詞匯：
1. margin rate 保證金率，邊際比率
2. rampant 無約束力，猖獗的，蔓延的
3. stem 遏制
4. stem from 滋長，源自
5. underpin 加強……基礎(chǔ)，支持
6. underpinning 支持物，基礎(chǔ)（建筑物下的）
7. preoccupy 先占，使專心于，吸引住
8. undue 過分的，非法的，不適當(dāng)?shù)?br> 9. interim 間歇；暫時的，間歇的
10. guideline 方針，指導(dǎo)路線
11. underscore 在……下面劃線，強調(diào)
12. point up 加強，強調(diào)
13. bluechip 蘭籌股票
14. blue-chip 蘭籌的
15. outperform 在使用上勝過
16. overprice 將……標(biāo)價過高
17. numerical ratio 數(shù)率，數(shù)字比率
18. earnings 收益，利潤，收入
19. contend 競爭，堅決主張，爭論
20. premium 傭金，酬金

難句譯注：

1. The increase in the margin rate from 50% to 70% was not an attempt to stem any rampantspeculation on the part of the public—actually the market seemed technically quite strong, withpublic participation essentially dignified—but rather an attempt by the Federal Reserve Board topreserve the sound underpinnings that existed in the market.
[結(jié)構(gòu)簡析] 是not…but句型，兩個破折號中間是插入成分；中插入一個帶with+N+participle 短語
[參考譯文] 保證金率從50%增長到70%，并不是想要遏制群眾方面猖獗的投機，而是聯(lián)邦儲備委員會想要保持現(xiàn)存于股市強勁基礎(chǔ)——事實上股市由于群眾非常莊嚴(yán)的參與——在技術(shù)上看起來相當(dāng)強勁。

2. Obviously, there could be no guarantee that this would once again be the case, but if history isany guideline—and if business and corporate earnings were to continue on the samecourse—continued optimism over the outlook for the stock market would seem more prudentthan pessimism.
[結(jié)構(gòu)簡析] 復(fù)合句。中間有插入語if clause, 進(jìn)一步說明條件。
[參考譯文] 顯然，不可能保證這種情況再次出現(xiàn)（情況再是這樣）。可是，如果歷史具有指導(dǎo)方針的話——如果商業(yè)和公司的利潤仍然保持在同樣軌道上——那么對股市前景樂觀似乎要比悲觀更精確些。

3. The margin increase underscored the good rise that stocks had enjoyed for the previousyear—and the fact that a 50% rate was maintained as long as it was pointed up the fact that therise was mainly conservative in that it was concentrated in the blue chips for the most part.
[結(jié)構(gòu)簡析] 這句句子內(nèi)有四個that clause：第一個that是good rise的定語從句。第二個和第三個that都是the fact that句型。但第二個the fact that中，as long as it was, 指頭一年，pointed up是謂語。第四個是in that連詞，義：因為。

寫作方法與文章大意：

文章論述“強勁證券市場”的種種情況。首先是聯(lián)邦儲備委員會為保持強股市基礎(chǔ)要求保證金率增長。這種增長過去，現(xiàn)在，將來都能鞏固強市。其次由于絕大部分集中在蘭籌股上，使股市看好上升趨于保守，引出行業(yè)股比普通股吃香。最后是投資者心情和股市強弱有關(guān)。?