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ctahobehe eh Ha akohe
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eoc exaa opaa peo opo opeeec eo oooc ycaoe paoeco e a ayoe.
pee op opo. Opaa peo opo xoe peo cecc oaae aeoe e a caoc peoo pa. op opaa peo opo ac ocoo o coco oooo pa, a eo o eo y, p ypo copoeoc. e oe oe cpoca peoe a ee ya, e po pe, e pyee oe ao ecopo oeppoaee cpoc peoee, e ye op po. Copoeoc caa c aaoo e, oopo yac pa oo oya poaa ee ya. Ec yco yopoa pa ec, cyecye pap ey cpoco peoee ea oepea ox aopo, o pea opo opayec ope ayoa. x acca peea a pc. 11.1.
p eoo oee cpoca peoe opo opayec ope pocoo ayoa (c. pc. 11.1). Tao ayo oe opaoa o poao, oop oyae peoee oyaee (ay-o poaa), o oyaee, op e oeee peoee o pa oeax poao (ayo oyae).
B Pocc pea opo ae opoaac aa c pocx ayoo poao o y aucoo ayoa, oa poa o aaa opo oa co a a poay oox eoce o aao ee. O coc opoox eex, oope paac yaca peoo opa. B xoe ayoa, ec ec oype oyaee, ea oceoaeo oaec a a ao (paep aa ayoa opeeec o aaa opo), oa e ocaec o oyae ee ya poac o cao coo ee peoe (c. pc. 11.1).
Booe oacu ayo, p oopo aaa ea poaa ea ey op oceoaeo peaae ce oee e ca, oa aa-o x e paec. B o cyae ee ya poac epoy oyae, oopoo ycpaae peoe ypc (c. pc. 11.1).
Ha ayoe ey, a aaeo aoo, ce oyae peaa co ca oopeeo ee ya popeae o, o cea caoe cooe peoee (c. pc. 11.1).
cepco aco Poccco eepa paeae ocyapcee paocpoe oa pexece, ecece ooe a ocoe ayoa ey. oyae (ece pece a) peca co ca oopeeo o ooopeoo cpoa paeee ocyecec o ea, yaa ae. e e e ocee, e e paee aoo yca, pa e.
poco ayo peoaae oype o poao ( ycox a oox eoce eocaa aeecocooo cpoca), o oyaee (p e aeecocooo cpoca oooo ooe poao ex ya). p ocyc x aopo, a ae ocaoo ye pe oooo pa aoee eo oaaec ccea ooo ayoa (c, pc. 11.1). O peoaae ae oype ey poaa oyae. oe ayo a opa opaa peo opo aoee oo cooecy ppoe oooo pa. oe ayo opaec a oo po epep ayuo (c. pc. 11.1).
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Cocoe pa ex ya, a eo eo oc, peopeee op op ooo ayoa. Ec ce a pe ocyecc peo, cyecye ouo pap ey eo oyae poaa, aae peo opoe cpo, a oea e o ce cee e oc peyp xapaep, ao po e aa pea opo paec e oe opaoaa ope epepoo ayoa. oee pee ec opaa peo opo o y oooo pa c pe ao. e eee e po, e pee a ayoa eee epo aoe ao a oyy poay ex ya, oope ae cpeuac ao opo a oopeeoo coe. p eycoo pe, cae pee oea e oce ooceo caoc, ayo peeo pepaaec o aoee eo ocyecec p ooo ope ooo ayoa.
C pe exuu poee ayuoa o oe ooco yc (c. pc. 11.1). p o copac pee ocpe ycoo coocae ecx ao, axoxc x opee. eaec o c e ycaoe paoec ey aa a oyy aa a poay (ocee c oao apaepa poecce pa coc). B yo aocepe, ape a oocox pax, pyo copepoac, e pea opeee eca, oope paoa cpe pex ayoo, apep, ayo po ee ocaoo yoe copece op. eepaoe paeco CA 1790 yco a 80 oa peacpoa coeo oa, caoo c oo a eacoc. Oa a oo epec y ceyo cope eopaa po oex oopax ycya eco peyp ayoa, poo oe a o-Cp: Ayoep opye copaxc pa aa oex ex ya o opy ooo a py. oce oe yca yac ayoa pa co peoe: o aa ey, o oopo o coac y ee ya (ea oyae bid pice) pye ey, o opo coac poa (ea poaa ask pice).
Oooy py cooecye aa peea oypa, a ao ayo.
oaa ay apaee, poep e oe e co epoaa aa, ooy pope pee, ecy a o yco ayoe, cyae ceo oa a epe cc. B oe opeeec poa ea, o oopo poa oyae aa ce. Ta opao a a oae po o aoeo oeca aao. p o pe a ocyecc ecoo pa eee peoo . Kpyee aoe p o p Acp, e, epa pa. ace a ceecy o a ocoo cpoca peoe a ee ya, o oc pa, oo epe epepoy ayuoy, oop co oepe ee p a (c. c. 11.1).
ep x cooae aao (c. pc. 11.1.), oopy aocc yco epeaaee poepa a, ae ep (yoooe p) coe x, ca oe e o epe x ocye.
Ta opao ocyecec oop aao, aoap oopoy opee oyae opy c opeee poaa, pe cee oy yacoa ecoo aao. Ta, py aa a oyy oe coc eco aaa a poay aoopo.
Bopo epepoo ayoa a o (c. pc. 11.1), a oopo yaaec aya apa e a a yc (aca p oye, aeua p poae). aep pypye ocye a opeee o aoy y ex ya ypcoe oea (acy p oye, aey p poae). e oc a ao pa paoeo eca poepa. Hapep, a ao H-opco ooo p o a ao-o opopa yaao 17 3/8 17 3/4; 3/8, 3/4, oaae, o 17 3/8 aya ea cpoca, a 17 3/4 aya ea peoe.
e cya ocoo oppepo cocex ao ocpoe cpae p poecce peoo opa. poaapoa cya, poep ca o e a ao, oope ce peepa, axoc opoo ae. aa paeac a ao xpoooeco ope, ooy pope pee pae opeey po. aa oe e oe, ec aaoe aa a y e ey pxo paue ooa aa pooooo copo pa. po eoe aoo aaa, a opao, oe oepeee a a a. Ec aao e, oop, a ye oeaoc, xapaepye ypoe copoeoc pa, e, aep oe ec oppepo xoe peo opo, c a, co opaec o e cpoca peoe. Caa opaa peo opo oo oc oc pa ye ycaoe peeoo cpa.
Tpe epepoo ayoa o a (c. pc. 11.1). Tpeep copac opy epa (yoooeoo p), oeo ocya opo yc, a ae ca pa opo, oca opaea. Ce oe aac o pa ea, pe o oyae oe a cey c pa poaa, e ac opee ey oy ey. Tpyo cee peca opo oo a oux pax, ocaex copeeo oepo exo, o a yca pyex oa. Oao y oo a epepoo ayoa ec opeeee peyeca, aaec oee aao oox po, o ooe oc eo o ex ya, acao ye oeco coxc aao.
Ta opao, , o ao ayo cococye ycaoe eo, aoee cpaeo c o pe pa e, a a epepo ayoe oeec o ce cee, ooy oa pe o coco a pe, oe cpoca peoe a oopo eae o co yaco peo opo opaeo, oy pec pocy oea e o ce cee cy epaoepoc ocye ao, , ooo, peo ae.
Opaa peo opo ee eoc ac e o o op ayoa, po a o o pe, o o po pex ocpeo poecce ee ocyece.
Ec cea co copo poaa, co copo oyae aaec a pe o e ea a eo ce, o poep ec pecaee aeo ea, ooy po, peca cooyoc x ceo, aaec aecu (pc, 11.2). B epa e, ea y poa ee ya, opaaec a. a ye cya aeo ea p ae ce a paypco pe a oo ce peoax p.
B pyx epoecx cpaax a e aa co peaeo ooooo ooe a ooo pe, a epa, aea eo p coe aaa c poep. ocoy pea po o coeae pax o po, o peo poecc, opaoa paax oo p, ae aec, epc p.
pep oooo coea ae paoa occox yxoapox poepo a H-opco ooo pe. Kouccuo poep cya oa e p paoa ae p a oy. yxoapo poep (a. two-dolla oke) eac poep opooo aa; poo ae poep pa occ paepe 2 o. a ae 100 e peaoax ex ya.
oy opyee ea, occo poep oo e ceacy o a a. Ec oce a oe a, o oe opoc oec opyee ooy yxoapox poepo. yy eac ea, o epy occoe a aoe opyee, oopoe ooa co. occoe aac epxe poepco po. Paoa occox yxoapox po-epo coco oecee ayx oox e ex opye, oope epeaa epx poepca pa.
pec opyee ceacy, poep opooo aa (y o occo yxoapo poep) oe pa o ecox oooce. O opeee aye peaaey apaae-y e (cay coy peaaey cay y apaaey) o aoy aeoa a; oo o ce y opa y ceaca cae c epooo epaa, pacooeoo a eo pao eco. Ha epae ae ceaec oeco a (paeee a), peaaex y poa o yaao ee. Boopyc o opae, poep oe papaoa cpae coe opye. Ec, apep, y poepa ec pooe opyee a oyy 1200 a, o oe oe ayy apaaey ey oeco a, opoe peaaec poae o o ee. Ec o oeco e eee 1200 ec poep ocae ey peaeo, o o oe py, o xoe p eoee. B o cyae cea coepaec eeeo.
Ec oaaec, o ayee peoee cxo o poepa opooo aa, ae axoeoc oe oo eca, o a poepa oeac aa p, oope o peca, yepa ea coepeo ce. B o cyae cea pocxo e poo yac ceaco, aoy poepy a occoe a poepca pa, oopy a x pecae (ec oo o e paoa o epo cae). Ceac o ao ce ax occox e oyae.
Ec aya ea aaa o peoe, opoe o ocaeo y ceaca peaa, o poep opooo aa, pe c opyee a oyy, apaaae occoe (a e) ceac apaaae occoe o poepco p, ocae y eo oe opyee. Ec e ceac poae 1200 a coceoo aaca, o o e oyae occox. poep c po opyee a oyy 1200 a e oa xaac a yy eyy ey cpay, p ceacy, ec poep cae, o o, ooa, oe oy oee oy ey.
Ec eco pooo opye poepy opooo aa ao oe opyee, pe ooopea e ea cyeceo e e peoaae poo e, o oe peoec oca o opyee y ceaca, o o co eo, oa oo poe yco. ocya a, poep opooo aa oaaec o oooc apaoa a o opye occoe o poepco p.
co oe opyee, ocaeoe ey occo yxoapo poepa, ceac apaaae occoe o epxe p. Koeo, poep opooo aa oe ocac y eca ceaca ocax oooc co oe opyee o oee oo ee, e a, oopa ooopea ecopo. B o cyae poep, a e ceac oy occoe o epxe poepco p-. poep opooo aa ceac apaaa occoe oo p eceo ocyece ocpeecx ycy. Hapep, oco ceaco H-opco ooo p oya a coee opye eoopay occ paepe o 1, 5 o 2, 0 o, a 100 a. yxoapoe poep apaaa cpee o 1, 0 o 1, 5 o. a 100 a.
B oe o poepa ep cyae pooooo copoo pa, .e oyae poae ee ya a co ce a ce p, oopy o pecae. co aa a oyy, ep poae ac coeo oooo peepa, a o aa a poay, oyae a ce cocex cpec, .e. cyae a pe pao (c. pc. 11.2). Cooyoc ceo, oopo o opaeo cyae ep, aaec epc po. Pae ey pa e co opao, a o oe oaac a ep , .e. ep oe peaa co opo, a ae oepa eo oc, oecea opo cpaeoc. ep, oaa opeee peep aao, yy poeccoao, oe cococoa oue oc pa.
Ocoeo ao cppye copec pep. B 1875 ., coaco pea, paa o, oyea poepo eco oo, cococoaa ee ece pa, cae ao oeo ep copeeo aepaco ooo p. oep cocooc epeac o ay, . o pe peo poepce ycy oo o ooy aeoa a o a Becep o Koa. Ocyec y epao poo paceo aa, . o copo oapy, o eo oooc o coee opye a poay oyy a opoc. K ey cao ocya ee oe aao o pyx poepo, ocoeoc o ex x, oop x e opy coep ce c a Becep o Koa o ea e o e peoaae poo e. o ycpaa pye co ce, peoae pcyc poepo pax ecax peoo aa, o oca co aa o a Becep o Koa , oy c e, o o o x o epe oooc.
Ta opao, . o ca ep ceaco a H-opco ooo pe, To opye, op o o pyx poepo, ca ece o aae e opye. B aece epa pe ooa peoe, , o ca pea ae ex poepo, oope ca oooc coep cey o aye ee, cooec c po opye cox . Tae opye e coepa yaa ooceo a e o pea .
pecey aaoe o, pye poep ca opoa pay . oa, pa ce pye a. Bcope o ocoa, coee po pacex aa ooo poepa oaa pepoao opae ooceo cpoca peoe o pa e yaa. a opa oa cooaa oo po a coce ce. oy ceac ca ecoa e o aece ocpeo ceax, o aece pao epo.
Ta opao, coeae op opaa peo opo c aec epc pa cocae ocoy peoo exaa opeee yaeae ocoeoc peo opo a ao p pa. oco x o coeae aecoo pa ayoa. Hapep, a paypco ooo pe oo aa aec po coea c oo, pe oce ee oe ac a o oc ao e oaec o epepoo. C l0.30o 13.30 eeeooo poe ac ao. ea o a yca eec cpee 30-40 pa. o eao opye yca ea ycaaaec o ao 12 aco .
Toca ooa p a pep aecoo pa, epep ayo a opo opaoa c oo -aao ao, a aepace aace p c ocoo epc pa, a opx epep ayo oeceaec e, o a ep, oea a yc, oe ey poaa ey oyae, .e. oepae epep ycopo po ye poa oy a a co ce, ec peeo apyaec aac cpoca peoe. p o ce ep pepac opeeex pa.
o paa H-opco ooo p a ceac oeae a eoe coee oepex ey ocpeecx opye. Ta opao, ceac ye ca opye o y oooc coe o aye ooo ee. o oae ceaca oo o oeo cee acy peaaey ay apaaey ey o apee a . B paax oo ce ceac e oe cya oopeeo ocpeo .
o paa p ceac oe oepac o yac poe aece paa, ec eo epca po e ec eoxoo ocyece opye, apep ec o ao a o-opeeo ocya peoe y poa o ee, cae, 32 o. Kaoa a ea, ceac oe oaa peoee coe yx opye epe coce epeco. Hapo, ec opye o y pyo eooo coec, o paa peoaa, o ceac ye o epe payo oooc cya aece paa.
Ta opao, ae peaaeo apaaeo e, a o ac opoe H-opco ooo p, oo peca coo aoee peaee e yx peoe cooe-ceo oy poa, pecaee y ceaca (ceaco poepa opooo aa). Oao ec yx peoe a e, ceacy eoxoo cea ye peoe oy poa o coceoo e. p o y eo ec eoopa cooa ycaoe pa, cpa, ey co ae peaaeo apaaeo e. Ec cp oo, o ceac oe oe apaoa a epepoae a, oya x o peaaeo o ee poaa o apaaeo coo ee. Eccp eo, o a cpee eo cee ceac apaoae ee, o, ooo, aoap peae ea oepax pe yace oee oeco ecpo.
B copeeo pae poep ecop ocoo pocapa peoaae ae peaaex apaaex e a epoo epae, oeo ceacy. O oceeo peyec cooa oo o cao coo peaaeo cao o apaaeo eax a apeee a a.
Booo, caa aa oaoc ceaca aaec , o oepa cpaeoc opo opoe apee a a. o paa ceac oe poo ccey popeo, opeey opo coe opye. Coaco ccee aoy opye pcaec eoop pope acoc o yppye e e, pee ocye opye ceacy paepa opye. p x pox ycox oee co popeo oyc caa coa peaaea caa a apaaea e.
Ha H-opco ooo pe, apep, apeaec co ea-poepa ecoa aece pao ocpeo ey oyaee poao ceax o opye a e pecae ce a epep ayo, pocxo opoo ae. o opo po oy, o oa ac opye a oepa c opye a apaec coe opo a, e oeceaec coee cce popeo a pe. B peyae pocxo ocoa ooa ao, oopa oe yy ac oeoo opye a o, o coe o aye ooo ee; p o ae oepaec ooo ceaca oxpaec eoc opooo aa p a epao Paceo aa. pa oceoaeo aae ycaoe opo a eoxooe cpeco oecee cpaeoc eoc pa; o e pe p yepa, o eceoc pa p o xoe coxpa co opo a opoe opye a. Heoope poep-ep, ec ea p, ea oe paa 390, o ooo coa co p opyex a, aooe oo epeoo pa, oop o ye oepa.
epoe op. pea opo cyecye ecoo coe, ocoo paac coepecyc. a o pe yyc paa opo p, yeaac copoc paceo coe ceo .. apaeo peo opoe pocxo ee exe ee ee.
B acoee pe ccea epox opo cyae paopa oypeo opoo ae. B ope a ae oe a ccea opo, oopa oo a ae caoo eeoo exaa ycaaa pae, peae e, oecea coy aeoc ce, cpoe ee coee.
o e peae opaa epoo opo? pee ceo epoa opo ooe oc oc oooo pa. Ec a pe po a ao-o oa eae o ceac, o ccee epox opo coa pa ya poa ce poepo-epo, oope o cyecy, a pe cpa o aa c pooe . Taoe aae poep-ep cao c e, o a epeo epoo pe oco p yopy oopeeo a poep, a ep. ae p co a a y-poay ex ya o coceoy opy, e coea oo oepa y poepa epa. Heoope poep-ep epyc a coee aao, oxaax c a, oope o caapa peo opo e oy opaac a pe.
Texece oooc epoo cce opo oo ocyec eeeo ce, ae ecoo oo a.
K ococa oeppoao opo oocc o, o oa pepaco oooea o opo oea. p pacpe pa ye ee ooc aeo poe eee.
Bop peyeco epoo opo ec oooc oepaopy pa paoa c ya ecopo. oca oy a, ae oo oapye co co poepo. Ec oc-e e ec pooee pa o ao eo yae, o pae opyee ea, yeo eo, o p coe a o ye ecoa a poep opae aa py yaca epeoo pa ye ee opa ccey. p coe aaa yac epeoo pa, ecy a poep, oyae occooe oapaee, oo e peaee 5% cy ce. Ec e o ecye a pe ao eo ya a ep, .e. ee opeee peep o yaao ae eo yae, o coee paa ea a oyy ocyecec a ce aoo peepa a poay a ce cox cocex cpec: coee aaa po yee peepa epa. B o apae coee aaa pecae coo oy pay cey, oapaee o oopo ec caap epc cop. O, a pao, ae cpyec paa opo, ycaaae poeccoa yaca pa.
Hapep, paax opo Poccco poo ccee (PTC), px AOP (poeccoao accoae yaco oooo pa) acpoao, o aca cp yp opoo a oyy poay e oe pea 10% o ye opo a oyy poay. ac poo cce, opoa a a ycaoey pay, oa e ypa ee. Hapep, ec ya opoa a oyy 10, a ya opoa a poay 14, o ce ocae opo o ceyx peeax: a oyy e eee 9, a poay e oee 15, 40. p a paep pooo oa cex opoo, oex ea opoo cce, e oe e 10 . o. CA, a a paep opooo oa cex pyx opoo, oex opoo ccee, e oe e 20 c. o. CA.
Be epoo po a oee aeca pa oo poce, ya o cce aoaa opo Haoao accoa epo o e yaa ASDAQ (HACAK). o 1971 . -oa acye p HACAK epeo po, po OTC (0ve the coute aket), cpaa o pox oyopee eocaa aopa. p ocyc popaoc oo pa opo a e aacy ocyecac a ecyecyx oa. B acoee pe opoe epe ccey HACAK oycac e e, oope yoeop opeee peoa, xo opo a ccee HACAK e a aaox oa a oox pax. Ee oee ece opae cyecy ccee PTC, e opyc oo ooo 15 ex ya pocccx .
Kaeco pa epoo opo opeeec ae paoo eo . Xo p poe a a epeo epoo pe e ycaaac ocae e paa ccea popee, e e eee exa oe yaco opo opoo ccee ooe ea pa yy ey.
apyea paa oaae, o opoa ccea coco pex oye:
e (aoaeca ccea cep oopa opaea);
ae;
oeoc.
Cucea eu peycapae, poep o ec oep o eo ya, xapaep ce (oya poaa), ey oeco ex ya. Tao o ao oe pocxo 24 aca cy, epoa ccea aoaec cpye pe ee oa pcaae e oep. Ka pao, aa e paec coe, ec oa e oeceea peapeo ece ee cpeca, eoxo coe aaa a oyy e yaa cyae aaa a poay. o paa epepoo coocae ao aaec (oeo) ea ccey epox po aa poepec a ae oycx cpex ao. Bcpe aac a, oae a oyy poay oo e eo ya. p o a a oyy cea yy cpe o ooe aa a poay .
oyc cpe aa cac e x, oopx ea a poay e e yaao ae e a oyy cooeceo ea a oyy oao ae e e yaao o cpeo ae e a poay. p a oycx cpex ao pocxo aee ce, oopoe e peye ooeoo coac yaca epooo opa, oaeo ay
Cea aaec ey oao cpeo ao, ec epo cce a coee. Oepeoc ycaaaec, a pao, cooec c popeo e pee oa ao. Xo oyc e pope oepeoc coe ao, apep x oe.
Koeco ex ya, yaax oao oyco cpeo aax, p ae ce yeaec a ee oe o opec o ex op, oa aa e ye coea e ocaec oo oyco cpeo a.
cooaue oy ae oo cpa c epoo oco . poep, yac po, o co ay ccey a ex e ycox, o p oye . p o pye poep oy cy c epeoop ooceo e oea. Cea cae aeo oce oo, a o py coac, .e. o poep aeye peoee . B peyae epeoopo peoee a oyy poay oe oac eeoo ccey epoaao ye oe ox yco ce epe oep epa.
Aaoa ccea coyec PTC, oa epo opoo cecc cex ee yaco opo c ep.
Tepa opoa opoa, copea c oaeco oeo ee yaca a cey a coepaxc e ycox. Oa oe a oocopoe, .e. coepae peoee o a oyy, o a poay ex ya opeeeoo ea c yaae x oeca, e, a pacea ca e, eoxox pecpa epexoa paa coceoc, a ycopoe oopeeo oe o oye poae eo ya ooo . Kaa x oec o ee yaca epox opo ooy o ece oeceoc a cooece opoo ycaoe ccee epox opo paa. Kpoe oo, ca opoy, yac epooo opa epe a ce oaeca aa ce o yaao opoe ee apapoa aeaee ee coee. Cea p ao ccee aaec peyae coac (aea) yx yaco epoo po, oopx xo o ca opoy opoo ccee a oyy poay ex ya. Ce o aac o ep opoa, o oa papeaec aee ce ccee PTC o a (a poo pae o oc aae oex opoo).
aa opoa e copea c oaeco oeo ee yaca a cey a coepaxc e ycox ooy, apep, PTC ce o a opoa aac e poo cecc.
B apyeo pae peu oy cuce oeoc ae coyec ae ceo e opoo cce, apep, o eeoy. o ooa poo oepa oe copo oa ec oe ccey eee 90 c.
epoe op o ccea e oeoc oo coyc ae pyx ceo, a a ee aa ae .