ID	原文	译文
100257	Vail realized that this was not a sound capital foundation.	费尔认为，把企业的资金来源建立在这样的基础上，风险是很大的。
100258	Vail saw early that a telephone system had to do something distinct and different to remain in private ownership and under autonomous management.	起初，费尔看清了一个电话公司如果想保持其民营形态，自主经营，必须有突出而与众不同的局面。当时，欧洲各国的国营电话公司都经营得很稳健。
100259	Vail set the Bell Telephone System the objective of making regulation effective.	但是费尔先生却决定把实现公众管制作为贝尔公司的目标。
100260	Vail's AT&T common, with its almost-guaranteed dividend, was close enough to a fixed interest-bearing obligation for widows and orphans to buy it.	费尔设计的AT&T普通股，正是针对“莎莉姑妈”的意愿：这种股票股息有保证，完全符合她们的需要。
100261	Vail's insistence on organized self-obsolescence would have struck him as lunacy.	因此，费尔有意要让贝尔公司的现有生产技术过时的努力令福特大为不解。
100262	Vail's third decision led to the establishment of one of the most successful scientific laboratories in industry, the Bell Laboratories.	费尔先生的第三个大决策，是为公司建立了贝尔研究所，并成为企业界最成功的科学研究机构之一。
100263	Vail, at about the same time, realized that a nationwide communications monopoly could not be a free enterprise in the traditional sense - that is, unfettered private business.	与此同时，费尔还有一项新认识：一个全国性的电信事业，绝不能是传统的自由企业，换言之，绝不是一个无拘无束的事业。
100264	Vaincus par des nains d'esprit. (Overpowered by witty dwarfs.)	被充满机智的侏儒战胜。
100265	Val d'Orcia was historically one of the poorest parts of Italy, held back by the heavy clays that formed its soil.	从历史上看，奥尔恰谷是意大利最贫穷的地区之一，主因是受重黏土形成的土地影响。
100266	Val de Galie	加利山谷