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发布时间：2006-07-02 04:33     点击：

Questions 53to 55 are based on the following passage:

Security and commodity exchanges are trading posts where people meet who wish to buy or sell. The exchanges themselves do no trading; they merely provide a place where prospective buyers and sellers can meet and conduct their business.

Wall street, although the best known, is not the only home of exchanges in the United States. There are cotton exchanges in New Orleans and Chicago; the Mercantile Exchange, which deals in many farm products, in Chicago; and grain exchanges in many of the large cities of the Midwest. Some exchanges, like the Chicago Board of Trade, provide market services for several kinds of products. These trading posts where products may be bought or sold are called commodity exchanges.

The security exchanges. On the other hand, are meeting places stocks and bonds are traded. Like the commodity exchanges, they help serve the economic life of the country. But when their operations get out of hand, they may become very dangerous. In 1929, the security exchanges, of stock market; many corporations were bankrupted; many workers lost their jobs. The Crash of 1929 has been attributed to many causes, among them wild and unwise speculation by many people and dishonest practices on the part of some businessmen and of some members of the exchanges.

Today, however, investing through security exchanges and trading on commodity exchanges has been made safer by regulations set up by the exchanges themselves and by regulations of the United States government. In 1922, the government instituted the Commodity Exchange Commission which operated through the Department of Agriculture; and in 1934, the Securities and Exchanges Commission, to protect investors and the public against dishonest practices on thd exchanges.

53. Among the reasons for the Crash of 1929 were .

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