In recent years, railroads have been combining with each  other, merging into supersystems, causing heightened concerns about  monopoly. As recently as 1995, the top four railroads accounted for  under 70 percent of the total ton-miles moved by rails. Next year,  after a series of mergers is completed, just four railroads will  control well over 90 percent of all the freight moved by major rail  carriers.

In recent years, railroads have been combining with（合并） each other, merging into（融入） supersystems, causing heightened（变强） concerns （关注）about monopoly（垄断）. As recently as（最近的） 1995, the top four railroads accounted （占）for under 70 percent of the total ton-miles（总吞吐量） moved by rails. Next year, after a series of mergers（合并） is completed, just four railroads will control well over 90 percent of all the freight（货物） moved by major rail carriers（运输公司）.

Moved：受感动的、移动的

concern ：关心，关系      concert：音乐会，一致，和谐

concrete:具体的，有形的，实在的，实际的，固结成的，混凝土制的

最近这几年，铁路公司开始相互合并，相融合为巨大的集团，引起对垄断的高度关注。就在1995年，四家最大的铁路公司所占的铁路运送量不到总运输量的70%。明年，在一系列合并事宜的完成后，四家公司将会控制了超过90%以上的运输量。

Supporters of the new supersystems argue that these mergers  will allow for substantial cost reductions and better coordinated  service. Any threat of monopoly, they argue, is removed by fierce  competition from trucks. But many shippers complain that for heavy  bulk commodities traveling long distances, such as coal, chemicals,  and grain, trucking is too costly and the railroads therefore have  them by the throat.

Supporters（支持者们） of the new supersystems argue（认为、辩论） that these mergers（合并） will allow for substantial cost（实质成本） reductions and better coordinated（使协调） service. Any threat（威胁、惊吓） of monopoly（垄断）, they argue, is removed（移动） by fierce（凶猛的） competition（竞争） from trucks（货车）. But many shippers（发货人） complain that for heavy bulk（体积） commodities（商品） traveling long distances, such as coal（煤炭）, chemicals, and grain（粮食）, trucking is too costly（昂贵） and the railroads therefore have them by the throat（喉咙）.

认为：think/consider/hold/deem/take for/regard as/believe/argue/rate/insist/maintain/be convinced/ be firmly convinced/be fully convinced

这新的巨大系统公司的支持者认为这些合并将会使得运输费用减少并提供更好的优质服务。他们提到，任何垄断带来的威胁将转嫁到公路运输的激烈竞争中。但是很多货主们抱怨大宗体积的商品长距离地公路运输很耗费钱，就像煤炭、化学品和粮食，铁路公司将会因此勒住他们的喉咙。

The vast consolidation within the rail industry means that  most shippers are served by only one rail company. Railroads  typically charge such“captive”shippers 20 to 30 percent more than  they do when another railroad is competing for the business.  Shippers who feel they are being overcharged have the right to  appeal to the federal government's Surface Transportation Board for  rate relief, but the process is expensive, time consuming, and will  work only in truly extreme cases.

The vast consolidation（整合、合并） within the rail industry means that most shippers（发货人） are served by only one rail company. Railroads typically（通常） charge（要价） such“captive（受控制的）”shippers 20 to 30 percent more than they do when another railroad is competing（竞争） for the business. Shippers who feel they are being overcharged（对…要价过高） have the right to appeal（上诉、要求） to the federal government's（联邦政府） Surface Transportation Board（交通运输局） for rate（…率） relief（减免）, but the process（过程） is expensive, time consuming（消耗）, and will work（运转、起作用） only in truly extreme cases（极端情况）.

extreme：极端的，过激的，极限的    extremely：非常、极其、极端地

extract：提取，取出

case：情况、实例、箱

cost：价钱，代价，花费，费用，牺牲

铁路产业的巨大融合意味着大部分发货人必须仅向一家铁路公司寻求服务。铁路运输公司对这些“受控”的货主的收费通常会比另一家与之竞争的运输公司高出20%-30%的价格了。发货人感到他们的要价过高并正在向联邦政府的交通运输部门上诉要求减少价格。但是这个过程消耗了时间和金钱，而这只有在极端情况下才会起到作用。

Railroads justify rate discrimination against captive shippers  on the grounds that in the long run it reduces everyone's cost. If  railroads charged all customers the same average rate, they argue,  shippers who have the option of switching to trucks or other forms  of transportation would do so, leaving remaining customers to  shoulder the cost of keeping up the line. It's a theory to which  many economists subscribe, but in practice it often leaves  railroads in the position of determining which companies will  flourish and which will fail. “Do we really want railroads to be  the arbiters of who wins and who loses in the marketplace?” asks  Martin Bercovici, a Washington lawyer who frequently represents  shippers.

Railroads justify（证实） rate（费用、价格） discrimination（歧视、区别对待） against captive（俘虏监禁） shippers on the grounds（以…为理由） that in the long run（归根到底、长远来看） it reduces everyone's cost（成本）. If railroads charged（收取） all customers the same average rate（费用价格）, they argue（认为）, shippers who have the option of switching to（转向） trucks or other forms of transportation would do so, leaving remaining customers to shoulder（承担） the cost of keeping up the line. It's a theory（理论） to which many economists subscribe（认同）, but in practice（在实践中） it often leaves railroads in the position of determining which companies will flourish and which will fail. “Do we really want railroads to be the arbiters（仲裁人） of who wins and who loses in the marketplace（市场）?” asks Martin Bercovici, a Washington lawyer who frequently represents shippers.

charge：费用、电荷、掌管、控告、命令、记在账上

change：改变，变更，交换，替换，兑换

rate：速度，比率，等级，费率，估价，值得，责骂，定级，认为，把…算作，被评价，被认为，被列入，申斥

line：线条，排队，行列，界线

事实上：in practice，essentially，in essence，in reality，as a matter of fact，it is a fact that

铁路公司认为区别对待那些反对受控的货主从长远看是有充足理由的，这能够减少所有人的成本。他们认为如果铁路公司收取了所有雇主相同的费用，那些有选择机会的雇主会有多种公路运输选择，或者其他形式的交通运输，遗留下剩余的雇主不得不承担更多的费用来保持这一标准。这一理论获得了许多经济学家的认同，但是在实践中这经常使得铁路公司处于优势地位来决定哪家公司繁荣发展哪家公司衰败。以为经常代表雇主利益的华盛顿律师马丁说道：“我们真的想要铁路公司成为在市场上谁输谁赢的仲裁者吗？”

Many captive shippers also worry they will soon be hit with a  round of huge rate increases. The railroad industry as a whole,  despite its brightening fortunes, still does not earn enough to  cover the cost of the capital it must invest to keep up with its  surging traffic. Yet railroads continue to borrow billions to  acquire one another, with Wall Street cheering them on. Consider  the ＄10.2 billion bid by Norfolk Southern and CSX to acquire  Conrail this year. Conrail's net railway operating income in 1996  was just ＄427 million, less than half of the carrying costs of the  transaction. Who's going to pay for the rest of the bill? Many  captive shippers fear that they will, as Norfolk Southern and CSX  increase their grip on the market.

Many captive（俘虏、捆绑） shippers also worry they will soon be hit with（被击中） a round（一圈） of huge rate increases. The railroad industry as a whole（作为整体）, despite its brightening（闪亮、耀眼） fortunes（财富、资产）, still does not earn（赢得、赚取、获得） enough to cover the cost of（支付） the capital（资产） it must invest（投资花费） to keep up with（紧跟） its surging（增长、汹涌、蜂拥而来的） traffic. Yet railroads continue to borrow billions to acquire（获取、合并） one another（相互）, with Wall Street （华尔街）cheering（喝彩、支持） them on. Consider the ＄10.2 billion bid（出价、投标、融资） by Norfolk Southern and CSX to acquire（获取、合并） Conrail this year. Conrail's net railway operating（操作、运营的） income（收入） in 1996 was just ＄427 million, less than half of the carrying costs（运作成本） of the transaction（交易、业务、办理）. Who's going to pay for the rest of the bill? Many captive shippers fear that they will, as Norfolk Southern and CSX increase their grip on（抓牢） the market.

收入：income、revenue、earning、 take in、include

支出：expenditure、expenses、pay、expend、defray

很多被捆绑支配的雇主也担心不久后价格会有一轮大幅度上涨。作为整体，铁路运输产业尽管看起来拥有闪亮的财富，但其收入仍然不能赢得足够的资金去投资需要紧跟住不断增长的交通运输市场的需要投入的资金。然而铁路公司仍需要持续借钱进行合并，而华尔街也支持他们的并购。今年，诺福克南方公司和统一铁路公司融资102亿并购了联合铁路公司。在1996年，联合铁路公司的运营纯收入仅仅4.27亿美元，还不到这个交易运营成本的一般半。谁会承担剩下的成本？许多雇主担心随着诺福克南方公司和统一铁路公司牢牢控制住市场，他们将可能成为买单人。