                                                53

        ,   -
    .     -
  ,   ,     
     ,  .  
  ,    (special offering)  
     (special bid)    ,   
        
,         .

       (secondary
distribution},         ,
     .  
      ,   ,  , , 
,            . 
       .

        ,   
        
  (upstairs dealer market).    , -
      (  block houses.  . .), 
        
 .         
 ?    ,    -
         ,  -
     (    ),   
    .       -
    .    (
        ),  -
       .  
        -
           ".  
     ,    :   1000
,  5%    .

 .   PF    ,
    20 000    GM.  -
   ,     5000  -
.  5000       PF .  -
    $70  .      ,
   20 000    $69,75    $8000 .
  PF   ,     
.       NYSE,      -
         . -
,            
$69,75   500        
 .      
 5000   $350 000 (5000   $70  )    , 
   4500         
.     , ,     ,
    .

3.2.2      

 . 3.2     ,    
       1992 .  ,
. -  .    -