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　　Passage Four

　　The first European stock exchange was established in Antwerp, Belgium(比利时), in 1531.There were no stock exchanges in England until the 1700’s. A man wishing to buy or sell shares of stock had to find a broker(agents) to transact his business for him. In London, he usually went to a coffee house, because brokers often gathered there. In 1773, the brokers of London formed a stock exchange.

　　In New York City, brokers met under an old button-wood tree on Wall Street. They organized the New York Stock Exchange in 1792.The American Stock Exchange, second largest in the United States, was formerly called the Curb Exchange because of its origin on the streets of New York City.

　　A stock exchange is a market place where member brokers buy and sell stocks and bonds (债券)of American and foreign businesses on behalf of the public. A stock exchange provides a market place for stocks and bonds in the same way a board of trade does for commodities. The stockbrokers receive a small commission on each transaction they make.

　　The stockholder may sell his stock wherever he wants to unless the corporation has some special rule to prevent it.Prices of stock change according to general business conditions and the earnings and future prospects(前景) of the company. If the business is doing well, the stockholder may be able to sell his stock for a profit. If it is not, he may have to take a loss.

　　46.In the 1600’s, if a man wanted to buy or sell shares of stock, he had to do it through .

　　A.the government B.himself C.a broker D.the stock exchange

　　47.The second largest stock exchange in the U.S.used to be called .

　　A.the Wall Street Exchange B.the New York Stock Exchange

　　C.the Curb Exchange D.the U.S.Exchange

　　48.In Para.3, the word “commodities” probably means .

　　A.goods B.papers C.shares D.agreements

　　49.Which of the statements is true?

　　A.The stockholder can sell his stock to anywhere at anytime.

　　B.There were no stock exchange in England in the 1700’s.

　　C.The price of stock is not stable.

　　D.The stockbrokers do the transaction without charging for the stockholders.

　　50.The passage is mainly about .

　　A.the Wall Street B.the stock exchange

　　C.the stock D.the stockholder and stockbroker