Holy Roman Empire

The Vienna Stock Exchange, established in 1771, was the largest stock trading center in Eastern Europe in this era, bringing together investors from all over Europe.

At six o'clock in the morning on June 11, 1850, the Vienna Stock Exchange was already crowded.

It is natural that a big event has happened for investors to come to queue early.Austria ’s largest railway company, the Austrian Federal Railway Operating Group, is listed here today.

After such a long period of incubation, the concept of railway stocks has been heated up. Almost everyone believes that this sunrise industry can bring them generous returns.

A middle-aged man in a Chinese suit got off the carriage and watched the crowd swearing and cursed: "Damn, why are there so many people today, is it hurried to Gehscheißen!"

His move quickly caused people to look at each other with anger. The young policeman who maintained order came over and said dissatisfiedly: "Sir, please pay attention to the quality, this is a high-end place, and swearing is prohibited."

The man in the Chinese suit shut his mouth obediently. He knew that if he continued, he might have dropped a crime of disturbing public order.

Normally it doesn't matter, it's a big deal to go inside the police station and swear a few swear words. It's not a big crime at all, and it's done with a fine.

But today is not good, new shares have always been the favorite of investors, not to mention the unlimited potential of railway stocks, if you missed today, and then want to buy is not at a price.

Seeing his reaction, the young policeman left with satisfaction.

There will not be any big guys who come here to line up. The real big guys directly enter the VIP trading room upstairs.

The most important thing in Vienna is the dignitaries. Do n’t look at these insignificant little police officers. Maybe it ’s a side branch of a noble family.

This is actually understood by looking at the temperament. The upstart and the nobility stand out of place and can be distinguished at a glance.

One minute and one second passed, and the door of the trading floor opened at eight o'clock. Although everyone was in a hurry, they did not rush in.

The rules are very important here. Look at the police standing in a row in front of you. Everyone does not want to be invited to the police station for tea.If you miss the trading time, you will only cry.

In this era, there was no Internet, no electronic display, and even no electricity. All transactions were carried out manually.

Big blackboards, staff write data on it.The stockholders looked at the above data and decided whether to register with the trader.

At this time, an executive of a stock exchange came out and shouted loudly: "The Austrian Federal Railway Operating Group is listed on the Vienna Stock Exchange today. The company's total valuation is 100 million rupiah.

A total of 3 million shares were issued externally, accounting for 30% of the total share capital. The issue price per share was ten dongs. It is planned to raise funds of 30 million dongs. Friends who are interested are welcome to hurry up and buy."

His voice just fell, and then a staff member repeated in the crowd, trying to let everyone know this information.

There is no way. In this era, communication is just relying on roar. If the voice is not loud enough, you can't really eat this bowl of rice.

...

The transaction has already begun. Although it is said that 3 million shares are issued externally, the stock exchange certainly does not have that many shares in circulation, and banks and stock companies have subscribed in advance.

This is also the most common way to raise stock prices. If the liquidity is too large and the market is saturated, even high-quality stocks will collapse.

There are many people who pay attention to the stock price, which is related to everyone's investment. The stock price of the Austrian Federal Railway Operating Group will directly determine everyone's income.

Even Franz attaches great importance to this listing. If the shares of the Federal Railways soar, then Austria will not have to worry about the construction of large railways. The capital market can solve the capital shortage.

As long as the railway is repaired, the benefits of the railway company are not related to Franz.

Can't continue business?It doesn't matter, the Austrian government doesn't mind taking the floor.

When the time comes, a decree is issued, and if the railway company cannot guarantee normal operation, it will be nationalized.Anyway, railways that do not make money, that is, scrap iron price repurchase.

On this issue, the standards used by the government and enterprises to judge value are completely different.

For the government, railways can not make money, as long as convenient transportation will promote the development of other industries, and the taxes paid by these industries are also profits.

There are also political, military and other benefits that must also be counted.This is why many railway lines in the later generations are in a mess, and governments of all countries will still allocate funds to maintain the normal operation of the railways.

In the evening, Schönbrunn Palace

"Your Majesty, as of the close of this afternoon, the Austrian Federal Railways Group's share price increased by 56%, and the closing price was 15.6 dong per share." John Stewa said excitedly

Undoubtedly, how can the lucrative trading in the stock market, as the most influential Royal Bank in Austria, not interfere?

For example, if the Federal Railroad is listed, let's not mention it first. The handling fee for the issuance of stocks is only hundreds of thousands of dongs. Although this big deal is done by everyone, it is not a small number.

Of course, the handling fee is only a small income, and the real profit lies in being a bookmaker. The stock market management system in this era is not perfect, and the room for the bookmaker is even greater.

The traditional industry ’s plate in the financial market has long been divided up. Under normal circumstances, everyone will not take the risk of crossing the line, otherwise today you will sweep my plate, tomorrow I will smash your place, no one should think about it. Make money.

Emerging industries are different. Now is the time to run the horses, and even financial giants are powerless in the face of the suddenly killed Royal Bank.

Stewart was also mixed in the financial circle. Knowing this so-called rule, he actually looked at the background first, then the capital, and finally the endurance.

The capital of the Royal Bank is definitely incomparable to its peers. The trading ability is only new and can't do the old bird, but it can't stand the backstage?

In this case, everyone can only cooperate.

As the first trader, it was undoubtedly a good luck to see the stock price soar, and Stewa was naturally excited.

Franz joked: "You did a good job, it seems that your year-end awards have fallen this year."

Once a management system is established, it cannot be tossed around randomly. It is impossible for Franz to appear as a casual bonus like that.

Now that the rules and regulations have been formulated, it must be done in accordance with the regulations.Regarding what kind of performance you have made, you will get as much reward as possible.

Everyone is happy in the short-term, but after a long time, you will find it easy to break the rules and difficult to re-establish the rules.

Not all projects make money the same. Some projects are laborious and hard to see. In the short term, there is no return, but someone needs to do it?

The boss has broken the rules, and the trouble for the management is undoubtedly huge, and some have no way to make up for it.

...

Railroad stocks have skyrocketed, which has something to do with the global economy.Since the outbreak of the British economy in 1847 and the explosion of the European Revolution in 1848, the world economy has experienced various degrees of recession.

By 1850, the world economy had emerged from the crisis and began to grow cyclically, while Austria's economic growth rate was still above the world's economic growth rate.

The large railway project initiated by the Austrian government attracted capital from all over Europe, and the influx of large amounts of hot money naturally caused the stock price to skyrocket.

Franz has always refused to come to these capitals, money is not guilty, who is his master?

Even if someone buys the stock of the railway company from the shareholders, he pretends not to see it, as long as he pays taxes to the government, these are legal acts.

At this time, the Austrian government did not have the idea of ​​excluding foreign capital. At the critical moment of industrialization, it was in need of a lot of capital.

Who only knows the use of local capital, who knows that industrialization will be completed by that year?It is impossible for Franz to refuse to use foreign capital to accelerate this progress.

As long as you think about the British investing in the construction of American railroads, from 1848 to 1858, more than 30,000 kilometers were built, and in the end it was a mess.

You must know that in this era, the US population is only two-thirds of Austria, and the land is so sparsely populated that from the perspective of investment, Austrian railways are obviously more economically valuable.

It is not surprising that a part of the capital can be diverted, but Franz still underestimated the degree of British capital surplus.

As the first country to complete industrialization, the British took advantage of this time difference to make a lot of profits from the world, and these profits were converted into cash influx into the UK.

If you have more money, you always have to spend it. The British colony expansion is still in progress. Rebellions in various places have occurred from time to time. The risk of investing in colonies is too great.

This money is looking for markets around the world. Against this background, the Austrian government launched the big railway plan, which attracted their attention.

If you analyze it a little bit, you will find that the population density of Austria is ten times greater than that of the United States. Since the Austrian government completed the reform, the domestic economic development has been on the fast track.

Even in the United States on the other side of the ocean, the British capitalists have not let go, and Austria, which is near Europe, naturally cannot be let go.

A lot of hot money is pouring in, and this money is not just flowing to the railway industry.The agricultural products processing industry and manufacturing industry supported by the government have been well received by capital.

By the second half of 1850, the Austrian economy had exhibited an explosive growth, with almost all industries experiencing savage growth.

In this era, the government rarely meddled in the market directly, and everyone does not yet have this consciousness.

Franz knows that such economic development is very unhealthy, and if it is not restricted, Austria will have an economic crisis due to overcapacity in a few years.

Should we limit it?At this moment Franz hesitated, the losses caused by the economic crisis were heavy, but the explosive economic growth also drove the great development of Austrian industry and increased Austria's national strength.

This is also a rash wave in the common name. In a short period of time, the expansion of production capacity is crazy. When the development limit is exceeded, an economic crisis will occur.

After hesitating again and again, Franz decided to wait and see. Anyway, this just started to erupt. Is it too early for excess capacity?

The world economic crisis has just passed and will not break out again in a short time.Since the danger is not yet to come, the government will be able to intervene before reaching the limit.