Extra facts

• At the time of the attack on Pearl Harbour, America introduced war bonds to enlist the help of the public.

• During the crash of 1929, the Dow crashed by 30 points. After reaching a high of 469.49 on 19 September the Dow plummeted by 51 per cent. On 29 October 1929 the US stock market lost $14 billion of value.

• The Dow Jones Average looks higher than an average stock price due to its calculation according to a special formula.

• The term 'broker' was originally used for wine retailers and was first used around 1622 to mean 'an agent in financial transactions'.

• In the 1870s, traders on the New York Stock Exchange wore top hats and swallowtail coats.

• Fixed commissions ended on 1 May 1975, America's May Day.

• In 1914, the New York Stock Exchange closed for three months when war was declared.

EXERCISES I. Answer the following questions:

1. What do you know about the origin of stock markets?

2. What are the largest stock markets in the world?

3. What did the rapid development of communications allowed to do?

4. Who are the participants of the stock market?

5. What is the difference between the primary and the secondary markets?

6. What types of stock markets do you know?

7. What is the difference between them?

II. Rates. Translate the following: at any rate

to value something at a low/high rate second rate first rate

advertising

of discharge of discount of depreciation of birth of profit /return of exchange of duty of production

agreed

compound growth

crime

dividend

RATE

dollar

interest

net

pulse

prime

space

Note: RATE - норма; розмір; рівень; ставка: тариф: такса: розцінка; курс; ціна; швидкість; частота; темп; процент; частка: коефіцієнт; розряд; сорт; місцевий податок; комунальний податок.

III. Choose the words and word combinations on the right which have the same meaning as the ones on the left.

1. market	a) a distinct parcel or portion of anything
2. the rate	b) beforehand
3. available	c) relating to or forming the end of extremity

106 PART II. FINANCE

4. commodity	d) the view for the purpose of discovering errors
5. in advance	e)exchange
6. on the spot	f) to move backward and forward
7. terminal	g) merchandise
8. to inspect	h) accessible
9. a lot	i) comparative value or amount
10. to fluctuate	j) immediately