急的办法,权宜之计
参考例句:
  • The government found it expedient to relax censorship a little.政府发现略微放宽审查是可取的。
  • Every kind of expedient was devised by our friends.我们的朋友想出了各种各样的应急办法。
60 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。
61 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。
62 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。
63 contingent Jajyi     
adj.视条件而定的;n.一组,代表团,分遣队
参考例句:
  • The contingent marched in the direction of the Western Hills.队伍朝西山的方向前进。
  • Whether or not we arrive on time is contingent on the weather.我们是否按时到达要视天气情况而定。
64 dealing NvjzWP     
n.经商方法,待人态度
参考例句:
  • This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
  • His fair dealing earned our confidence.他的诚实的行为获得我们的信任。
65 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。
66 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。
67 obligatory F5lzC     
adj.强制性的,义务的,必须的
参考例句:
  • It is obligatory for us to obey the laws.我们必须守法。
  • It is obligatory on every citizen to safeguard our great motherland.保卫我们伟大的祖国是每一个公民应尽的义务。
68 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。
69 retention HBazK     
n.保留,保持,保持力,记忆力
参考例句:
  • They advocate the retention of our nuclear power plants.他们主张保留我们的核电厂。
  • His retention of energy at this hour is really surprising.人们惊叹他在这个时候还能保持如此旺盛的精力。
70 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?
71 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。
72 promulgated a4e9ce715ee72e022795b8072a6e618f     
v.宣扬(某事物)( promulgate的过去式和过去分词 );传播;公布;颁布(法令、新法律等)
参考例句:
  • Hence China has promulgated more than 30 relevant laws, statutes and regulations. 中国为此颁布的法律、法规和规章多达30余项。 来自汉英非文学 - 白皮书
  • The shipping industry promulgated a voluntary code. 航运业对自律守则进行了宣传。 来自辞典例句
73 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!
74 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。
75 promotion eRLxn     
n.提升,晋级;促销,宣传
参考例句:
  • The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
  • The clerk was given a promotion and an increase in salary.那个职员升了级,加了薪。
76 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。
77 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句:
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
78 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
79 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。
80 machinery CAdxb     
n.(总称)机械,机器;机构
参考例句:
  • Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗?
  • Machinery ought to be well maintained all the time.机器应该随时注意维护。
81 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。
82 decided lvqzZd     
adj.决定了的,坚决的;明显的,明确的
参考例句:
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
83 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。
84 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。
85 indenture tbSzv     
n.契约;合同
参考例句:
  • She had to sign an indenture to sell herself, because she owed money to the landlord.由于欠地主家的钱,她不得已签了卖身契。
  • Years later he realized that he no longer had any idea of his original motive in breaking his indenture.多年之后他意识到己不再理解打破自己契约的最初动机。
86 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。
87 hindrance AdKz2     
n.妨碍,障碍
参考例句:
  • Now they can construct tunnel systems without hindrance.现在他们可以顺利地建造隧道系统了。
  • The heavy baggage was a great hindrance to me.那件行李成了我的大累赘。
88 maturity 47nzh     
n.成熟;完成;(支票、债券等)到期
参考例句:
  • These plants ought to reach maturity after five years.这些植物五年后就该长成了。
  • This is the period at which the body attains maturity.这是身体发育成熟的时期。
89 exhausted 7taz4r     
adj.极其疲惫的,精疲力尽的
参考例句:
  • It was a long haul home and we arrived exhausted.搬运回家的这段路程特别长,到家时我们已筋疲力尽。
  • Jenny was exhausted by the hustle of city life.珍妮被城市生活的忙乱弄得筋疲力尽。
90 rumors 2170bcd55c0e3844ecb4ef13fef29b01     
n.传闻( rumor的名词复数 );[古]名誉;咕哝;[古]喧嚷v.传闻( rumor的第三人称单数 );[古]名誉;咕哝;[古]喧嚷
参考例句:
  • Rumors have it that the school was burned down. 有谣言说学校给烧掉了。 来自《简明英汉词典》
  • Rumors of a revolt were afloat. 叛变的谣言四起。 来自《简明英汉词典》
91 strictly GtNwe     
adv.严厉地,严格地;严密地
参考例句:
  • His doctor is dieting him strictly.他的医生严格规定他的饮食。
  • The guests were seated strictly in order of precedence.客人严格按照地位高低就座。
92 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。
93 premature FPfxV     
adj.比预期时间早的;不成熟的,仓促的
参考例句:
  • It is yet premature to predict the possible outcome of the dialogue.预言这次对话可能有什么结果为时尚早。
  • The premature baby is doing well.那个早产的婴儿很健康。
94 applied Tz2zXA     
adj.应用的;v.应用,适用
参考例句:
  • She plans to take a course in applied linguistics.她打算学习应用语言学课程。
  • This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。
95 inevitable 5xcyq     
adj.不可避免的,必然发生的
参考例句:
  • Mary was wearing her inevitable large hat.玛丽戴着她总是戴的那顶大帽子。
  • The defeat had inevitable consequences for British policy.战败对英国政策不可避免地产生了影响。
96 succumbed 625a9b57aef7b895b965fdca2019ba63     
不再抵抗(诱惑、疾病、攻击等)( succumb的过去式和过去分词 ); 屈从; 被压垮; 死
参考例句:
  • The town succumbed after a short siege. 该城被围困不久即告失守。
  • After an artillery bombardment lasting several days the town finally succumbed. 在持续炮轰数日后,该城终于屈服了。
97 influential l7oxK     
adj.有影响的,有权势的
参考例句:
  • He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
  • He is a very influential man in the government.他在政府中是个很有影响的人物。
98 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
99 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》
100 overdue MJYxY     
adj.过期的,到期未付的;早该有的,迟到的
参考例句:
  • The plane is overdue and has been delayed by the bad weather.飞机晚点了,被坏天气耽搁了。
  • The landlady is angry because the rent is overdue.女房东生气了,因为房租过期未付。
101 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
102 consecutive DpPz0     
adj.连续的,联贯的,始终一贯的
参考例句:
  • It has rained for four consecutive days.已连续下了四天雨。
  • The policy of our Party is consecutive.我党的政策始终如一。
103 regain YkYzPd     
vt.重新获得,收复,恢复
参考例句:
  • He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
  • The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。
104 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。
105 evaded 4b636015da21a66943b43217559e0131     
逃避( evade的过去式和过去分词 ); 避开; 回避; 想不出
参考例句:
  • For two weeks they evaded the press. 他们有两周一直避而不见记者。
  • The lion evaded the hunter. 那狮子躲开了猎人。
106 increment o8Cx6     
n.增值,增价;提薪,增加工资
参考例句:
  • Each increment of knowledge tells us more of our world.知识的点滴增长都会增进我们对世界的认知。
  • She receives a salary increment each year.她每年得到加薪。
107 nominally a449bd0900819694017a87f9891f2cff     
在名义上,表面地; 应名儿
参考例句:
  • Dad, nominally a Methodist, entered Churches only for weddings and funerals. 爸名义上是卫理公会教徒,可只去教堂参加婚礼和葬礼。
  • The company could not indicate a person even nominally responsible for staff training. 该公司甚至不能指出一个名义上负责职员培训的人。
108 contemplates 53d303de2b68f50ff5360cd5a92df87d     
深思,细想,仔细考虑( contemplate的第三人称单数 ); 注视,凝视; 考虑接受(发生某事的可能性); 深思熟虑,沉思,苦思冥想
参考例句:
  • She contemplates leaving for the sake of the kids. 她考虑为了孩子而离开。
  • Beauty in things exists in the mind which contemplates them. 事物的美存在于细心观察它的人的头脑中。
109 assenting 461d03db6506f9bf18aaabe10522b2ee     
同意,赞成( assent的现在分词 )
参考例句:
  • In an assembly, every thing must be done by speaking and assenting. 在一个群集中,任何事情都必须通过发言和同意来进行。
  • Assenting to this demands. 对这个要求让步。
110 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。
111 condemning 3c571b073a8d53beeff1e31a57d104c0     
v.(通常因道义上的原因而)谴责( condemn的现在分词 );宣判;宣布…不能使用;迫使…陷于不幸的境地
参考例句:
  • The government issued a statement condemning the killings. 政府发表声明谴责这些凶杀事件。
  • I concur with the speaker in condemning what has been done. 我同意发言者对所做的事加以谴责。 来自《现代英汉综合大词典》
112 juggling juggling     
n. 欺骗, 杂耍(=jugglery) adj. 欺骗的, 欺诈的 动词juggle的现在分词
参考例句:
  • He was charged with some dishonest juggling with the accounts. 他被指控用欺骗手段窜改账目。
  • The accountant went to prison for juggling his firm's accounts. 会计因涂改公司的帐目而入狱。
113 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。
114 portentous Wiey5     
adj.不祥的,可怕的,装腔作势的
参考例句:
  • The present aspect of society is portentous of great change.现在的社会预示着重大变革的发生。
  • There was nothing portentous or solemn about him.He was bubbling with humour.他一点也不装腔作势或故作严肃,浑身散发着幽默。
115 rebate GTIxY     
v./n.折扣,回扣,退款;vt.给...回扣,给...打折扣
参考例句:
  • You can claim a rebate on your tax.你可以要求退回部分税款。
  • Customers are to benefit from a rebate on their electricity bills.顾客将从他们的电费退费中得到实惠。
116 rebates 5862cab7436152bb9726585397fb1db9     
n.退还款( rebate的名词复数 );回扣;返还(退还的部份货价);折扣
参考例句:
  • The VAT system offers advantages, such as rebates on exports. 增值税有其优点,如对出口商品实行回扣。 来自辞典例句
  • In more recent years rate rebates have been introduced for households. 近年地方税的减免已适用于家庭。 来自辞典例句
117 debit AOdzV     
n.借方,借项,记人借方的款项
参考例句:
  • To whom shall I debit this sum?此款应记入谁的账户的借方?
  • We undercharge Mr.Smith and have to send him a debit note for the extra amount.我们少收了史密斯先生的钱,只得给他寄去一张借条所要欠款。
118 debits a45de27514ab4145190ed2290cf3739f     
n.(簿记中的)收方,借方( debit的名词复数 );从账户中提取的款项v.记入(账户)的借方( debit的第三人称单数 )
参考例句:
  • Does this item go among the credits or the debits? 这笔账应记入贷方还是借方? 来自《现代英汉综合大词典》
  • My bank account shows two debits of 5 each. 我的银行帐户借方记入了两笔5英镑的款项。 来自辞典例句
119 aggregated wzCzcx     
a.聚合的,合计的
参考例句:
  • He aggregated her to a political party. 他吸收她参加一政党。
  • The audiences aggregated a million people. 观众总数达100万人。
120 aggregate cKOyE     
adj.总计的,集合的;n.总数;v.合计;集合
参考例句:
  • The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
  • The money collected will aggregate a thousand dollars.进帐总额将达一千美元。
121 auditor My5ziV     
n.审计员,旁听着
参考例句:
  • The auditor was required to produce his working papers.那个审计员被要求提供其工作底稿。
  • The auditor examines the accounts of all county officers and departments.审计员查对所有县官员及各部门的帐目。
122 whatsoever Beqz8i     
adv.(用于否定句中以加强语气)任何;pron.无论什么
参考例句:
  • There's no reason whatsoever to turn down this suggestion.没有任何理由拒绝这个建议。
  • All things whatsoever ye would that men should do to you,do ye even so to them.你想别人对你怎样,你就怎样对人。
123 deductions efdb24c54db0a56d702d92a7f902dd1f     
扣除( deduction的名词复数 ); 结论; 扣除的量; 推演
参考例句:
  • Many of the older officers trusted agents sightings more than cryptanalysts'deductions. 许多年纪比较大的军官往往相信特务的发现,而不怎么相信密码分析员的推断。
  • You know how you rush at things,jump to conclusions without proper deductions. 你知道你处理问题是多么仓促,毫无合适的演绎就仓促下结论。
124 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》
125 debited 672fc006864dde4f9f82e2b164e7a094     
v.记入(账户)的借方( debit的过去式和过去分词 )
参考例句:
  • Your current account is automatically debited with the amount of your purchase. 你购物的金额会自动记入账戶借方。 来自《简明英汉词典》
  • The money will be debited from your account. 钱会记入你账戶的借方。 来自《简明英汉词典》
126 improperly 1e83f257ea7e5892de2e5f2de8b00e7b     
不正确地,不适当地
参考例句:
  • Of course it was acting improperly. 这样做就是不对嘛!
  • He is trying to improperly influence a witness. 他在试图误导证人。
127 franchises ef6665e7cd0e166d2f4deb0f4f26c671     
n.(尤指选举议员的)选举权( franchise的名词复数 );参政权;获特许权的商业机构(或服务);(公司授予的)特许经销权v.给…以特许权,出售特许权( franchise的第三人称单数 )
参考例句:
  • TV franchises will be auctioned to the highest bidder. 电视特许经营权将拍卖给出价最高的投标人。 来自《简明英汉词典》
  • Ford dealerships operated as independent franchises. 福特汽车公司的代销商都是独立的联营商。 来自辞典例句
128 conceal DpYzt     
v.隐藏,隐瞒,隐蔽
参考例句:
  • He had to conceal his identity to escape the police.为了躲避警方,他只好隐瞒身份。
  • He could hardly conceal his joy at his departure.他几乎掩饰不住临行时的喜悦。
129 systematically 7qhwn     
adv.有系统地
参考例句:
  • This government has systematically run down public services since it took office.这一屆政府自上台以来系统地削减了公共服务。
  • The rainforest is being systematically destroyed.雨林正被系统地毀灭。
130 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。
131 prosecuted Wk5zqY     
a.被起诉的
参考例句:
  • The editors are being prosecuted for obscenity. 编辑因刊载污秽文字而被起诉。
  • The company was prosecuted for breaching the Health and Safety Act. 这家公司被控违反《卫生安全条例》。
132 indicted 4fe8f0223a4e14ee670547b1a8076e20     
控告,起诉( indict的过去式和过去分词 )
参考例句:
  • The senator was indicted for murder. 那位参议员被控犯谋杀罪。
  • He was indicted by a grand jury on two counts of murder. 他被大陪审团以两项谋杀罪名起诉。
133 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。
134 sweeping ihCzZ4     
adj.范围广大的,一扫无遗的
参考例句:
  • The citizens voted for sweeping reforms.公民投票支持全面的改革。
  • Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗?
135 salvation nC2zC     
n.(尤指基督)救世,超度,拯救,解困
参考例句:
  • Salvation lay in political reform.解救办法在于政治改革。
  • Christians hope and pray for salvation.基督教徒希望并祈祷灵魂得救。
136 restrictions 81e12dac658cfd4c590486dd6f7523cf     
约束( restriction的名词复数 ); 管制; 制约因素; 带限制性的条件(或规则)
参考例句:
  • I found the restrictions irksome. 我对那些限制感到很烦。
  • a snaggle of restrictions 杂乱无章的种种限制
137 equitable JobxJ     
adj.公平的;公正的
参考例句:
  • This is an equitable solution to the dispute. 这是对该项争议的公正解决。
  • Paying a person what he has earned is equitable. 酬其应得,乃公平之事。
138 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。
139 cumulative LyYxo     
adj.累积的,渐增的
参考例句:
  • This drug has a cumulative effect.这种药有渐增的效力。
  • The benefits from eating fish are cumulative.吃鱼的好处要长期才能显现。
140 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。
141 noted 5n4zXc     
adj.著名的,知名的
参考例句:
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
142 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。
143 compensated 0b0382816fac7dbf94df37906582be8f     
补偿,报酬( compensate的过去式和过去分词 ); 给(某人)赔偿(或赔款)
参考例句:
  • The marvelous acting compensated for the play's weak script. 本剧的精彩表演弥补了剧本的不足。
  • I compensated his loss with money. 我赔偿他经济损失。
144 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。
145 thorny 5ICzQ     
adj.多刺的,棘手的
参考例句:
  • The young captain is pondering over a thorny problem.年轻的上尉正在思考一个棘手的问题。
  • The boys argued over the thorny points in the lesson.孩子们辩论功课中的难点。
146 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。
147 inauguration 3cQzR     
n.开幕、就职典礼
参考例句:
  • The inauguration of a President of the United States takes place on January 20.美国总统的就职典礼于一月二十日举行。
  • Three celebrated tenors sang at the president's inauguration.3位著名的男高音歌手在总统就职仪式上演唱。
148 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。
149 perpetuate Q3Cz2     
v.使永存,使永记不忘
参考例句:
  • This monument was built to perpetuate the memory of the national hero.这个纪念碑建造的意义在于纪念民族英雄永垂不朽。
  • We must perpetuate the system.我们必须将此制度永久保持。
150 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。
151 muster i6czT     
v.集合,收集,鼓起,激起;n.集合,检阅,集合人员,点名册
参考例句:
  • Go and muster all the men you can find.去集合所有你能找到的人。
  • I had to muster my courage up to ask him that question.我必须鼓起勇气向他问那个问题。
152 embodied 12aaccf12ed540b26a8c02d23d463865     
v.表现( embody的过去式和过去分词 );象征;包括;包含
参考例句:
  • a politician who embodied the hopes of black youth 代表黑人青年希望的政治家
  • The heroic deeds of him embodied the glorious tradition of the troops. 他的英雄事迹体现了军队的光荣传统。 来自《简明英汉词典》
153 incorporation bq7z8F     
n.设立,合并,法人组织
参考例句:
  • The incorporation of air bubbles in the glass spoiled it.玻璃含有气泡,使它质量降低。
  • The company will be retooled after the incorporation.合并之后的公司要进行重组。
154 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。
155 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。
156 prudent M0Yzg     
adj.谨慎的,有远见的,精打细算的
参考例句:
  • A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
  • You must school yourself to be modest and prudent.你要学会谦虚谨慎。
157 advantageous BK5yp     
adj.有利的;有帮助的
参考例句:
  • Injections of vitamin C are obviously advantageous.注射维生素C显然是有利的。
  • You're in a very advantageous position.你处于非常有利的地位。
158 briefly 9Styo     
adv.简单地,简短地
参考例句:
  • I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
  • He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。
159 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》
160 undue Vf8z6V     
adj.过分的;不适当的;未到期的
参考例句:
  • Don't treat the matter with undue haste.不要过急地处理此事。
  • It would be wise not to give undue importance to his criticisms.最好不要过分看重他的批评。
161 convertible aZUyK     
adj.可改变的,可交换,同意义的;n.有活动摺篷的汽车
参考例句:
  • The convertible sofa means that the apartment can sleep four.有了这张折叠沙发,公寓里可以睡下4个人。
  • That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。
162 serial 0zuw2     
n.连本影片,连本电视节目;adj.连续的
参考例句:
  • A new serial is starting on television tonight.今晚电视开播一部新的电视连续剧。
  • Can you account for the serial failures in our experiment?你能解释我们实验屡屡失败的原因吗?
163 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。
164 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。


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