CHAPTER VII union PACIFIC

    Acts of 1862 and 1864—High cost of construction—Forced combination with the Kansas Pacific and the Denver Pacific—Unprofitable branches—Adams’s administration—Financial difficulties—Debt to the Government—Receivership and reorganization—Later history.

The construction of the union Pacific was made possible by direct grants of lands and government bonds by Congress. The motive² for the project was military and political as well as economic; on the one hand California was to be cemented to the union, and aggression³ on the part of England was to be forestalled⁵; on the other a great and fertile territory was to be opened and an additional market provided for the products of the East.

In 1862 the first act “to aid in the construction of a Railroad and Telegraph Line from the Missouri River to the Pacific Ocean, and to secure to the Government the Use of the same for Postal⁶, Military, and Other Purposes” was passed.456. It created a corporation to be known as the union Pacific Railroad Company, with a capital of 100,000 shares of $1000 each, and authorized⁷ it to construct a railroad from the one hundredth meridian⁸ of longitude⁹ west from Greenwich at a point within the territory of Nebraska westward¹⁰ to the western boundary of the territory of Nevada. It granted the right of way, and in addition five additional sections per mile on each side of the track, plus a varying amount of United States bonds per mile, the use and delivery of which was to constitute a first mortgage on the property of the company. All compensation for services rendered to the Government was to be applied¹¹ to the payment of these bonds and interest thereon; and after the road was completed, until the bonds and interest should have been paid, at least 5 per cent of the net earnings¹² of the road was to be annually¹³ applied to the payment thereof. The directors were to be not less than fifteen in number, of whom two were to be appointed by the President of the United States. It was hoped that the offer would be sufficient to attract private capital to the undertaking¹⁵,221 and when it failed in this, the inducements were increased. The Act of 1864 amended¹⁶ that of 1862. It reduced the par⁴ value of the shares of stock from $1000 to $100, and increased their number from 100,000 to 1,000,000. It increased the land grant from five to ten alternate sections per mile, and subordinated the government lien¹⁷ to the rank of a second mortgage. Only one-half the compensation for services rendered for the Government was required to be applied to the payment of the bonds issued by the Government. The directors were to be twenty in number, of whom five were to be appointed by the Federal President.457

It was under these main provisions that the union Pacific Railroad was constructed. In their final shape they were intended to provide for the greater part of the cost of construction, while allowing the company to supply deficiencies by the issue of its own first mortgage bonds. Capitalization under these conditions would not have been excessive; the Government’s investment would have redounded¹⁸ unmistakably to its own benefit, as well as to that of the country, and the corporation would have looked forward to a long and prosperous career. Three things interfered¹⁹ to swell²⁰ the cost of the construction of the road, and with that its capitalization: First, construction was carried on during a time of high prices, swollen²¹ not only by depreciation²² of the currency, but by artificial conditions occasioned by the war; second, the normal level of the prices paid was raised by the speed with which the road was completed; third, construction was entrusted²³ to a construction company, the famous Crédit Mobilier.

In its comparison of the prices of the years 1864–9, with those of 1860, the Aldrich Committee arrived, in 1893, at the following result:
Year     Food     Bar Iron
Rolled     Rails,
Iron     Metals &
Implements²⁴
exc. Pocket
Knives     All Articles     ?
1864     165.8     249.3     262.5     198.0     190.5     ?
1865     216.5     181.1     205.5     218.7     216.8     ?
1866     173.8     167.0     180.7     192.7     191.0     ?
1867     163.9     148.2     173.2     178.9     172.2     ?
1868     164.2     145.8     164.3     167.1     160.5     ?
1869     162.9     139.0     160.9     157.9     153.5     ?

222 These figures may be divided by the premium²⁵ on gold, in order roughly to ascertain²⁶ gold prices. The index numbers then become:
Year     Food     Bar Iron
Rolled     Rails,
Iron     Metals &
Implements
exc. Pocket
Knives     All Articles          ?
1865     100.1     ?83.7     ?95.0     101.1     100.3          ?
1866     124.1     119.2     128.9     137.5     136.3          ?
1867     121.8     110.1     128.6     132.9     127.9          ?
1868     118.6     105.2     118.6     120.6     115.9          ?
1869     120.1     102.5     118.6     116.4     113.2458     ?

The tables show that both currency and gold prices were much higher in 1866 than before the war, and that both remained high while the union Pacific was being built. Wages were also above the normal, and for similar reasons. During the war the demand for men and goods of all kinds was great. After 1865 the country turned with tremendous energy to industry; and the upward swing, which was unchecked until the panic of 1873, and which was especially directed toward railroad building, maintained both wages and prices at an unusual height. Besides this, American rails were at the time in a period of transition from iron to steel; and much of the work carried through at such expense had completely to be done over within the next ten years.

The high prices were made higher by the speed of construction. The union Pacific built west from the Missouri River, but at the same time the Central Pacific was building east from Sacramento, under similar conditions as to government aid. The two roads were expected to meet at the western boundary of Nevada; but to encourage their early completion, the Act of 1862 authorized the road which first reached the designated point to continue construction, east or west as the case might be, until junction²⁷ with the second road should be made. Since the amount of land granted depended on the mileage²⁸ completed, the haste of the companies was feverish²⁹. “The union Pacific Company,” says Davis,459 “had its parties of graders working 200 miles in advance of its completed223 line in places as far west as Humboldt Wells.” The Central Pacific had completed 105 miles east of Sacramento by the autumn of 1867, hauling iron and supplies over the mountains without waiting for the piercing of its tunnels. No less than 1038 miles of the union Pacific, including the difficult stretch over the Rocky Mountains, were completed by 1869, four years after construction was commenced. The prize of additional land was thereby³⁰ secured, but this land was long unsalable, and the cost of construction was largely increased.

Finally, large sums were misapplied through a construction company. The story of the Crédit Mobilier has been so often told that only brief mention need be made of it here.460 In 1864 T. C. Durant, vice-president of the union Pacific, induced one H. M. Hoxie to bid for a contract to build from Omaha to the one hundredth meridian. Hoxie was financially irresponsible, and four days later assigned the contract to a company composed of Durant and other stockholders of the union Pacific. Meanwhile Durant had purchased the charter of the Pennsylvania Fiscal³³ Agency, a corporation which possessed³⁴ convenient powers. Later in 1864 the members of Durant’s construction company were given stock in the Fiscal Agency, now called the Crédit Mobilier of America, for the amounts they had paid in, and stockholders of the union Pacific were allowed to receive Crédit Mobilier stock for the amounts they had paid in on their union Pacific shares. Stockholders of the union Pacific thus became also stockholders of the Crédit Mobilier, and in their former capacity were enabled to vote lucrative³⁵ contracts to themselves as constructors of the railroad. Durant’s company assigned its contract to the Crédit Mobilier. Subsequently it was found more convenient to assign contracts to certain individuals, who transferred them to seven trustees, who built the required road with funds furnished by the Crédit Mobilier, and turned over the profits to that organization, but the practical result was the same.461 These various devices removed all incentive³⁶ to economy on the224 part of the union Pacific stockholders. Instead of gaining by cheap construction, they profited by dear; instead of aiming to reduce the cost in every possible way, they schemed at making the construction contracts as lucrative as possible to the persons to whom they were assigned. The advantages to them as stockholders of the Crédit Mobilier outweighed³⁷ the disadvantages to them as stockholders of the union Pacific. The profits realized by the Crédit Mobilier are still a subject of dispute. H. K. White figures them as 27? per cent, or $16,700,000; Davis says that the profit was safely over $20,000,000; but whereas White calculates the percentage of profits to the total cost of construction, Davis insists that a large part of the capital invested was replaced on the completion of each section of twenty miles by the proceeds of the government bonds and railway bonds and stock, and that though from $50,000,000 to $70,000,000 were expended³⁸, in all probability not more than $10,000,000 were sunk at any one time; in which case a profit of $20,000,000, spread over four years, represents $5,000,000 per year, or 50 per cent annually on the capital employed. Finally, the union Pacific Railway Commission estimated the actual cash profits at $23,366,320, and remarked that the obligations incurred³⁹ by the railroad company represented a very much larger sum, being measured by the bonds and stock at their par values.462

The result of the three factors was a corporation bonded⁴⁰ at an extremely high rate. The cost of road in 1870 was reported to be $106,245,978, or $102,951 per mile, against which was a capitalization of $107,907,300, or $104,561 per mile, of which $32,715 per mile was stock, $26,080 government bonds, and $45,765 first mortgage, land grant, and income bonds. In 1873 the net earnings were $4,092,032, and the interest on the funded debt, not including the government interest, was $3,403,660. In 1874 the figures were $5,291,243 and $3,431,720; in other words, the corporation started with a heavy handicap, which its monopoly of transcontinental business at first helped to overcome, but which grew heavier and225 heavier as the years went on. During the seventies, to repeat, the union Pacific enjoyed generally large prosperity. The volume of stock outstanding remained the same, the bonded indebtedness but slightly increased, and the ratio of operating expenses to receipts declined. The first dividend⁴¹ was paid in 1875; in 1876 and 1877 8 per cent was declared, in 1878 5? per cent, and in 1879 6 per cent. In 1880, however, a consolidation⁴² took place with the Kansas Pacific and Denver Pacific railroads, and this operation may well receive somewhat detailed⁴³ consideration.

The Kansas Pacific, as well as the union Pacific, was a creation of the Acts of 1862 and 1864, which required it to be constructed from Kansas City westwardly⁴⁴ to form a junction with the union Pacific at a point on the one hundredth meridian. Later, an Act of July 3, 1866, authorized it to change its route, and to connect with the union Pacific at a point not more than fifty miles westwardly from the meridian of Denver in Colorado.463 Like the union Pacific the Kansas Pacific was built by means of construction contracts, which resulted in a total capitalization on its 638 miles of line of $9,437,950 in stock and $22,651,000 in bonds, or $14,793 and $33,455 respectively per mile,—high figures in view of the comparatively level character of the country traversed.464 The road was not a paying one. It was poorly built and poorly managed, and running parallel with the union Pacific, it had to meet competition of a very bitter kind. The report of Mr. Calhoun, expert accountant for the United States Pacific Railway Commission of 1887, showed that the total receipts of the road from 1867 to 1879 had aggregated⁴⁵ $9,220,218, while the bond and interest account, exclusive of United States interest, had amounted to $15,745,287; leaving a deficit⁴⁷ of $6,525,069, or, including the United States accrued⁴⁸ interest, of $11,330,772.465 That is, the Kansas Pacific was in a state of chronic⁴⁹ insolvency⁵⁰. In 1874 it was placed in the hands of receivers, and the following year, by an arrangement with its creditors⁵², it funded a considerable amount of overdue⁵³ interest.466

226 In 1878 a number of securityholders of the Kansas Pacific got together in an attempt to reorganize that property, to take it out of receivers’ hands, and to “unite in interest the Kansas Pacific and union Pacific Railway Companies.” Twelve large securityholders consented to contribute to a common pool or fund holdings of securities taken at a fixed⁵⁴ valuation, their interests in the pool to be proportional to the amounts of said securities and stock taken at the value referred to.467 For the securities deposited they were to receive stock at a reduced rate: thus for eight shares of old stock they were to receive one share of new; for $2000 unsubordinated income bonds they were to get ten shares, and for $10,000 subordinated income bonds thirty shares of new stock.468 The final result would have been to replace securities with a par value of $17,330,350 by stock with a par of $4,855,300, and greatly to lighten the burdens upon the road; though it must be remembered that the $17,330,350 were less than half of the total volume of securities outstanding, that the payment of interest on much of these had been optional only, and that no provision was made for the floating debt.

The scheme fell through, according to Mr. Gould, who was a party to the agreement, because securityholders outside of the pool refused to consent to so drastic a reduction of their holdings; and at his suggestion a consolidated⁵⁵ mortgage was substituted for the issues of stock. This mortgage was for forty years at 6 per cent. The total issue was to be for $30,000,000, of which $24,000,000 were to be issued at once for the retirement⁵⁶ of earlier bond issues and for payment of arrears⁵⁷ of interest.469 Like the previous proposition the scheme contemplated⁵⁸ a scaling in the principal of the junior securities, and the same rates of commutation were retained; but in this case the old Kansas Pacific stock was withdrawn⁵⁹ from the operation of the plan, and certain reservations were made for other purposes, so that an actual increase in indebtedness was finally to227 result, and even the interest charges were certain to increase.470 For the time being, however, by force of the reduction of interest on the funding mortgage in January, 1879, from 10 to 7 per cent, and by the disallowance⁶⁰ of some claims for overdue interest, relief was obtained, while the consolidated mortgage was duly issued.

The Kansas Pacific ran west to Denver. Between Denver and Cheyenne the Denver Pacific, 106 miles long, served as a connecting link between the larger systems. The Denver Pacific stock was held by the Kansas Pacific, and 29,979 shares of it were pledged in 1877 as part security for an issue of 10 per cent funding mortgage bonds.471 The total earnings of the Denver Pacific from 1870 to 1879 had been $3,122,141; the expenses had been $1,709,477, and the net earnings from operation $1,412,664, or an average per annum of $141,266; while for the first eight years of that time the annual interest charge had been about $185,000. The only value of the Denver Pacific stock lay in the control which it secured over a connecting link between Denver and Cheyenne.472

Under the conditions of competition existing between the union Pacific, Kansas Pacific, and Denver Pacific, some sort of agreement or consolidation was both desirable and likely. The Kansas Pacific was entirely⁶¹ dependent on its competitor for access to western business, and this was soon perceived to be equivalent to continuous bankruptcy⁶². Extension to Ogden would have removed the dependence⁶³; but this, while to be dreaded⁶⁴ by the union Pacific, was beyond the power of the Kansas Pacific for financial reasons, and no capitalist or group of capitalists before 1878 or 1879 seemed interested in the undertaking. On the other hand, rates were low, and the very success of its exclusive policy forced the union Pacific to meet the competition of a road which, with no interest charges to pay, was able to cut all rates to the very verge⁶⁵ of the cost of operation.

As early as 1875 there was talk of an agreement whereby the Kansas Pacific was to give up its claims for a pro¹ rate on its Pacific business in return for a monopoly of the local business of Colorado,228 and in connection with the deal was to acquire the Colorado Central Railroad on issue of $10,000,000 Kansas Pacific stock to parties designated by the union Pacific Company; but this was never carried out. In 1878, when Gould began to be interested in the property, a union by means of stock control seemed feasible. Gould’s first purchases were of bonds, and it was as a bondholder that he entered the pool of 1878; but with the purchase of the holdings of the “St. Louis parties,” he and his friends obtained control of a majority of Kansas Pacific stock. In fact one of the provisions of the pool was that if on the first day of June, 1878, it should be found that Messrs. Gould, Dillon, and Ames, all large stockholders in the union Pacific, had not a majority interest in said pool, then they should have an option on such an amount of other interest ratably and for cash as on the basis of the schedule should give them such an interest; and though this majority did not necessarily involve a majority of stock, the operations of the pool aided Gould in the acquisition of control. The union between the union Pacific and the Kansas Pacific thus secured was, however, of the frailest⁶⁶ kind; for Mr. Gould at no time had the permanent interest of either road at heart, and looked for his personal profit rather in their struggles than in agreement between them. For this reason, as he bought Kansas Pacific, Gould sold union Pacific stock, reducing his holdings from about 200,000 to about 27,000 shares.473 In 1879 the situation of the two roads was thus much the same as before, and the harmony apparent was of the most superficial kind. One change, however, had taken place to the serious disadvantage of the union Pacific; for the Kansas Pacific, although still badly built and dependent upon its rival for an adjustment of rates sufficiently⁶⁷ favorable to let it into the western business, had now interested in it a group of capitalists quite capable of financing an extension to Ogden, and even of securing connections from Kansas City to the East.

In 1879, doubtless relying upon the strength of Kansas Pacific’s new backing, Gould proposed to the union Pacific a consolidation of the union, Kansas, and Denver Pacific roads, in which the shares of each were to figure equally at par. The terms were absurd229 by every test of productive capacity which could have been applied. The relative earning power and annual interest per mile of the three roads at this time were given by a government accountant as follows:
      Annual Net
Earnings per mile     Annual
Interest per mile     ?
union Pacific     $5617     $3185          ?
Kansas Pacific     ?1602     ?2295          ?
Denver Pacific     ?1333     ?1750474     ?

The union Pacific had reported an annual surplus, the other two roads an annual deficit; the union Pacific had not defaulted, the Kansas and Denver Pacific had done little else; the highest mark which the Kansas Pacific stock had touched in January, 1879, had been 13, that of the union Pacific had been 68?. But the question, as Gould well knew, was not one of productive but one of destructive capacity, and the means of coercion⁶⁸ which he employed was a demonstration⁶⁹ of the ease with which the Kansas Pacific could be made formidable as a competing line. In November, 1879, he purchased the Missouri Pacific from Kansas City to St. Louis; about the same time he bought two minor⁷⁰ roads between the Kansas Pacific and the union Pacific in Kansas, and announced his intention of extending the Kansas Pacific to Salt Lake City, there to connect with the Central Pacific and to form a third transcontinental route. The story is clearly told in the report of the United States Pacific Railway Commission.475 The result was the consent of the union Pacific directors to the terms imposed, and the execution of an agreement dated January 14, 1880, whereby the union and the Kansas Pacific, with all their respective assets and liabilities, were put together at par of their respective capitals,—$36,762,300 and $10,000,000,—to which was added the capital of the Denver Pacific, $4,000,000, forming a new company called the union Pacific Railway Company, with a capital of $50,762,300, and a bonded indebtedness of $92,984,624.476 This corporation was larger in every way than the old union Pacific Railroad, except in one particular—earnings above fixed charges. It had 1821 miles of line instead of230 1042; $22,455,134 gross earnings instead of $13,201,077; $10,545,119 operating expenses instead of $5,475,503; and yet, since the consolidation was a union of some strength with a vast deal of weakness, there were few who profited by it save the holders³¹ of Kansas Pacific or Denver Pacific stocks. Those lucky and skilful⁷¹ individuals saw the quotations⁷² of Kansas Pacific common rise from a high level of 13 in January, 1879, to one of 59 in June, and of 92? in December; and the stock which had been a football in the market thus become of such value that in 1887 Gould was able to lay before a committee of Congress, in justification⁷³ of the terms described, a table which showed for 1880 market prices of Kansas and union Pacific stock which were approximately the same.477

It was to Gould, as chief owner of Kansas Pacific and holder³² of practically all of the Denver Pacific stock outstanding, that the lion’s share of the profits went; but Mr. Gould was not satisfied with a harvest on these stocks alone. In the course of his operations he had become possessed of certain branch and minor roads in whole or in part. Thus he held $945,887 in bonds of a company known as the St. Joseph & Western Railroad Company, and 5013 shares of its stock; $634,000 in bonds of the St. Joseph Bridge Company; and $59,000 in St. Joseph & Denver Pacific Railroad receivers’ certificates; while to convince the union Pacific directors of the wisdom of accepting his plan of consolidation he had acquired the Missouri Pacific, the Kansas Central, and the Central Branch union Pacific railroads.478 The earning capacity of none of these lines was large, that of the Missouri Pacific being the greatest. The St. Joseph & Western had been sold in foreclosure in 1875, and had continued to be managed thereafter by a receiver. What value it had was due231 to the fact that, as extended to Grand Island, it gave to the union Pacific an outlet⁷⁴ to the East other than the one at Omaha. The value of the Bridge Company bonds and of the receivers’ certificates was dependent upon this same property. The Kansas Central was a narrow-gauge road and had been sold under foreclosure in April, 1879. The Central Branch union Pacific had been designed to join with the Kansas Pacific, but had been left without western connection when this latter road had failed to meet the union Pacific at the hundredth meridian. At the time of the consolidation, according to the United States Pacific Railway Commission, “the coupons⁷⁵ for six years were in default, and were retained uncancelled as security for the income mortgage. The company had never earned sufficient to pay its own coupons, without taking into account the accruing⁷⁶ interest to the United States in any form.”479 The Missouri Pacific was more prosperous, but need not here concern us. Mr. Gould had paid various prices for the above, ranging from $40 for the St. Joseph & Denver bonds to $238 for the stock of the Central Branch union Pacific. In the case of each road he turned over his purchase to the union Pacific for the same or a greater price.480 Thus for the St. Joseph & Western bonds, for which he had paid 40, he received par in union Pacific stock selling as high as 94 in January, 1880; for $634,000 bonds and 4000 shares of stock of the St. Joseph Bridge Company, costing $480,440, he received 6340 shares of union Pacific stock; for $479,000 in bonds and 2521 shares of stock of the Kansas Central, he received 4790 shares of union Pacific; and for 7616 shares of Central Branch union Pacific, costing $1,826,500, he received $913,500 in union Pacific six per cent bonds and $913,500 in Kansas Pacific six per cent bonds.481 The result was the issue of considerable amounts of stock of the consolidated and bonds of the consolidating⁷⁷ companies, without equivalent value received.

The union Pacific Railway Company, therefore, began its career in 1880 in worse shape than the union Pacific Railroad Company, which had preceded it, for it suffered not only from an initial watering of stocks and bonds, but from a watering of assets which had232 followed. Including the government subsidy⁷⁸ and accrued interest thereon, the total bonds and stocks of the company in 1880 were $179,058,902, or $98,329 per mile, of which $27,876 were stock, $45,372 mortgage bonds, and $25,081 government subsidy and interest. The figures per mile were slightly lower than in 1870, and yet the water in the capitalization was more abundant, for the average value of the assets had declined still more. A dividend-paying road had been combined with non-dividend payers, with the result of large profits to the promoters of the consolidations, but of serious harm to the solvent⁷⁹ party.

Between 1880 and 1883 a number of branches were constructed, to provide funds for which the capital stock of the Railway Company was increased $10,000,000. Of these the Denver & South Park was constructed in the years 1881 to 1883, and was the last of Mr. Gould’s gifts to the parent line. This road was handled by several construction companies, in the last of which Gould took a quarter interest, receiving stock of the Denver & South Park Railroad Company as a dividend on his investment.482 In November, 1880, acting⁸⁰ in behalf of the union Pacific Railway Company, he bought the stock of the Denver road at par for cash, benefiting in his capacity as quarter owner by his action as representative and stockholder of the union Pacific.483 In relation to the road Mr. Charles F. Adams, Jr., subsequently said: “The chief source of revenue ... was in carrying men and material into Colorado to dig holes in the ground called mines, and until it was discovered that there was nothing in those mines the business was immense.”484 A more important and genuinely beneficial project was the organization in 1881 of the Oregon Short Line Railway Company to construct and operate a railway from Granger on the union Pacific to and into the state of Oregon, a distance of 610 miles, with the intention of securing the Washington and Oregon business. The Northern Pacific was in financial difficulties at the time, and it was not expected that it could anticipate the new road; but even though this expectation was disappointed, and the Oregon Short Line was second in reaching the233 disputed territory, its value was great and steadily⁸¹ grew.485 The road was built by the construction department of the union Pacific, and was financed by the organization of a subsidiary corporation which issued stock and bonds to an amount of $25,000 per mile, one-half of the stock being reserved in the union Pacific treasury⁸² for the purpose of control, and the union Pacific guaranteeing the payment of interest on the bonds. This branch at least was not unloaded on the main line by interested parties, and forms an essential part of the system to-day. Other branches were bought or constructed at the time, but do not require detailed mention.

Gould for the time had obtained from the union Pacific all that he thought possible, and quietly unloaded his stock, while keeping up the payment of dividends⁸³. By 1883 he was substantially clear, but he had left his mark; the consolidation of 1880, with the forced purchase of worthless branches, aided as it was by the high capitalization caused by extravagant⁸⁴ original construction, and accompanied by a steadily increasing intensity⁸⁵ of competition between transcontinental lines, had diminished the surplus to a dangerous extent. At the same time the prosperity of the country as a whole was declining; the wheat crop of 1881 was only three-quarters as large as the crop of 1880, and the corn crop was the smallest since 1874; though the decline was not so marked in Kansas and the far West as in the states east and south of Omaha and Kansas. By 1882, says Noyes, all the markets were moving downward, and after the reaction of that year, the volume of internal trade decreased continuously until after the panic of 1884.486

The evidence of distress⁸⁶ on the part of the union Pacific was the mounting up of the floating debt. In November, 1882, President Dillon stated that it then amounted to $3,400,000, and that a loan of $5,000,000 was to be negotiated to take care of it.487 The annual report at the end of the year stated the net debt to be only $842,743, but included in the assets used to offset⁸⁷ the gross debt $2,768,437 in fuel and material on hand, and $927,648 in balances due from auxiliary⁸⁸ roads; so that early the following year it was again a subject of discussion, and the stockholders recommended to the directors the issue of collateral⁸⁹ bonds in order to wipe it out. Pursuant234 to the recommendation the directors executed to the New England Trust Company of Boston an indenture⁹⁰ under which it proposed to issue trust bonds to an amount equal to 90 per cent of the securities deposited. By 1884 the gross floating debt amounted, nevertheless, to $11,306,595, as against $9,852,325 gross in 1882, and the quick assets, exclusive of fuel and material, counted up to $8,068,898, instead of to $6,241,145. The chief increase in liabilities, as always, had taken place in bills payable⁹¹, meaning that the road had been giving its notes for the payment of current indebtedness, with the consequent necessity of paying a high rate of interest, and of making frequent renewals⁹². Meanwhile dividends had been stopped and salaries cut down.

At this juncture⁹⁴ Mr. Sidney Dillon resigned the presidency⁹⁵, and Mr. Charles Francis Adams, Jr., was elected his successor. Mr. Dillon was well along in years, was said to be in poor health, and doubtless missed the support which Mr. Gould had been accustomed to render him. Mr. Adams was a younger man, only forty-nine years of age as against the sixty-nine of Mr. Dillon. He had been a member of the Massachusetts Railway Commission from 1869 to 1879, had served as government director of the union Pacific in 1878, and now brought to his position as president an inexhaustible fund of energy, large resourcefulness, and more important still, a nice sense of his obligations towards the bondholders and shareholders⁹⁶ of his road. Under his régime the economies earlier initiated⁹⁷ were continued and extended; employees were discharged until, by June 28, 1884, the company had only about 10,000 men in its employ instead of the 20,000 who had been on the rolls at one time; and rolling mills, etc., were closed wherever the company found it cheaper to purchase rails and equipment at current prices. This, with the cessation of dividends, left a considerable surplus revenue applicable to the payment of the floating debt. In addition, bonds and stock from the company’s treasury were sold between January 1, 1884, and January 1, 1887, for which $6,550,000 were obtained; and the aggregate⁴⁶ of resources made available was $16,200,000, of which $8,251,368 were applied to the floating debt, $6,708,632 to betterment of the road and branch-line construction, and $1,240,000 to increase of equipment.488 In addition the proceeds235 from land sales were used to the same general end. In August, to reassure⁹⁸ investors⁹⁹, President Adams stated that no part of the floating debt was pressing, and in November he repeated the statement; the truth of which was made evident by the payment of the last bit of net unfunded indebtedness on August 22, two years later. The result was highly creditable, although the continued cessation of dividends provoked some protest.

Much could be done at this time by able and energetic management; there was, however, much that could not be done; and it is to this that we must attribute Mr. Adams’s failure to put the road in a permanently¹⁰⁰ stable position. For first, the competition which the union Pacific was obliged to meet was constantly increasing in severity. In 1881 the Atchison, Topeka & Santa Fe was extended to a junction with the Southern Pacific at Deming; in 1883, in the language of the annual report, “Not only was the Rio Grande completed to Ogden, making, in connection with the Atchison, Topeka & Santa Fe and the Burlington & Missouri extension of the Chicago, Burlington & Quincy, a direct competing route with the union Pacific from Chicago and all eastern points to a common western terminus, but the Northern Pacific also was connected through, making a third transcontinental route.”489 In 1887 the Atchison built 450 miles of line and the Chicago, Rock Island & Pacific was scarcely behind, so that Kansas and Nebraska were covered with a network of lines, which transformed the natural local traffic of the union Pacific into competitive business of the most uncertain kind. At the same time the profitable high grade business was giving way to a larger volume of mineral traffic, and the average length of haul was increasing, all of which resulted in a decrease of about 45 per cent in the average receipts per ton mile between 1881 and 1890, a slow increase in gross earnings which bore little relation to the greatly increased volume of business done, and a fluctuating progress of net earnings, which were actually over $3,000,000 less in 1889 than they had been eight years before.

And second, during this time the fixed charges of the union Pacific did not materially decrease. They were $7,626,626 when Mr. Adams assumed the presidency, and $7,309,142 five years236 later; and the necessity for further decrease was shown by the fact that the total net income of the road was $11,402,199 in 1884, $10,339,402 in 1889, and $9,561,673 in 1890. What Mr. Adams could do he did, and the funded debt under his régime decreased from $90,760,582 in 1884 to $82,090,585 in 1889, and to $73,968,885 in 1890; the company steadily buying up its own indebtedness: but the conditions which he had to face were too exacting¹⁰¹, and the saving made here was offset in other ways.

To save itself the union Pacific was driven to a rapid extension of its branch mileage, which Mr. Adams held to be the only means by which fixed charges could be paid.490 Between 1884 and 1890 3132.45 miles were built or acquired, all under separate organizations, but with their accounts and management under the supervision¹⁰² and control of the officers of the parent line; and the amount invested in branch-line securities was raised from about $28,000,000 in 1881 to $41,879,724 in 1892. These roads reported annual deficits¹⁰³, which were either paid out of earnings or carried as floating debt. The report of the Government Directors in 1891 declared that $15,000,000 out of $21,400,000 of floating debt were the result of expenditures¹⁰⁴ and advances in the construction of branch and tributary¹⁰⁶ lines and the purchase of stock in such lines for the purpose of control.491 But speaking in 1887, Mr. Adams declared the branches to be worth $5,000,000 a year to the main line, entirely apart from anything which appeared in the accounts of the branches themselves, and in a letter to the Government Directors in 1884 he said: “The branches and auxiliary lines of the union Pacific should be considered the only real security the Government has for the repayment¹⁰⁷ of its indebtedness.... Were it not for these branches the union Pacific would be confined to such small local traffic as it could pick up at points directly upon its main line; and to its share of the through transcontinental business which has recently been subdivided¹⁰⁸ by four through the construction of competing routes.”492 The most important of the branches remained the Oregon Short Line, with the connecting line of the Oregon Railway & Navigation237 Company, of which the union Pacific became finally possessed in 1889. This last road had been long considered the natural outlet of the Northern Pacific to the Pacific coast, but had been leased by the union Pacific in 1887 through the Oregon Short Line with a guarantee of 6 per cent dividends upon its stock as well as interest upon its bonds for 999 years. In 1889 negotiations¹⁰⁹ with the Northern Pacific resulted finally in the sale of the Oregon Railway & Navigation stock held by Mr. Villard and his friends. Pending¹¹⁰ the issue of a collateral trust mortgage the stock was deposited with a trust company, a note was given for the amount, and the sum was carried as floating debt. Whatever the value of the property to the Northern Pacific, it proved of great worth to the union Pacific, providing it with an independent outlet to the coast, and giving it a haul on its main line of over 800 miles on all interchanged traffic. The method of payment proved a dangerous one, however, in that it so largely swelled¹¹¹ the volume of the union Pacific’s quick liabilities.

In 1891 Mr. Gould again began buying union Pacific stock. Mr. Adams therefore resigned late in the year, and Mr. Dillon was elected to his position. The time was not ripe for expansion of any kind, and Mr. Gould’s death the following year put an effectual check on any schemes which he might have entertained. The immediate¹¹² problem was the floating debt, swollen to unwieldy proportions by the acquisition of branch lines, and in particular by the purchase of the Oregon Railway & Navigation Company. During 1890 a block of collateral bonds was issued and sold, but the remainder of the proposed issue was kept back in the hope of a better price. While waiting, Mr. Gould devised a scheme for the postponement¹¹³ of the payment of these and of other quick liabilities by the issue of three-year collateral notes, to be underwritten by a syndicate composed of himself and of other gentlemen interested in the property. These notes were to bear 6 per cent, and were to be issued at 92? to such holders of the floating debt as would accept them, the syndicate taking care of the balance. The authorized amount was to be $24,000,000, of which $5,500,000 were to be issued at once. The plan was declared operative on September 28, 1891. If, now, the union Pacific had been a moderately capitalized corporation, with fixed charges normally well below its earning238 capacity, and if, in 1894, when the notes were to mature, the market conditions had been more favorable than in 1891, it is probable that this scheme, temporary as it was, would have met the needs of the situation. Since neither of these contingencies¹¹⁴ occurred the insufficiency of the plan may be said to be in part the misfortune of the union Pacific and in part its fault. It was a particular misfortune that the severest panic since 1873 should occur when the road was staggering under a load which it could scarcely bear; but it was altogether a fault that the railroad should have been so burdened as to be able to lay by no reserve in good times for the hard times which were bound to come.

In 1892, therefore, the union Pacific was in a difficult position. Its capitalization was high; its earnings had shown scarcely any increase for five years; its surplus had not been sufficient to prevent the accumulation of a large floating debt; it had to prepare to raise a large sum of money in two years for the payment of its short time notes; and, in addition, there was ahead a fact of which little has been said so far,—the maturing of the government indebtedness.

Briefly¹¹⁵ sketched¹¹⁶, the history of this indebtedness was as follows: The Acts of 1862 and 1864 had provided for the issue of government bonds for stated amounts per mile on the subsidized portions of the system in aid of construction, which bonds were to mature thirty years from date of issue, and to have a lien on the property covered second only to the first mortgage of the company. The rate of interest was 6 per cent, payable to the bondholders by the Government; and in 1875 the Supreme¹¹⁷ Court decided¹¹⁸ that the company was not obliged to repay to the Government the accruing interest before the maturity¹¹⁹ of the bonds.493 This ruling was regarded as a victory for the company, but meant the steady piling up of arrears of interest, lessened¹²⁰ only by the retention¹²¹ by the Government of one-half the amounts due for government transportation, and, under the Thurman Act, of such additional sum not in excess of $850,000 as, added to the whole compensation for government services and to the 5 per cent of net earnings set aside under the Act of 1862, should make the annual contribution equal to 25 per239 cent of the net earnings of the company, unless the remaining 75 per cent should be insufficient¹²² to pay the interest on the first mortgage bonds; in which case the Secretary of the Treasury was authorized to remit¹²³ a portion of the 25 per cent of net earnings required.494 The Thurman Act did not fulfil expectations. The Supreme Court in 1891 held that expenditures for new construction and new equipment could not be deducted¹²⁴ from gross earnings in ascertaining¹²⁵ net earnings,495 but the road met hard times and the maximum limit of the contributions to the sinking fund was not attained¹²⁶, and in investing the fund in government bonds the Secretary of the Treasury was compelled to pay high premiums¹²⁷, thus reducing the net interest; so that from the beginning to 1892 the question of indebtedness to the Government occasioned constant dispute and litigation, introduced uncertainty¹²⁸ into the affairs of the railroad, and caused hard feelings between it and the Government. In 1892 the necessity for some settlement was near at hand. The principal of the government debt matured as follows:
November     1, 1895     $640,000     ?
January     1, 1896     1,440,000     ?
February     1, 1896     4,320,000     ?
January     1, 1897     6,640,000     ?
January     1, 1898     17,342,512     ?
January     1, 1899     3,157,000     ?
            $33,539,512     ?

Deducting¹²⁹ from this amount the sums paid to the Government and the company’s credits for mail and carriage, and adding arrears of interest, the sum due the Government at the last of 1893 was approximately $52,000,000.496 It was obviously highly difficult for the company to pay this sum in 1892 or 1898 or any other time, and for some years both the company and the Government had been earnestly discussing schemes for refunding¹³¹, and the advantages and240 disadvantages of the ownership and operation of the road by the United States. Thus in 1892 an overwhelming obligation was hanging over the union Pacific; and did not crush it only because the inability of the road to pay was so evident, and the inadvisability of government ownership was so strongly believed in, that every one felt that the necessary concessions¹³² would be made.

In 1893 the sinking-fund 8 per cent bonds matured to the amount of $5,176,000, and were partially¹³³ extended and partially paid off through the medium of an underwriting syndicate; but this was the last attempt to meet indebtedness coming due. During the year both gross and net earnings fell off enormously, owing to the general depression of business, and particularly to the stagnation¹³⁴ upon the Pacific coast. Freight rates were said to be in a state of chaos¹³⁵; and the union Pacific served notice that it would withdraw from the Western Passenger Association on October 10. As the year wore on the continued decrease in earnings made the situation desperate. “The company for the year ending December 31, 1892,” said Mr. John F. Dillon, counsel for the union Pacific, in November, “had a surplus of $2,000,000. In the month of September (1893) there was a loss of net revenue of $1,500,000 as compared with the preceding year, and from January 1 to August 31 there has been a falling off in net revenue of over $2,500,000. The company is indebted for labor¹³⁶ and materials on October 1 to the amount of $1,500,000; and its sinking-fund and interest charges for September would be more than $1,000,000; for October $750,000, for November $850,000, for December $1,000,000, and for January $1,000,000. There will be a deficit for the year 1893 of at least $3,000,000 and the company is without money or means to meet these obligations....”497

Under these conditions a receivership was the only device which could prevent the dismemberment of the system and protect the interests of all the creditors; and accordingly, on application of parties friendly to the company, Messrs. S. H. Clark (president of the union Pacific), O. W. Mink¹³⁷ (comptroller), and E. E. Anderson (government director), were appointed in October;498 Mr. Clark taking charge of the operation of the road, and Messrs. Mink241 and Anderson of the financial and legal business.499 One month later, on application of the Attorney-General, Messrs. John W. Doane and Frederick R. Coudert were appointed additional receivers to safeguard the government interests and to assist the other receivers in the general administration of the property.500 These gentlemen remained in office until the reorganization was complete, though various portions of the system passed from their jurisdiction¹³⁸ from time to time.

The appointment of receivers closed a long struggle to maintain the solvency⁵¹ of the road. A reorganization was now in order, and in this it was to be possible to do what Mr. Adams had not been able to do,—namely, to rearrange the capitalization of the road, thereby permanently lessening¹³⁹ the fixed charges and securing a reserve of earning capacity sufficient to avoid bankruptcy when receipts for any cause should show a considerable decrease. This was the fundamental condition of future prosperity. Besides, the debt to the Government had to be settled, cash raised to pay the floating debt, including the three-year notes of 1891, and the system held together so that its earning capacity should not be destroyed.

As might be expected, it was the debt to the Government which was most publicly and persistently¹⁴⁰ discussed. There seemed to be four ways in which this might be handled:

First, the Government might have cancelled the obligation and have remained satisfied with the enormous economies which it had secured in the transportation of mails and other government business. In the seven years between 1867 and 1873 alone the Quartermaster-General estimated that the union Pacific had saved the Government $6,507,283 in the cost of moving troops and supplies,501 and there was no doubt that by 1896 the investment of the Government, with interest, had been many times regained¹⁴¹. But it was pointed¹⁴ out not only that the union Pacific deserved little consideration,242 in that its earnings had been wrongfully diverted from the payments demanded by the Thurman Act by the manipulations of Gould and others, but that the precedent¹⁴² of renouncing¹⁴³ a just claim would be an extremely bad one for the Government to set.

Second, the Government might have exacted larger payments to the sinking fund, and have extended the debt at an unchanged rate of interest until it should be automatically discharged. This was the proposal of Mr. Hampton, Commissioner¹⁴⁴ of Railroads, who suggested the amendment¹⁴⁵ of the Thurman Act as follows: it should embrace all the United States bond-aided Pacific railroads; it should compel the contribution of 50 per cent of net earnings to a sinking fund instead of 25 per cent, and should extend the indebtedness to the Government until discharged as provided. If any company should abandon a portion of a subsidized line or divert its business from a subsidized to an unsubsidized line, that company should transfer the conditions which were attached to the former to the latter, in order to protect the interests of the United States Government.502 The weak points in this scheme were many. Among them may be pointed out the fact that contributions to the sinking fund under the Thurman Act had been necessarily invested in government bonds, which, in view of the premium at which they were necessarily purchased, yielded a very small return. To double the contributions would have been to double the amount of the railroad’s funds sunk in but slightly remunerative¹⁴⁶ investments; and the Government did not seem inclined to permit the company to adopt the only practicable alternative, that of investing its sinking fund in its own securities. Also, Mr. Hampton’s amendment would have continued to an enhanced degree the constant suspicious supervision of the company by the Government which had been, perhaps, the chief evil result of the Thurman Act.

Third, the Government might have consented to a refunding of the indebtedness to it at a lower rate of interest. This was most urgently pressed by representatives of the road. Mr. A. A. H. Boissevain, representing the Dutch bondholders, proposed to redeem¹⁴⁷ the first mortgage by the securities in the sinking fund so far as possible, and to renew the rest at a lower rate of interest;—after243 which the Government was to be given a 100-year 2 per cent bond for the principal and interest of its claim.503 Attorney-General Olney similarly suggested a renewal⁹³ of the first mortgage bonds at a rate of not over 5 per cent, and an exchange of 100-year 2 per cent bonds for the government claim; though he differed somewhat from Mr. Boissevain as to the lien which these bonds should have.504 Congress and the Government Directors in 1894 were inclined to insist on harder terms. The latter, in their annual report, proposed that the first mortgage bonds be paid off in cash, and that a 100-year 3 per cent instead of a 2 per cent bond be given to the Government, with elaborate provision for a sinking fund; and the former had before it in the Reilly Bill a very similar suggestion.505 As a counter-proposition the railway company offered to pay off the first mortgage bonds in cash if the Government would take a 50-year 2 per cent instead of a 3 per cent bond for its claim. “The petitioners¹⁴⁸ further represent,” it said, “that it will be utterly¹⁴⁹ impossible to obtain the very large sums referred to from the stockholders unless it be possible to offer to them in satisfaction of their assessments¹⁵⁰ reasonable security for the moneys so advanced. At a meeting recently held, at which were present representatives of a large amount of the stock of the said company, the conclusion was reached that if the debt to the Government could be funded substantially on the terms of the Reilly Bill, but at a rate of interest of 2 per cent per annum instead of 3 per cent, the said stockholders would endeavor to raise the funds needed for the purpose of meeting the requirements of the Reilly Bill.”506 Finally, Mr. Pierce, on behalf of the Fitzgerald Reorganization Committee, proposed that the Government either take 4 per cent bonds for the principal of its debt, and preferred stock for the interest, carrying into the settlement with the Government the scheme which was found best adapted to the satisfaction of other creditors; or that it take a 3 per cent first mortgage bond for its principal, and a second mortgage non-interest-bearing bond for its interest; or that it accept a lump sum of money equal to the value of its lien, which he informally estimated as 50 per cent of the total244 amount due.507 The plan of refunding was the most obvious as well as the most practicable of all suggestions. It had, however, the disadvantage from the point of view of the Government of surrendering some part of the government claim, and from that of the company of continuing the relations of the Government with the road.

Fourth and last, the Government might have demanded payment in cash. The sum which the company would have had to obtain was extremely large, but the accumulated sinking fund reduced it considerably¹⁵², and many thought that the balance could be raised. In March, 1896, before a Senate committee, Mr. John Rooney, for the first mortgage bondholders, proposed that the Government, through a commission, should buy in the union Pacific at foreclosure sale, should issue a new general mortgage at a lower rate of interest than the existing prior liens¹⁵³, and should pay off both the first and the government mortgage with the proceeds;—the road to be turned over to the subscribers.508 This suggestion took place among many others which were in the nature of a compromise. Thus the reorganization committee, in 1895, offered to pay the principal of the government debt provided that the interest were cancelled;509 and Receiver Anderson proposed in 1896 that the company pay the principal of the debt by adding funds raised by it to the amount of the sinking fund, and settle the arrears of interest with a 50-year 2 per cent bond. Full payment in cash was, of course, what the Government desired, and everything short of that it hesitated to accept; but equally, of course, full payment was what the bondholders of the road were most unwilling¹⁵⁴ to concede; and hearing after hearing took place before committees of the Senate and of the House without definite result.

Meanwhile the general reorganization of the company was going on. In November, 1893, the various interests and factions¹⁵⁵ of the road held a conference in New York, which resulted in the choice of a reorganization committee as follows: Senator Brice, chairman; Mr. A. H. Boissevain, for the foreign holders; General Louis Fitzgerald,245 president of the Mercantile Trust Company, for the Gould interests; Mr. Carr, for the estate of F. L. Ames; General Dodge¹⁵⁶, for the Denver and Gulf¹⁵⁷ roads’ interests; and Colonel H. L. Higginson, for the Oregon Railway & Navigation interests.510 Subsequently Mr. J. P. Morgan accepted a place.511 This committee was the only comprehensive one appointed until 1895; but numerous other committees sprang up to represent special interests of one kind or another, appearing frequently as interest on new classes of bonds was defaulted, and having, with the main reorganization committee, to deal specifically with the payment of the floating debt and the reduction of fixed charges. Upon the ability of the committees to agree depended the retention of the union Pacific in something like its existing shape.

Aside from the question of the government debt there seemed to be a general agreement as to what was needed to be done. Every suggestion contemplated the payment of the first mortgage in full and the reduction of the interest upon the junior securities; most included with this an assessment¹⁵¹ on the stock, and one at least proposed the cancellation¹⁵⁸ of the guarantee on the stock of the Oregon Railway & Navigation Company.512 The principles were obvious. A large sum of money had to be raised with which to pay the floating debt and to meet possible demands by the Government. This had to come from the junior securities or from the stock, and preferably from the stock, which represented ownership in the enterprise. On the other hand, reductions in fixed charges had to come from the junior securities as the youngest interests which had a mortgage lien. Differences of opinion occurred upon the details. Should there or should there not be a foreclosure? How large an assessment was required? How great must the reduction in interest charges be, and should bonds or stock or both be given to the junior securities in exchange for their holdings? Should the system as it stood be preserved, or should certain parts of it be let go?

In June, 1894, Mr. Boissevain stated that the reorganization committee thought that they should be in a position to formulate¹⁵⁹ a246 complete plan of reorganization speedily after the terms of the adjustment of the debt to the United States had been approved by Congress. “It is our opinion that the fixed charges of the reorganized company ... should not exceed $8,500,000 per annum. Certain classes of existing bonds secured by mortgage on portions of the system cannot be and should not be disturbed, as they are amply secured by property earning the interest which is payable thereon. Other bonds, however, must be converted in whole or in part into securities not imposing¹⁶⁰ a fixed charge upon the reorganized company. While the reorganization committee has not approved of any definite plan, we believe that holders of bonds which must be disturbed and creditors and stockholders interested in the system can be provided for upon an equitable¹⁶¹ basis by the creation of the following securities:

(a) An issue of general mortgage bonds (at 4 per cent), secured by a general mortgage covering the entire system, subject to such mortgages as cannot be disturbed, and to the lien of the United States upon the main line and Kansas Pacific division for the adjusted debt.

(b) An issue of 5 per cent preferred stock.

(c) An issue of common stock.

The plan of reorganization would require provision to be made to take up the trust notes secured by valuable collaterals¹⁶². The funds required for this purpose and for the other cash requirements of the reorganization would be met in part by a reasonable assessment upon the stockholders, and in part by the sale of new securities.”513

A not dissimilar suggestion was made by the Government Directors in 1894. They proposed to ascertain the minimum net earning power of the railroad or railroads to be reorganized, and to issue a blanket mortgage of 3 per cent 100-year bonds to an amount such that the accruing interest would not exceed the net earning power. By sale of a portion of these bonds, together with a $10 assessment on the stock, and the use of the moneys and securities in the sinking fund, they would have paid off the prior liens, and then, after exchanging247 the new 3 per cent bonds for the government claim, they would have used the balance to retire the junior securities, adding preferred stock, so much as necessary, to compensate¹⁶³ for the difference in yield between the old securities and the new ones received. The amount of securities required they estimated at $150,000,000 3 per cent bonds, $20,000,000 preferred stock, and $61,000,000 common stock; the latter exchanging for old common stock at par.

Both of these plans contained excellent features, chief among which were their provisions for the raising of cash and their use of preferred stock. The cash which Mr. Boissevain proposed to raise was to meet the floating debt, for he hoped to refund¹³⁰ the government indebtedness; and while he may scarcely seem to deserve commendation for not attempting to fund the quick liabilities as well, this is not the case, as the history of the union Pacific itself can demonstrate. The Government Directors intended to use the cash procured¹⁶⁴ not only for settling the floating debt, but also for partially retiring the prior liens, so under their scheme an assessment was quite inevitable¹⁶⁵; and having made that as large as they dared they are not to be criticised for resorting to the sale of securities for the additional funds required, especially since these securities were to have a first lien on the road. As regards the preferred stock it is not clear from his statement at the time whether Mr. Boissevain had in mind the exchange of junior securities for bonds and stock or some for bonds and some for stock alone, but subsequent developments show that his intention was the former. Thus his idea was the same as that of the Government Directors, viz., to give the junior bondholders a right to a low rate of interest well within the earning capacity of the road, and to join with this the right to a higher return whenever the road should earn it. Mr. Boissevain’s estimate of the maximum fixed charges which the road could safely stand was, however, high, and the plan of the Government Directors, if conservatively carried out, would have been better. Finally, the Government Directors contemplated foreclosure, while Mr. Boissevain did not; the relative merits of the plans on this point depending largely on the terms which the bondholders could be induced voluntarily to accept.

During 1894 and 1895 discussion was active, both in Congress and out, while the reorganization committee worked over the scheme248 which Mr. Boissevain had put forward, without making any formal announcement of a plan. Everything depended on the terms upon which the United States should insist. The reorganization committee hoped for a refunding of the government debt at 2 per cent. It had suggested that it would raise the funds to pay off the prior liens if Congress would take a 2 per cent 50-year bond in satisfaction of the government claim, would extend the provisions contained in the Reilly Bill to a committee charged with the duty of purchasing the property of the union Pacific, and would grant the committee the power to form a successor corporation for the general purpose stated in the Acts of 1862 and of 1864, and with the general powers given in those Acts, together with the same rights, privileges, and freedom of action that were exercised and enjoyed by other railroads.514 Subsequently it had offered to pay the principal of the government indebtedness in cash, providing that the Government would relinquish¹⁶⁶ all claims to interest.515 If either of these propositions was accepted it was willing to go ahead; while if both were refused, and no official counter-proposition was made by the United States, it seemed idle for the general reorganization committee or any other committee to promulgate¹⁶⁷ a plan.

But meanwhile the union Pacific system was disintegrating¹⁶⁸; partly from the efforts of the receivers to rid themselves of branches and contracts which had become burdensome, and partly through the action of bondholders of subsidiary roads who refused to wait for the slow action of Congress, and insisted on foreclosure of their liens. As early as August, 1893, ex-Governor Evans, a prominent stockholder of the union Pacific, Denver & Gulf, had petitioned for an accounting¹⁶⁹ from the union Pacific, alleging¹⁷⁰ that the branch was being bled for the advantage of the main line. When receivers for the union Pacific system were appointed Mr. Evans petitioned for a separate receiver, and was granted his request. Litigation followed, and an attempt was made to get Mr. E. E. Anderson appointed as co-receiver; but the machinery¹⁷¹ of foreclosure and sale were duly put in motion and the line became separated from the parent company. In October, 1893, in view of an impending¹⁷² default, the Fort Worth & Denver City Railway Company was placed249 in the hands of receivers, as was the same month the Denver, Leadville & Gunnison and the St. Joseph & Grand Island. In April, 1894, a receiver was appointed for the Leavenworth, Topeka & Southwestern; in June one for the Oregon Railway & Navigation Company. Foreclosure proceedings¹⁷³ against these and other branches were instituted, and were attended by a very considerable measure of success.516 On the other hand, the receivers were anxious to get rid of onerous¹⁷⁴ contracts and unprofitable branches. On the 16th of March, 1894, they formally abandoned the Leavenworth, Topeka & Southwestern. In July, 1894, they petitioned to be relieved from certain guarantees and contracts, and asked instructions concerning the operation of certain lines. Judge Sanborn, in the United States Court at St. Paul, set November 15 for a hearing, and appointed a special master to take testimony¹⁷⁵. The master reported in October. He recommended the continuance of operation of most of the lines in question, but found that the receivers were not bound by the disputed contracts; and in November Judge Sanborn confirmed the bulk of his report. The net result was a reduction in the mileage of the union Pacific from 8167 in the latter part of 1893 to 4469 in May, 1895; at which time proceedings against the Oregon Short Line Railroad Company threatened to withdraw 1424 miles besides.

With matters in this state the reorganization committee was genuinely discouraged by the refusal of Congress to pass the Reilly Bill, providing for a refunding of the government debt; although this had been reported to the House with the alternative amendment proposed by the committee accepting the payment in cash of the principal of the government debt in full satisfaction of claims against the company.517 Since Congress had earlier refused a proposition to pay off the prior liens in full on condition that the government debt be refunded¹⁷⁶ at 2 per cent,518 it was felt that nothing but cash payment of principal and interest would be acceptable, and this the committee refused to undertake. On March 8 the announcement was made that the reorganization committee of the union250 Pacific road had abandoned its task and would return the securities deposited with it, and a few days later the actual disbandment took place.519

Between March, 1895, and the following October little progress was made. With the dissolution of the general reorganization committee disappeared the one body capable of formulating¹⁷⁷ a comprehensive scheme and of securing its widespread acceptance. The committees which remained represented each some one or two mortgages, and were thus confined too narrowly in their sympathies to command much confidence from bondholders as a whole. Late in 1895, however, new interests undertook the reorganization of the property, and another general committee was formed, comprising General Louis Fitzgerald; Marvin Hughitt, president of the Chicago & Northwestern; Chauncey M. Depew, president of the New York Central; Jacob H. Schiff of Kuhn, Loeb & Co.; Oliver Ames, director of the union Pacific; and T. Jefferson Coolidge, Jr., president of the Old Colony Trust Company.520 This committee’s plan of action was noteworthy in three particulars. First, it contemplated a foreclosure sale. This, it is true, was but resignation to the inevitable, for foreclosure suits were already under way, and an attempt to check them would have had scarcely a possibility of success. Second, it made no definite provision for the government debt. A certain amount of bonds and stock were reserved from the securities proposed to be issued for the purpose of settling the government claim, but the exact method in which that indebtedness should be treated was left for future arrangement. Third, it did not attempt to meet the collateral trust notes of 1891, which constituted so large a portion of the floating debt. “The securities embraced in these trusts,” it declared, “are largely those of companies which have already, by orders of court made in the original general receivership, or in independent foreclosure proceedings, lost in part or in whole their character as parts of what has been known as the union Pacific system. Independent reorganization of many of these properties are pending. The purposes which brought into existence guarantees of the obligations of many of these auxiliary companies have been accomplished¹⁷⁹ by construction or otherwise, and251 considerations will not exist, upon reorganization, for continued relations with (them) upon the basis of any assumption of their fixed charges.”521 Thus, at the very outset, this new committee removed the three matters which had given its predecessors¹⁸⁰ the most trouble. The proposed foreclosure made it both easier to get assents¹⁸¹ to a plan and more difficult to block its operation; the postponement of the question of the government debt allowed the committee to go ahead without waiting for Congress; and the refusal to provide for the collateral notes relieved it of many difficulties, and threw the holders of these notes back upon the collateral which they had exacted as security.

The plan of the Fitzgerald Committee followed, for the rest, the general lines earlier laid down by the Brice Committee. To retire all existing mortgage indebtedness it proposed to issue:
First mortgage railway land grant 50-year 4 per cent gold bonds     $100,000,000     ?
4 per cent preferred stock     75,000,000     ?
Common stock     61,000,000     ?

The reasoning by which these sums were arrived at was as follows:
The lowest net earnings the union Pacific Railway had ever recorded had been those of 1894     $4,315,077     ?
The committee planned to issue $100,000,000 4 per cent 50-year bonds, on which the interest would be     4,000,000     ?

This would be all the company would have to pay in any one year.
The average net earnings for the 10 years before 1894 had been     $7,563,669     ?
To the $100,000,000 bonds the committee proposed to add $75,000,000 preferred stock. The annual dividend on this would be     3,000,000     ?

Payment on bonds and preferred stock together thus equalled the average earnings.
Net earnings between 1885 and 1894 had gone in some years as high as     $9,000,000     ?

To the above bonds and stock the committee wished to add $61,000,000 common stock, on which dividends might be paid if it seemed advisable.

252

New common stock exchanged at par for old; new bonds and preferred stock exchanged for old bonds, with a residue¹⁸³ which was to be set off against the government debt and to be used for cash requirements. The cardinal¹⁸⁴ principle of the reorganization was that no new 4 per cent bonds should be issued in exchange where the old mortgage did not contribute the full value; or, to put it more accurately¹⁸⁵, that no securityholders were to be given the right to claim a sum greater than their property could earn as judged from past experience. At the same time enough preferred stock was distributed to give bondholders the same returns as before when the road should earn it. A $15 assessment was levied¹⁸⁶ upon stockholders. This was several times the quoted price of the stock early in 1896, but was not more than the stock would probably soon sell for after reorganization. A syndicate agreed to advance $10,000,000 to $15,000,000, for payment of coupons as they fell due and for expenses, in return for which they received $5,000,000 in preferred stock quoted at 59, or 19 per cent on a capital of $15,000,000 at current prices. In addition the bankers who managed the syndicate received $1,000,000 in preferred stock; making a total expenditure¹⁰⁵ of $6,000,000, a not exorbitant¹⁸⁷ commission. Besides the bonds and stock for strictly¹⁸⁸ reorganization purposes, there was reserved to dispose of equipment obligations, and for reorganization and corporate¹⁸⁹ uses, $13,000,000 in 4 per cent bonds and $7,000,000 in preferred stock. Reorganization uses, as defined by Mr. Pierce, were those which might arise unprovided for and of an extraordinary character, all of which could not be foreseen. Corporate uses were those which would be proper to the corporation thereafter, such, for instance, as the issue of securities in extension of the property.522

After all the securities of the old corporation had been accounted for there remained $35,755,280 of the first mortgage bonds and $20,864,000 of preferred stock as a fund or resource for the settlement of the government debt; or, in round numbers, an amount of 4 per cent bonds equal to the principal of that debt and an amount of preferred stock equal to the accrued interest. Just how this was to be used the committee did not pretend absolutely to say. “We253 desire to meet any proposition of the Government,” said Mr. Pierce, “or to suggest any proposition which, after investigation¹⁹⁰, we believe will meet the approval of the Government within the limits of the financial possibilities of the property based upon this plan. In other words, we have made no sort of a hard and fast rule.” In case the Government should prove obstinate¹⁹¹ and should refuse settlement on reasonable terms, it was the idea of the committee that it would be entitled on foreclosure to its share as a second mortgage bondholder only, and that the property would pass under the sale free from all liens, including that of the United States. “Our view upon that point,” said Mr. Pierce, “is that when the Government subordinated its lien to that of the first mortgage bondholders, it did so deliberately¹⁹² and in terms effective for that purpose. The Government then consented to all remedies that were necessary for the protection of this prior lien; and an indispensable element of such priority would be the right of foreclosure. And unless there was a concealed¹⁹³ purpose on the part of the Government, that right of effective foreclosure was undoubtedly¹⁹⁴ impliedly granted.”523

Subsequent negotiations with the bondholders brought a reduction in the proposed issue of mortgage bonds from $100,000,000 to $75,000,000, affecting the Kansas Pacific consols and the union Pacific Sinking Fund 8s. Thus the former were allotted¹⁹⁵ 50 per cent in first mortgage 4s and 110 per cent in preferred stock, instead of 80 per cent in 4s and 50 per cent in preferred as before; and the latter 75 per cent in 4s and 100 per cent in preferred stock, instead of 100 per cent and 50 per cent respectively. This reduced the proposed charges $1,000,000, and proportionately strengthened the scheme.

On the whole, the plan was a strong one. It reduced fixed charges from over $7,000,000 to under $4,000,000, with an eventual¹⁹⁶ lower limit of $3,000,000, and this amount such good authorities as Messrs. Mink and Clark pronounced the road safely able to earn in spite of the reduction in its mileage.524 During the receivership, moreover, the system had become purged¹⁹⁷ by the cancellation of onerous contracts and the lopping off of unprofitable branches, and though some lines were lost which it was desirable to retain, the union Pacific was not precluded¹⁹⁸ from the repurchase of these, and did in fact regain254 the most important. The bondholders were put in no worse position than before, for they could never permanently get more than the earnings of the road, and this the new distribution of securities generally assured them. The position of the common stockholders was improved, for whereas between 1883 and 1893 fixed charges had only once fallen below $7,300,000, now less than $7,000,000 were to be taken before their claims were heard, while both the gross and the net earnings of the road promptly¹⁹⁹ regained their old level. Finally, the general principle was sound, as has been emphasized several times before. It gave to each class of securities a claim to interest strictly proportional to the earning capacity of the road, and added to this a preferred stock on which no payment was to be made unless earned; while it provided for a liberal assessment upon stockholders, and attempted no funding of the current liabilities incurred during the past troubled years.

The time limit for deposits under the plan was originally set at December 31, 1895. It was then extended to January 15, 1896, and later to January 29 of that year. By January 8 the reorganization committee was able to announce that it had secured majorities of all of the first mortgage bonds outstanding except an inconsiderable shortage in one class. This was followed, in spite of some opposition²⁰⁰ among London brokers²⁰¹, by the deposit of a majority of the shares of the company, and by the assent¹⁸² of other securities. In January, 1896, in a letter to the chairman of the House Committee on Pacific Railways, Mr. Fitzgerald stated that his committee embraced a substantially single representation of all union Pacific mortgage bonds in circulation except those held by the United States.525

Foreclosure proceedings had been long under way. In January, 1897, the Government agreed to join in them in consideration of a guarantee of a bid at least equal to the original amount of government bonds, less payments made by the company to the Government, with interest at 3? per cent per annum.526 The guarantee was255 to be of cash, so that the Government’s relations with the property would terminate completely upon confirmation²⁰² of the sale. This was the first affirmative action which the Government had taken, and the reorganization committee accepted it, despairing of better terms. The guaranteed payment was in part offset by sinking-fund assets of $17,062,664, leaving a net amount to be provided of $28,691,336.527 By August, 1897, foreclosure of the main line had been ordered by the courts in all the states through which the union Pacific passed, both under the first and the government mortgages. Previous to this the plan of reorganization had been declared operative, and articles of incorporation²⁰³ for the new company had been filed; while the first instalment of the assessment on the stock was called by the middle of the month. An unexpected development now occurred. Although willing to join in foreclosure proceedings, the Government found the decrees of foreclosure to some extent unsatisfactory, and prepared the papers for an appeal. Objection was particularly made to the fact that the Omaha Bridge mortgage, amounting to about $1,200,000, was adjudged superior to the lien of the Government on that part of the road between Omaha and Council Bluffs²⁰⁴, and that the money and assets in the hands of the receivers accruing from the operation of the roads were ordered to be sold instead of being reserved to meet a deficiency judgment²⁰⁵ expected to be obtained. Learning this, the reorganization committee increased its guarantee by over $4,000,000, making the total guaranteed bid $50,000,000 instead of $45,754,060. “This increase,” said the Attorney-General, “removed the objections to the decrees so far as the money contents were concerned. In all else the decrees were just and satisfactory.”528 Even so, perhaps partly for political reasons, the Government was not ready to allow a sale, and later in the year gave notice that it would apply for a postponement to December 15, in order to give Congress an opportunity to consider the matter. The prospect²⁰⁶ of renewed congressional agitation²⁰⁷ stimulated²⁰⁸ the reorganization committee to prompt action. “The Committee,” it declared, “has reached the conclusion that the interests256 of the securityholders represented by it and of the syndicate furnishing the funds to finance the reorganization demand reorganization without any further delay. In this situation the committee contemplates²⁰⁹ ... to oppose any adjournment²¹⁰ of the sale of the main line and to bid it in, if need be, for the full amount of the Government’s claim, the additional sum involved in this being $8,000,000.”529 Postponement of the sale of the Kansas Pacific was to be allowed, the committee meanwhile making up its mind on what terms to bid it in. This proposition was telegraphed to Washington and quickly accepted. It constituted a complete surrender on the part of the committee, so far as the union Pacific proper was concerned. Instead of being refunded, the government debt was paid off in cash; instead of compromising for the principal alone, both principal and interest were paid in full. The result reflects credit on the sharpness of the Attorney-General, but the method was scarcely worthy¹⁷⁸ of the Government which he represented.

November 1st and 2d, 1897, the property was sold under foreclosure of the government and first mortgage liens, and the prices were:
For the union Pacific main line,     $40,253,605          ?
For bonds in the government sinking fund,     13,645,250          ?
      $53,898,855          ?
In addition the Government received in cash in the sinking fund as of November 1st,     4,549,368          ?
      $58,448,224          ?
In addition to this sum the committee was obliged, under its agreement with the Government, to buy up the first mortgage, amounting to     $27,637,436          ?
The total of the first and second mortgages was     67,891,041          ?
Adding     13,645,250          ?
Of securities purchased for cash, the total payment aggregated over     81,500,000530     ?

On February 12, 1898, the reorganization committee bought in the Kansas Pacific, guaranteeing for the Government a bid at the sale which should equal the principal of the government debt, i. e. $6,303,000.531 Other minor roads were also bought back on foreclosure257 sales, and from time to time as the mortgage committee sold the collateral back of the trust notes of 1891 the union Pacific Railroad Company bought portions of the same. In 1899 the union Pacific stock was increased $27,460,000, and the new issue was exchanged share for share with Oregon Short Line stock, thus regaining²¹¹ control of that important property. Later the same year a further increase was effected to retire $14,000,000 Oregon Short Line bonds and $11,000,000 Oregon Railway & Navigation Company preferred stock. The net result was to avoid any considerable dismemberment of the system. Whereas 7673.59 miles had been reported for 1892, 5399.01 were reported for 1899. The main line from Portland, Oregon, to Omaha and Kansas City, via Ogden, Cheyenne, and Denver, was kept intact, the principal losses being of branch lines in Nebraska and Kansas.532

A detailed account of the later financial operations of the union Pacific divides the company’s recent development into three parts:533 First, the regaining of control of the principal auxiliary systems and branch lines which the receivership had temporarily separated from the parent stem; second, the purchase of large amounts of stock in the Southern Pacific and the attempt to share in the control of the Burlington, which latter involved the purchase of Northern Pacific stock and the formation of the Northern Securities Company; and third, the sale of the stock acquired in the fight over the Burlington, and the subsequent purchase of Alton, Atchison, Baltimore & Ohio, Illinois Central, and other stocks. The repurchase of auxiliary lines has just been alluded²¹² to; and into the history of the Burlington struggle there is no need to go at length.

On June 30, 1900, the union Pacific, Oregon Short Line, and258 Oregon Railroad & Navigation Companies operated 5427.89 miles of line. The system stretched from Kansas City and Council Bluffs to Ogden, and reached the Pacific coast in the Northwest at Portland. It had no rails of its own in California, but was dependent on the Southern Pacific tracks for connections both at Ogden and at Portland. The Southern Pacific extended from New Orleans through Texas, New Mexico, and Arizona to California, and thence up the coast to Sacramento. At Sacramento it divided; one line continued north to Portland, and one turned northeast through Nevada to Ogden, Utah. Now, in 1901 it so happened that the Southern Pacific was for sale. Crocker, Stanford, and Huntington, who had controlled it, were dead, and their successors were not eager to retain the railroad as an independent line. Mr. Harriman seized the opportunity. In 1901 he bought for the union Pacific 750,000 shares out of a little less than 2,000,000, and the following year he increased his holdings to 900,000. The union Pacific financed the purchase by the issue of collateral bonds. The acquisition was of vast importance. Not only did it afford a direct connection between Ogden and the coast, but it eliminated one of the union Pacific’s four great competitors in transcontinental business, and made Mr. Harriman the dominant²¹³ figure in the Southwest.

North of the Ogden-San Francisco line the conditions were less satisfactory. The Great Northern and the Northern Pacific were here supreme, and in 1901 were negotiating for the purchase of the Burlington to give them an entrance into Chicago. Mr. Harriman asked for a share in this purchase but was refused. He thereupon began to buy Northern Pacific stock in the endeavor to secure by this a half control in the more eastern road. It was the struggle which then ensued between Mr. Harriman and Mr. Hill which caused the stock exchange panic of May, 1901, and which resulted in the formation of the Northern Securities Company, in which Mr. Harriman was allotted a large though not a controlling interest. On the breakup of the Northern Securities Company the union Pacific received back some $25,000,000 in Great Northern and $32,000,000 in Northern Pacific shares,534 worth at market prices about $100,000,000.535

259 This Northern Securities episode had little effect on traffic conditions in the Northwest, but it did profoundly influence the financial policy of the union Pacific during the following years.536 The dissolution of the Northern Securities Company gave to the union Pacific Great Northern and Northern Pacific shares, which were valuable as investments only. And as investments these stocks soon became undesirable²¹⁴. We have said that the combined value of the securities transferred approximated $100,000,000 at the time of transfer. From that time on the stocks appreciated in value till they were worth from $145,000,000 to $150,000,000, and yielded an income of less than 3 per cent on their market price. It was good policy to sell them, and $118,000,000 worth were accordingly disposed of, leaving some $30,000,000 worth still in the hands of the company.537 What should be done with the enormous resources thus secured? Some of the cash was used to buy Chicago & Alton stock,—some of it was put out in demand loans. But beginning with June 30, 1906, the union Pacific and Oregon Short Line began investment in stocks of other companies on a great scale. $41,442,028 were put into Illinois Central stock; $10,395,000 into Atchison preferred; $45,466,960 into Baltimore & Ohio, common and preferred; $19,634,280 into New York Central; and lesser²¹⁵ amounts into Chicago, Milwaukee & St. Paul, Chicago & Northwestern, St. Joseph & Grand Island, and other260 companies. In all, $131,693,271 were invested during a little over seven months.538 This has been the characteristic feature of recent union Pacific finance. The large purchases of stock in other roads have assured it favorable connections in the Illinois Central and in the Baltimore & Ohio, and have modified the severity of competition with the Atchison.539 Including the Southern Pacific, its system reaches from Chicago to Portland, San Francisco, Los Angeles, and the Gulf, and has an influential²¹⁶ voice in two of the principal roads connecting Chicago with the Atlantic seaboard. At the same time, the extensive investment of union Pacific funds to secure gains unconnected with increase of traffic over its lines has provoked merited criticism. A railroad is, after all, a machine for transporting passengers and goods, not an engine of speculation²¹⁷; and both from the point of view of the community which it serves and of the investors who hold its securities it is advisable that its income should depend on the business which its managers conduct and are responsible for, and not on circumstances over which they have no control. So far as union Pacific purchases have been designed to open connections or to modify competition they have had a sound foundation. So far as they have been financial operations only they are not to be commended.540

From the point of view of operation the success of the union Pacific has been remarkable²¹⁸. Like most roads it came out of its receivership in better shape than it went in, but with much lacking for the efficient and economical handling of its traffic. Since 1900 over $52,000,000 have been invested in betterments and in new equipment, of which some $15,000,000 have been withdrawn directly from income. Maintenance charges have also been liberal, particularly in the last few years. Grades and curves have been eliminated, steel bridges have been put in place of wooden, new and261 heavier rails have been laid, ballast supplied, and equipment greatly enlarged and improved. Whereas in 1896 13 per cent of all the union Pacific system was laid with iron rails, and only 24 per cent had rails weighing more than sixty pounds to the yard, in 1907 there was no iron reported, and only 33 per cent of the track did not have rails weighing more than sixty pounds to the yard. The average capacity of freight cars was a shade over twenty tons in February, 1898; it was over thirty-four tons on June 30, 1907, and the new freight cars added during the last-named year averaged a capacity of sixty-seven tons apiece.

In consequence of these improvements the union Pacific has been able to handle a very greatly increased business. Between 1899 and 1907 the tons of revenue freight carried one mile increased from 1,393,207,990 to 5,704,061,535, and the passengers carried one mile from 167,117,388 to 680,278,509. This fourfold increase has been packed away in the larger cars, which in turn have been combined into longer trains. Twenty-one tons are now put into the average freight car, and thirty-two freight cars form an average train. In 1899 the average car held twelve tons and twenty-nine of them carried a train-load. Sixty-six is the average number of passengers per train to-day; thirty-three was the average number in 1899. And so the increased business has not occasioned a proportionate growth in cost. It takes but little more than three times the outlay²¹⁹ in conducting transportation to do over four times the work, and other railroad expenses have varied²²⁰ even less.

This increased business and less rapidly increasing cost has meant, finally, an increase in profits, and explains how it has been possible in seven years to take $15,000,000 from income for improvements besides liberally maintaining the property. The union Pacific is prosperous as it never has been before. In 1907 its total fixed charges, in round numbers, were $8,600,000, and its net income was $45,000,000. Of this income $23,500,000 were paid out in dividends, $1,960,000 appropriated for betterments, additions, and new equipment, and $10,700,000 carried to surplus. There were $69,000,000 in bills payable, incurred since 1906, in part for improvements and the like, but largely in the course of the company’s financial experiments; but $75,000,000 in convertible²²¹ bonds have been authorized to262 cover them. Stock and bond issues are much larger than in 1899 and will be larger still when the new convertibles²²² are all sold. Fixed charges, however, are less than $5,000,000 greater than they were eight years ago. In order to imperil bond interest net earnings will have to decline by 81 per cent; and even were this to happen it is probable that some margin²²³ could be retained by a decrease in the generous sums now being spent for the maintenance of equipment and of road.

1 pro   

n.赞成，赞成的意见，赞成者

参考例句：

• The two debating teams argued the question pro and con.辩论的两组从赞成与反对两方面辩这一问题。
• Are you pro or con nuclear disarmament?你是赞成还是反对核裁军？

2 motive   

n.动机，目的；adv.发动的，运动的

参考例句：

• The police could not find a motive for the murder.警察不能找到谋杀的动机。
• He had some motive in telling this fable.他讲这寓言故事是有用意的。

3 aggression   

n.进攻，侵略，侵犯，侵害

参考例句：

• So long as we are firmly united, we need fear no aggression.只要我们紧密地团结，就不必惧怕外来侵略。
• Her view is that aggression is part of human nature.她认为攻击性是人类本性的一部份。

4 par   

n.标准，票面价值，平均数量；adj.票面的，平常的，标准的

参考例句：

• Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
• I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。

5 forestalled   

v.先发制人，预先阻止( forestall的过去式和过去分词 )

参考例句：

• She forestalled their attempt. 她先发制人，阻止了他们的企图。 来自《简明英汉词典》
• I had my objection all prepared, but Stephens forestalled me. 我已做好准备要提出反对意见，不料斯蒂芬斯却抢先了一步。 来自辞典例句

6 postal   

adj.邮政的，邮局的

参考例句：

• A postal network now covers the whole country.邮路遍及全国。
• Remember to use postal code.勿忘使用邮政编码。

7 authorized   

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。

8 meridian   

adj.子午线的；全盛期的

参考例句：

• All places on the same meridian have the same longitude.在同一子午线上的地方都有相同的经度。
• He is now at the meridian of his intellectual power.他现在正值智力全盛期。

9 longitude   

n.经线，经度

参考例句：

• The city is at longitude 21°east.这个城市位于东经21度。
• He noted the latitude and longitude,then made a mark on the admiralty chart.他记下纬度和经度，然后在航海图上做了个标记。

10 westward   

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。

11 applied   

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。

12 earnings   

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%。

13 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

14 pointed   

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。

15 undertaking   

n.保证，许诺，事业

参考例句：

• He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
• He is too timid to venture upon an undertaking.他太胆小，不敢从事任何事业。

16 Amended   

adj. 修正的 动词amend的过去式和过去分词

参考例句：

• He asked to see the amended version. 他要求看修订本。
• He amended his speech by making some additions and deletions. 他对讲稿作了些增删修改。

17 lien   

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。

18 redounded   

v.有助益( redound的过去式和过去分词 )；及于；报偿；报应

参考例句：

• The ill-doings of the fascist chieftain redounded upon himself. 法西斯头子干的种种坏事使他自食其果。 来自辞典例句
• His past misdeeds redounded on him. 他过去所做的坏事报应在他自己身上。 来自辞典例句

19 interfered   

v.干预( interfere的过去式和过去分词 )；调停；妨碍；干涉

参考例句：

• Complete absorption in sports interfered with his studies. 专注于运动妨碍了他的学业。 来自《简明英汉词典》
• I am not going to be interfered with. 我不想别人干扰我的事情。 来自《简明英汉词典》

20 swell   

vi.膨胀，肿胀；增长，增强

参考例句：

• The waves had taken on a deep swell.海浪汹涌。
• His injured wrist began to swell.他那受伤的手腕开始肿了。

21 swollen   

adj.肿大的，水涨的；v.使变大，肿胀

参考例句：

• Her legs had got swollen from standing up all day.因为整天站着，她的双腿已经肿了。
• A mosquito had bitten her and her arm had swollen up.蚊子叮了她，她的手臂肿起来了。

22 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

23 entrusted   

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》

24 implements   

n.工具( implement的名词复数 )；家具；手段；[法律]履行（契约等）v.实现( implement的第三人称单数 )；执行；贯彻；使生效

参考例句：

• Primitive man hunted wild animals with crude stone implements. 原始社会的人用粗糙的石器猎取野兽。 来自《现代汉英综合大词典》
• They ordered quantities of farm implements. 他们订购了大量农具。 来自《现代汉英综合大词典》

25 premium   

n.加付款；赠品；adj.高级的；售价高的

参考例句：

• You have to pay a premium for express delivery.寄快递你得付额外费用。
• Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后，清水便因稀而贵了。

26 ascertain   

vt.发现，确定，查明，弄清

参考例句：

• It's difficult to ascertain the coal deposits.煤储量很难探明。
• We must ascertain the responsibility in light of different situtations.我们必须根据不同情况判定责任。

27 junction   

n.连接，接合；交叉点，接合处，枢纽站

参考例句：

• There's a bridge at the junction of the two rivers.两河的汇合处有座桥。
• You must give way when you come to this junction.你到了这个路口必须让路。

28 mileage   

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？

29 feverish   

adj.发烧的，狂热的，兴奋的

参考例句：

• He is too feverish to rest.他兴奋得安静不下来。
• They worked with feverish haste to finish the job.为了完成此事他们以狂热的速度工作着。

30 thereby   

adv.因此，从而

参考例句：

• I have never been to that city,,ereby I don't know much about it.我从未去过那座城市，因此对它不怎么熟悉。
• He became a British citizen,thereby gaining the right to vote.他成了英国公民，因而得到了投票权。

31 holders   

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。

32 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

33 fiscal   

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。

34 possessed   

adj.疯狂的；拥有的，占有的

参考例句：

• He flew out of the room like a man possessed.他像着了魔似地猛然冲出房门。
• He behaved like someone possessed.他行为举止像是魔怔了。

35 lucrative   

adj.赚钱的，可获利的

参考例句：

• He decided to turn his hobby into a lucrative sideline.他决定把自己的爱好变成赚钱的副业。
• It was not a lucrative profession.那是一个没有多少油水的职业。

36 incentive   

n.刺激；动力；鼓励；诱因；动机

参考例句：

• Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的鼓励因素。
• He hasn't much incentive to work hard.他没有努力工作的动机。

37 outweighed   

v.在重量上超过( outweigh的过去式和过去分词 )；在重要性或价值方面超过

参考例句：

• This boxer outweighed by his opponent 20 pounds. 这个拳击选手体重比他的对手重20磅。 来自《简明英汉词典》
• She outweighed me by ten pounds, and sometimes she knocked me down. 她的体重超过我十磅，有时竟把我撞倒。 来自百科语句

38 expended   

v.花费( expend的过去式和过去分词 )；使用（钱等）做某事；用光；耗尽

参考例句：

• She expended all her efforts on the care of home and children. 她把所有精力都花在料理家务和照顾孩子上。
• The enemy had expended all their ammunition. 敌人已耗尽所有的弹药。 来自《简明英汉词典》

39 incurred   

[医]招致的，遭受的； incur的过去式

参考例句：

• She had incurred the wrath of her father by marrying without his consent 她未经父亲同意就结婚，使父亲震怒。
• We will reimburse any expenses incurred. 我们将付还所有相关费用。

40 bonded   

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。

41 dividend   

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%。

42 consolidation   

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

43 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

44 westwardly   

向西，自西

参考例句：

45 aggregated   

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。

46 aggregate   

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。

47 deficit   

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。

48 accrued   

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》

49 chronic   

adj.(疾病)长期未愈的，慢性的；极坏的

参考例句：

• Famine differs from chronic malnutrition.饥荒不同于慢性营养不良。
• Chronic poisoning may lead to death from inanition.慢性中毒也可能由虚弱导致死亡。

50 insolvency   

n.无力偿付，破产

参考例句：

• The company is on the verge of insolvency.该公司快要破产了。
• Normal insolvency procedures should not be applied to banks.通常的破产程序不应当适用于银行。

51 solvency   

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。

52 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

53 overdue   

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。

54 fixed   

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。

55 consolidated   

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。

56 retirement   

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。

57 arrears   

n.到期未付之债，拖欠的款项；待做的工作

参考例句：

• The payments on that car loan are in arrears by three months.购车贷款的偿付被拖欠了三个月。
• They are urgent for payment of arrears of wages.他们催讨拖欠的工钱。

58 contemplated   

adj. 预期的 动词contemplate的过去分词形式

参考例句：

• The doctor contemplated the difficult operation he had to perform. 医生仔细地考虑他所要做的棘手的手术。
• The government has contemplated reforming the entire tax system. 政府打算改革整个税收体制。

59 withdrawn   

vt.收回；使退出；vi.撤退，退出

参考例句：

• Our force has been withdrawn from the danger area.我们的军队已从危险地区撤出。
• All foreign troops should be withdrawn to their own countries.一切外国军队都应撤回本国去。

60 disallowance   

n.不许可，驳回，拒绝

参考例句：

61 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。

62 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

63 dependence   

n.依靠，依赖；信任，信赖；隶属

参考例句：

• Doctors keep trying to break her dependence of the drug.医生们尽力使她戒除毒瘾。
• He was freed from financial dependence on his parents.他在经济上摆脱了对父母的依赖。

64 dreaded   

adj.令人畏惧的；害怕的v.害怕，恐惧，担心( dread的过去式和过去分词)

参考例句：

• The dreaded moment had finally arrived. 可怕的时刻终于来到了。
• He dreaded having to spend Christmas in hospital. 他害怕非得在医院过圣诞节不可。 来自《用法词典》

65 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

66 frailest   

脆弱的( frail的最高级 )； 易损的； 易碎的

参考例句：

67 sufficiently   

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。

68 coercion   

n.强制，高压统治

参考例句：

• Neither trickery nor coercion is used to secure confessions.既不诱供也不逼供。
• He paid the money under coercion.他被迫付钱。

69 demonstration   

n.表明，示范，论证，示威

参考例句：

• His new book is a demonstration of his patriotism.他写的新书是他的爱国精神的证明。
• He gave a demonstration of the new technique then and there.他当场表演了这种新的操作方法。

70 minor   

adj.较小(少)的，较次要的；n.辅修学科；vi.辅修

参考例句：

• The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
• I gave him a minor share of my wealth.我把小部分财产给了他。

71 skilful   

(=skillful)adj.灵巧的，熟练的

参考例句：

• The more you practise,the more skilful you'll become.练习的次数越多，熟练的程度越高。
• He's not very skilful with his chopsticks.他用筷子不大熟练。

72 quotations   

n.引用( quotation的名词复数 )；[商业]行情（报告）；（货物或股票的）市价；时价

参考例句：

• The insurance company requires three quotations for repairs to the car. 保险公司要修理这辆汽车的三家修理厂的报价单。 来自《简明英汉词典》
• These quotations cannot readily be traced to their sources. 这些引语很难查出出自何处。 来自《现代汉英综合大词典》

73 justification   

n.正当的理由；辩解的理由

参考例句：

• There's no justification for dividing the company into smaller units. 没有理由把公司划分成小单位。
• In the young there is a justification for this feeling. 在年轻人中有这种感觉是有理由的。

74 outlet   

n.出口/路；销路；批发商店；通风口；发泄

参考例句：

• The outlet of a water pipe was blocked.水管的出水口堵住了。
• Running is a good outlet for his energy.跑步是他发泄过剩精力的好方法。

75 coupons   

n.礼券( coupon的名词复数 )；优惠券；订货单；参赛表

参考例句：

• The company gives away free coupons for drinks or other items. 公司为饮料或其它项目发放免费赠券。 来自辞典例句
• Do you have any coupons? 你们有优惠卡吗？ 来自英汉 - 翻译样例 - 口语

76 accruing   

v.增加( accrue的现在分词 )；（通过自然增长）产生；获得；（使钱款、债务）积累

参考例句：

• economic benefits accruing to the country from tourism 旅游业为该国带来的经济效益
• The accruing on a security since the previous coupon date. 指证券自上次付息日以来所累积的利息。 来自互联网

77 consolidating   

v.（使）巩固， （使）加强( consolidate的现在分词 )；（使）合并

参考例句：

• These measures are meant for consolidating the system of basic medical care. 这些举措旨在夯实基层医疗体系，让老百姓看大病不必出远门。 来自互联网
• We are consolidating the Chinese and English versions of our homepage. 我们将为您提供中英文版本一起的主页。 来自互联网

78 subsidy   

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。

79 solvent   

n.溶剂；adj.有偿付能力的

参考例句：

• Gasoline is a solvent liquid which removes grease spots.汽油是一种能去掉油污的有溶解力的液体。
• A bankrupt company is not solvent.一个破产的公司是没有偿还债务的能力的。

80 acting   

n.演戏，行为，假装；adj.代理的，临时的，演出用的

参考例句：

• Ignore her,she's just acting.别理她，她只是假装的。
• During the seventies,her acting career was in eclipse.在七十年代，她的表演生涯黯然失色。

81 steadily   

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。

82 treasury   

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。

83 dividends   

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。

84 extravagant   

adj.奢侈的；过分的；(言行等)放肆的

参考例句：

• They tried to please him with fulsome compliments and extravagant gifts.他们想用溢美之词和奢华的礼品来取悦他。
• He is extravagant in behaviour.他行为放肆。

85 intensity   

n.强烈，剧烈；强度；烈度

参考例句：

• I didn't realize the intensity of people's feelings on this issue.我没有意识到这一问题能引起群情激奋。
• The strike is growing in intensity.罢工日益加剧。

86 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

87 offset   

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。

88 auxiliary   

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。

89 collateral   

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。

90 indenture   

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。

91 payable   

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。

92 renewals   

重建( renewal的名词复数 )； 更新； 重生； 合同的续订

参考例句：

• Number of circulations excluding renewals. 7th out of 10 libraries. 借阅数目（不包括续借）。在10间图书馆中排行第七。
• Certification Renewals shall be due on July 1 of the renewal year. 资格认证更新在更新年的7月1日生效。

93 renewal   

adj.(契约)延期，续订，更新，复活，重来

参考例句：

• Her contract is coming up for renewal in the autumn.她的合同秋天就应该续签了。
• Easter eggs symbolize the renewal of life.复活蛋象征新生。

94 juncture   

n.时刻，关键时刻，紧要关头

参考例句：

• The project is situated at the juncture of the new and old urban districts.该项目位于新老城区交界处。
• It is very difficult at this juncture to predict the company's future.此时很难预料公司的前景。

95 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

96 shareholders   

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

97 initiated   

n. 创始人 adj. 新加入的 vt. 开始，创始，启蒙，介绍加入

参考例句：

• He has not yet been thoroughly initiated into the mysteries of computers. 他对计算机的奥秘尚未入门。
• The artist initiated the girl into the art world in France. 这个艺术家介绍这个女孩加入巴黎艺术界。

98 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

99 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

100 permanently   

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。

101 exacting   

adj.苛求的，要求严格的

参考例句：

• He must remember the letters and symbols with exacting precision.他必须以严格的精度记住每个字母和符号。
• The public has been more exacting in its demands as time has passed.随着时间的推移，公众的要求更趋严格。

102 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

103 deficits   

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

104 expenditures   

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》

105 expenditure   

n.(时间、劳力、金钱等)支出；使用，消耗

参考例句：

• The entry of all expenditure is necessary.有必要把一切开支入账。
• The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。

106 tributary   

n.支流；纳贡国；adj.附庸的；辅助的；支流的

参考例句：

• There was a tributary road near the end of the village.村的尽头有条岔道。
• As the largest tributary of Jinsha river,Yalong river is abundant in hydropower resources.雅砻江是金沙江的最大支流，水力资源十分丰富。

107 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

108 subdivided   

再分，细分( subdivide的过去式和过去分词 )

参考例句：

• The compound was subdivided into four living areas. 那个区域被划分成4个居住小区。
• This part of geologic calendar has not been satisfactorily subdivided. 这部分地质年代表还没有令人满意地再细分出来。

109 negotiations   

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。

110 pending   

prep.直到，等待…期间；adj.待定的；迫近的

参考例句：

• The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
• He knew my examination was pending.他知道我就要考试了。

111 swelled   

增强( swell的过去式和过去分词 )； 肿胀； （使）凸出； 充满（激情）

参考例句：

• The infection swelled his hand. 由于感染，他的手肿了起来。
• After the heavy rain the river swelled. 大雨过后，河水猛涨。

112 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

113 postponement   

n.推迟

参考例句：

• He compounded with his creditors for a postponement of payment. 他与债权人达成协议延期付款。
• Rain caused the postponement of several race-meetings. 几次赛马大会因雨延期。

114 contingencies   

n.偶然发生的事故，意外事故( contingency的名词复数 )；以备万一

参考例句：

• We must consider all possible contingencies. 我们必须考虑一切可能发生的事。
• We must be prepared for all contingencies. 我们要作好各种准备，以防意外。 来自辞典例句

115 briefly   

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。

116 sketched   

v.草拟（sketch的过去式与过去分词形式）

参考例句：

• The historical article sketched the major events of the decade. 这篇有关历史的文章概述了这十年中的重大事件。 来自《简明英汉词典》
• He sketched the situation in a few vivid words. 他用几句生动的语言简述了局势。 来自《现代汉英综合大词典》

117 supreme   

adj.极度的，最重要的；至高的，最高的

参考例句：

• It was the supreme moment in his life.那是他一生中最重要的时刻。
• He handed up the indictment to the supreme court.他把起诉书送交最高法院。

118 decided   

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。

119 maturity   

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。

120 lessened   

减少的，减弱的

参考例句：

• Listening to the speech through an interpreter lessened its impact somewhat. 演讲辞通过翻译的嘴说出来，多少削弱了演讲的力量。
• The flight to suburbia lessened the number of middle-class families living within the city. 随着迁往郊外的风行，住在城内的中产家庭减少了。

121 retention   

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。

122 insufficient   

adj.(for，of)不足的，不够的

参考例句：

• There was insufficient evidence to convict him.没有足够证据给他定罪。
• In their day scientific knowledge was insufficient to settle the matter.在他们的时代，科学知识还不能足以解决这些问题。

123 remit   

v.汇款，汇寄；豁免（债务），免除（处罚等）

参考例句：

• I hope you'll remit me the money in time.我希望你能及时把钱汇寄给我。
• Many immigrants regularly remit money to their families.许多移民定期给他们的家人汇款。

124 deducted   

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 ascertaining   

v.弄清，确定，查明( ascertain的现在分词 )

参考例句：

• I was ascertaining whether the cellar stretched out in front or behind. 我当时是要弄清楚地下室是朝前还是朝后延伸的。 来自辞典例句
• The design and ascertaining of permanent-magnet-biased magnetic bearing parameter are detailed introduced. 并对永磁偏置磁悬浮轴承参数的设计和确定进行了详细介绍。 来自互联网

126 attained   

（通常经过努力）实现( attain的过去式和过去分词 )； 达到； 获得； 达到（某年龄、水平、状况）

参考例句：

• She has attained the degree of Master of Arts. 她已获得文学硕士学位。
• Lu Hsun attained a high position in the republic of letters. 鲁迅在文坛上获得崇高的地位。

127 premiums   

n.费用( premium的名词复数 )；保险费；额外费用；（商品定价、贷款利息等以外的）加价

参考例句：

• He paid premiums on his life insurance last year. 他去年付了人寿保险费。 来自《现代英汉综合大词典》
• Moves are afoot to increase car insurance premiums. 现正在酝酿提高汽车的保险费。 来自《简明英汉词典》

128 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

129 deducting   

v.扣除，减去( deduct的现在分词 )

参考例句：

• Deducting drop size and velocity from circular blood stains. 如何从循环的血液中降低血滴的大小和速度。 来自电影对白
• Ordinary shareholders receive dividend from profit after deducting the preference shares dividend. 普通股股东可获派剩馀的盈利为股息。 来自互联网

130 refund   

v.退还，偿还；n.归还，偿还额，退款

参考例句：

• They demand a refund on unsatisfactory goods.他们对不满意的货品要求退款。
• We'll refund your money if you aren't satisfied.你若不满意，我们愿意退款给你。

131 refunding   

n.借新债还旧债；再融资；债务延展；发行新债券取代旧债券v.归还，退还( refund的现在分词 )

参考例句：

• They are refunding parents their money on over a billion toys. 他们退还父母他们的金钱在十亿个玩具。 来自互联网
• I am refunding the extra, but getting tired of doing this. 我退还额外的，而是要改变这样累了。 来自互联网

132 concessions   

n.（尤指由政府或雇主给予的）特许权( concession的名词复数 )；承认；减价；（在某地的）特许经营权

参考例句：

• The firm will be forced to make concessions if it wants to avoid a strike. 要想避免罢工，公司将不得不作出一些让步。
• The concessions did little to placate the students. 让步根本未能平息学生的愤怒。

133 partially   

adv.部分地，从某些方面讲

参考例句：

• The door was partially concealed by the drapes.门有一部分被门帘遮住了。
• The police managed to restore calm and the curfew was partially lifted.警方设法恢复了平静，宵禁部分解除。

134 stagnation   

n. 停滞

参考例句：

• Poor economic policies led to a long period of stagnation and decline. 糟糕的经济政策道致了长时间的经济萧条和下滑。
• Motion is absolute while stagnation is relative. 运动是绝对的，而静止是相对的。

135 chaos   

n.混乱，无秩序

参考例句：

• After the failure of electricity supply the city was in chaos.停电后，城市一片混乱。
• The typhoon left chaos behind it.台风后一片混乱。

136 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

137 mink   

n.貂，貂皮

参考例句：

• She was wearing a blue dress and a mink coat.她穿着一身蓝色的套装和一件貂皮大衣。
• He started a mink ranch and made a fortune in five years. 他开了个水貂养殖场，五年之内就赚了不少钱。

138 jurisdiction   

n.司法权，审判权，管辖权，控制权

参考例句：

• It doesn't lie within my jurisdiction to set you free.我无权将你释放。
• Changzhou is under the jurisdiction of Jiangsu Province.常州隶属江苏省。

139 lessening   

减轻，减少，变小

参考例句：

• So however much he earned, she spent it, her demands growing and lessening with his income. 祥子挣多少，她花多少，她的要求随着他的钱涨落。 来自汉英文学 - 骆驼祥子
• The talks have resulted in a lessening of suspicion. 谈话消减了彼此的怀疑。

140 persistently   

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。

141 regained   

复得( regain的过去式和过去分词 )； 赢回； 重回； 复至某地

参考例句：

• The majority of the people in the world have regained their liberty. 世界上大多数人已重获自由。
• She hesitated briefly but quickly regained her poise. 她犹豫片刻，但很快恢复了镇静。

142 precedent   

n.先例，前例；惯例；adj.在前的，在先的

参考例句：

• Is there a precedent for what you want me to do?你要我做的事有前例可援吗？
• This is a wonderful achievement without precedent in Chinese history.这是中国历史上亘古未有的奇绩。

143 renouncing   

v.声明放弃( renounce的现在分词 )；宣布放弃；宣布与…决裂；宣布摒弃

参考例句：

• He enraged the government by renouncing the agreement. 他否认那项协议，从而激怒了政府。 来自辞典例句
• What do you get for renouncing Taiwan and embracing Beijing instead? 抛弃台湾，并转而拥抱北京之后，你会得到什么？ 来自互联网

144 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

145 amendment   

n.改正，修正，改善，修正案

参考例句：

• The amendment was rejected by 207 voters to 143.这项修正案以207票对143票被否决。
• The Opposition has tabled an amendment to the bill.反对党已经就该议案提交了一项修正条款。

146 remunerative   

adj.有报酬的

参考例句：

• He is prepared to make a living by accepting any remunerative chore.为了生计，他准备接受任何有酬报的杂活。
• A doctor advised her to seek remunerative employment.一个医生建议她去找有酬劳的工作。

147 redeem   

v.买回，赎回，挽回，恢复，履行（诺言等）

参考例句：

• He had no way to redeem his furniture out of pawn.他无法赎回典当的家具。
• The eyes redeem the face from ugliness.这双眼睛弥补了他其貌不扬之缺陷。

148 petitioners   

n.请求人，请愿人( petitioner的名词复数 )；离婚案原告

参考例句：

• Petitioners suggest that anything less than certainty, that any speculation, is irresponsible. 申诉者认为不准确的事或推断都是不负责任的。 来自英汉非文学 - 环境法 - 环境法
• The judge awarded the costs of the case to the petitioners. 法官判定由这起案件的上诉人支付诉讼费用。 来自辞典例句

149 utterly   

adv.完全地，绝对地

参考例句：

• Utterly devoted to the people,he gave his life in saving his patients.他忠于人民，把毕生精力用于挽救患者的生命。
• I was utterly ravished by the way she smiled.她的微笑使我完全陶醉了。

150 assessments   

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

151 assessment   

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？

152 considerably   

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。

153 liens   

n.留置权，扣押权( lien的名词复数 )

参考例句：

• Car les liens économiques n'ont jamais été aussi forts. 因为经济纽带从来没有如此强大。 来自互联网
• Chapter XI Procedures for Publicizing Notice for Assertion of Maritime Liens. 第十一章船舶优先权催告程序。 来自互联网

154 unwilling   

adj.不情愿的

参考例句：

• The natives were unwilling to be bent by colonial power.土著居民不愿受殖民势力的摆布。
• His tightfisted employer was unwilling to give him a raise.他那吝啬的雇主不肯给他加薪。

155 factions   

组织中的小派别，派系( faction的名词复数 )

参考例句：

• The gens also lives on in the "factions." 氏族此外还继续存在于“factions〔“帮”〕中。 来自英汉非文学 - 家庭、私有制和国家的起源
• rival factions within the administration 政府中的对立派别

156 dodge   

v.闪开，躲开，避开；n.妙计，诡计

参考例句：

• A dodge behind a tree kept her from being run over.她向树后一闪，才没被车从身上辗过。
• The dodge was coopered by the police.诡计被警察粉碎了。

157 gulf   

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。

158 cancellation   

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。

159 formulate   

v.用公式表示；规划；设计；系统地阐述

参考例句：

• He took care to formulate his reply very clearly.他字斟句酌，清楚地做了回答。
• I was impressed by the way he could formulate his ideas.他陈述观点的方式让我印象深刻。

160 imposing   

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。

161 equitable   

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。

162 collaterals   

n.附属担保品( collateral的名词复数 )

参考例句：

• From the pulse condition of his collaterals, he is very well. 根据络脉的脉象来看，他身体很好。 来自互联网
• Our specialist offers traditional Chinese massage to relax your channels and collaterals. 专家门诊，传统手法推拿、按摩，舒展经络。 来自互联网

163 compensate   

vt.补偿，赔偿；酬报 vi.弥补；补偿；抵消

参考例句：

• She used her good looks to compensate her lack of intelligence. 她利用她漂亮的外表来弥补智力的不足。
• Nothing can compensate for the loss of one's health. 一个人失去了键康是不可弥补的。

164 procured   

v.（努力）取得， （设法）获得( procure的过去式和过去分词 )；拉皮条

参考例句：

• These cars are to be procured through open tender. 这些汽车要用公开招标的办法购买。 来自《现代汉英综合大词典》
• A friend procured a position in the bank for my big brother. 一位朋友为我哥哥谋得了一个银行的职位。 来自《用法词典》

165 inevitable   

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。

166 relinquish   

v.放弃，撤回，让与，放手

参考例句：

• He was forced to relinquish control of the company.他被迫放弃公司的掌控权。
• They will never voluntarily relinquish their independence.他们绝对不会自动放弃独立。

167 promulgate   

v.宣布；传播；颁布（法令、新法律等）

参考例句：

• The king promulgate a decree.国王颁布了一项命令。
• The shipping industry promulgated a voluntary code.航运业对自律守则进行了宣传。

168 disintegrating   

v.（使）破裂[分裂，粉碎]，（使）崩溃( disintegrate的现在分词 )

参考例句：

• As a poetic version of a disintegrating world, this one pleased him. 作为世界崩溃论在文学上的表现，他非常喜欢这个学说。 来自辞典例句
• Soil animals increase the speed of litter breakdown by disintegrating tissue. 土壤动物通过分解组织，加速落叶层降解的速度。 来自辞典例句

169 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

170 alleging   

断言，宣称，辩解( allege的现在分词 )

参考例句：

• His reputation was blemished by a newspaper article alleging he'd evaded his taxes. 由于报上一篇文章声称他曾逃税，他的名誉受到损害。
• This our Peeress declined as unnecessary, alleging that her cousin Thornhill's recommendation would be sufficient. 那位贵人不肯，还说不必，只要有她老表唐希尔保荐就够了。

171 machinery   

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。

172 impending   

a.imminent, about to come or happen

参考例句：

• Against a background of impending famine, heavy fighting took place. 即将发生饥荒之时，严重的战乱爆发了。
• The king convoke parliament to cope with the impending danger. 国王召开国会以应付迫近眉睫的危险。

173 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

174 onerous   

adj.繁重的

参考例句：

• My household duties were not particularly onerous.我的家务活并不繁重。
• This obligation sometimes proves onerous.这一义务有时被证明是艰巨的。

175 testimony   

n.证词；见证，证明

参考例句：

• The testimony given by him is dubious.他所作的证据是可疑的。
• He was called in to bear testimony to what the police officer said.他被传入为警官所说的话作证。

176 refunded   

v.归还，退还( refund的过去式和过去分词 )

参考例句：

• Postage costs will be refunded (to you). 邮费将退还（给你）。 来自辞典例句
• Yes, it will be refunded to you at the expiration of the lease. 是的，租约期满时，押金退回。 来自无师自通 校园英语会话

177 formulating   

v.构想出( formulate的现在分词 )；规划；确切地阐述；用公式表示

参考例句：

• At present, the Chinese government is formulating nationwide regulations on the control of such chemicals. 目前，中国政府正在制定全国性的易制毒化学品管理条例。 来自汉英非文学 - 白皮书
• Because of this, the U.S. has taken further steps in formulating the \"Magellan\" programme. 为此，美国又进一步制定了“麦哲伦”计划。 来自百科语句

178 worthy   

adj.(of)值得的，配得上的；有价值的

参考例句：

• I did not esteem him to be worthy of trust.我认为他不值得信赖。
• There occurred nothing that was worthy to be mentioned.没有值得一提的事发生。

179 accomplished   

adj.有才艺的；有造诣的；达到了的

参考例句：

• Thanks to your help,we accomplished the task ahead of schedule.亏得你们帮忙,我们才提前完成了任务。
• Removal of excess heat is accomplished by means of a radiator.通过散热器完成多余热量的排出。

180 predecessors   

n.前任( predecessor的名词复数 )；前辈；（被取代的）原有事物；前身

参考例句：

• The new government set about dismantling their predecessors' legislation. 新政府正着手废除其前任所制定的法律。 来自《简明英汉词典》
• Will new plan be any more acceptable than its predecessors? 新计划比原先的计划更能令人满意吗？ 来自《简明英汉词典》

181 assents   

同意，赞同( assent的名词复数 )

参考例句：

182 assent   

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。

183 residue   

n.残余，剩余，残渣

参考例句：

• Mary scraped the residue of food from the plates before putting them under water.玛丽在把盘子放入水之前先刮去上面的食物残渣。
• Pesticide persistence beyond the critical period for control leads to residue problems.农药一旦超过控制的临界期，就会导致残留问题。

184 cardinal   

n.(天主教的)红衣主教；adj.首要的，基本的

参考例句：

• This is a matter of cardinal significance.这是非常重要的事。
• The Cardinal coloured with vexation. 红衣主教感到恼火，脸涨得通红。

185 accurately   

adv.准确地，精确地

参考例句：

• It is hard to hit the ball accurately.准确地击中球很难。
• Now scientists can forecast the weather accurately.现在科学家们能准确地预报天气。

186 levied   

征（兵）( levy的过去式和过去分词 )； 索取； 发动（战争）； 征税

参考例句：

• Taxes should be levied more on the rich than on the poor. 向富人征收的税应该比穷人的多。
• Heavy fines were levied on motoring offenders. 违规驾车者会遭到重罚。

187 exorbitant   

adj.过分的；过度的

参考例句：

• More competition should help to drive down exorbitant phone charges.更多的竞争有助于降低目前畸高的电话收费。
• The price of food here is exorbitant. 这儿的食物价格太高。

188 strictly   

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。

189 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

190 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

191 obstinate   

adj.顽固的，倔强的，不易屈服的，较难治愈的

参考例句：

• She's too obstinate to let anyone help her.她太倔强了，不会让任何人帮她的。
• The trader was obstinate in the negotiation.这个商人在谈判中拗强固执。

192 deliberately   

adv.审慎地；蓄意地；故意地

参考例句：

• The girl gave the show away deliberately.女孩故意泄露秘密。
• They deliberately shifted off the argument.他们故意回避这个论点。

193 concealed   

a.隐藏的，隐蔽的

参考例句：

• The paintings were concealed beneath a thick layer of plaster. 那些画被隐藏在厚厚的灰泥层下面。
• I think he had a gun concealed about his person. 我认为他当时身上藏有一支枪。

194 undoubtedly   

adv.确实地，无疑地

参考例句：

• It is undoubtedly she who has said that.这话明明是她说的。
• He is undoubtedly the pride of China.毫无疑问他是中国的骄傲。

195 allotted   

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。

196 eventual   

adj.最后的，结局的，最终的

参考例句：

• Several schools face eventual closure.几所学校面临最终关闭。
• Both parties expressed optimism about an eventual solution.双方对问题的最终解决都表示乐观。

197 purged   

清除（政敌等）( purge的过去式和过去分词 )； 涤除（罪恶等）； 净化（心灵、风气等）； 消除（错事等）的不良影响

参考例句：

• He purged his enemies from the Party. 他把他的敌人从党内清洗出去。
• The iron in the chemical compound must be purged. 化学混合物中的铁必须清除。

198 precluded   

v.阻止( preclude的过去式和过去分词 )；排除；妨碍；使…行不通

参考例句：

• Abdication is precluded by the lack of a possible successor. 因为没有可能的继承人，让位无法实现。 来自《简明英汉词典》
• The bad weather precluded me from attending the meeting. 恶劣的天气使我不能出席会议。 来自《现代英汉综合大词典》

199 promptly   

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。

200 opposition   

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。

201 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

202 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

203 incorporation   

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。

204 bluffs   

恐吓( bluff的名词复数 )； 悬崖； 峭壁

参考例句：

• Two steep limestone bluffs rise up each side of the narrow inlet. 两座陡峭的石灰石断崖耸立在狭窄的入口两侧。
• He bluffs his way in, pretending initially to be a dishwasher and then later a chef. 他虚张声势的方式，假装最初是一个洗碗机，然后厨师。

205 judgment   

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。

206 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

207 agitation   

n.搅动；搅拌；鼓动，煽动

参考例句：

• Small shopkeepers carried on a long agitation against the big department stores.小店主们长期以来一直在煽动人们反对大型百货商店。
• These materials require constant agitation to keep them in suspension.这些药剂要经常搅动以保持悬浮状态。

208 stimulated   

a.刺激的

参考例句：

• The exhibition has stimulated interest in her work. 展览增进了人们对她作品的兴趣。
• The award has stimulated her into working still harder. 奖金促使她更加努力地工作。

209 contemplates   

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。

210 adjournment   

休会； 延期； 休会期； 休庭期

参考例句：

• The adjournment of the case lasted for two weeks. 该案休庭期为两周。
• The solicitor moved for an adjournment of the case. 律师请求将这个案件的诉讼延期。

211 regaining   

复得( regain的现在分词 )； 赢回； 重回； 复至某地

参考例句：

• She was regaining consciousness now, but the fear was coming with her. 现在她正在恢发她的知觉，但是恐怖也就伴随着来了。
• She said briefly, regaining her will with a click. 她干脆地答道，又马上重新振作起精神来。

212 alluded   

提及，暗指( allude的过去式和过去分词 )

参考例句：

• In your remarks you alluded to a certain sinister design. 在你的谈话中，你提到了某个阴谋。
• She also alluded to her rival's past marital troubles. 她还影射了对手过去的婚姻问题。

213 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

214 undesirable   

adj.不受欢迎的，不良的，不合意的，讨厌的；n.不受欢迎的人，不良分子

参考例句：

• They are the undesirable elements among the employees.他们是雇员中的不良分子。
• Certain chemicals can induce undesirable changes in the nervous system.有些化学物质能在神经系统中引起不良变化。

215 lesser   

adj.次要的，较小的；adv.较小地，较少地

参考例句：

• Kept some of the lesser players out.不让那些次要的球员参加联赛。
• She has also been affected,but to a lesser degree.她也受到波及，但程度较轻。

216 influential   

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。

217 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

218 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

219 outlay   

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。

220 varied   

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。

221 convertible   

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。

222 convertibles   

n.可改变性，可变化性( convertible的名词复数 )；活动顶篷式汽车

参考例句：

• In Washington, the regulators did make a push to ban the manufacturing of convertibles. 华盛顿的各个管制机构曾经推动禁止敝篷车的制造。 来自辞典例句
• That's why they drive around in half-million-dollar convertibles? 因此他们就不惜花几千万美元来这里居住？ 来自电影对白

223 margin   

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。