The Vienna Securities and Exchange Market was established in 1771. It 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 Certificate and Certificate Trading Market was already crowded.

A major incident naturally occurred to allow investors to come and queue up early. Austria's largest railway company, Austria's Federal Railway Operations Group, was listed here today.

After so long of the brewing, the concept of railway stocks has long been popular, and almost everyone believes that this sunrise industry can bring them rich returns.

A middle-aged man in gorgeous clothes got off the carriage and looked at the crowd in line and cursed: "Damn it, why are there so many people today? Are you rushing to geh    shei?en!" (Do you eat shit)

His actions quickly aroused the glaring eyes of people. The young policeman who maintained order came over and said dissatisfiedly: "Sir, please pay attention to your quality. This is a high-end place and swearing is prohibited."

The man in the Chinese uniform shut up obediently. He knew that if he continued, he might be charged with disrupting public security in public places.

It doesn't matter normally. At worst, it's just a matter of going to the police station and swearing. It's not a serious crime at all. Just paying a fine is done.

But today is not possible. New stocks have always been the favorite among investors, not to mention railway stocks with endless potential. If you miss today, if you want to buy them, it will not be the same price.

Judging from his reaction, the young police left with satisfaction.

Those who come here to queue up will not be any big shots. The real big shots will directly enter the VIP trading room upstairs.

What Vienna lacks the most is the powerful. Don’t look at these inconspicuous little police officers, maybe they are the side branches of a certain aristocratic family.

This is actually understood by temperament. Nouveau riche and nobles stand together and can be distinguished at a glance.

Time passed by minute by minute, and the door of the trading hall opened on time at 8 o'clock. Although everyone was anxious, they did not rush in.

Rules are very important here. Look at the police standing in a row in front of you. You don’t want to be invited to the police station for tea. If you miss the transaction time, you will have to cry.

In this era, there was no Internet, no electronic display, and even electricity was not connected. All transactions were carried out manually.

One by one, the staff wrote data on it. The investors looked at the data on it and decided whether to go to the trader's office to register for trading.

At this time, a stock exchange manager came out and shouted loudly: "Austria Federal Railway Operations Group was listed on the Vienna Securities and Exchange Market today, with a total valuation of 100 million rupiahs.

A total of 3 million shares were issued to the outside world, accounting for 30% of the total share capital. The issue price per share was 10 ducts. It is planned to raise 30 million ducts from the outside world. Friends who are interested are welcome to come and buy it quickly."

As soon as he finished speaking, staff members repeated the news in the crowd, so that everyone could understand the information as much as possible.

There is no way, this era of communication is just yelling. If you don’t have a big voice, you really can’t afford this bowl of rice.

...

The transaction has begun. Although three million shares are issued to the outside world, there are definitely not so many shares circulating on the securities exchange. Banks and securities companies have subscribed part of them in advance.

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

There are many people paying attention to the stock price, which is related to everyone's investment. The stock price of Austrian Federal Railway Operations Group will directly determine everyone's returns.

Even Franz attaches great importance to this listing. If the Federal Railways stock soars, then Austria will not have to worry about building a large railway in the future. The capital market can solve the funding gap.

As long as the railway is built, the effectiveness of the railway company has nothing to do with Franz.

Can't continue to operate? It doesn't matter, the Austrian government doesn't mind taking over the bottom line.

At worst, a decree will be issued at that time, and if the railway company cannot guarantee normal operations, it will be nationalized. Anyway, railways that are not profitable will be repurchased for scrap iron.

On this issue, the standards for governments and enterprises to judge value are completely different.

For the government, railways can be profitable. As long as convenient transportation drives the development of other industries, the taxes paid by these industries are also profitable.

There are also benefits in politics, military, etc., which must also be included. This is why many railway lines in later generations suffered a lot, and governments in various countries will still allocate funds to maintain the normal operation of the railway.

In the evening, Schöbrunn Palace

"Your Majesty, as of the closing of this afternoon, the share price of Austrian Federal Railway Operations Group has increased by 56%, and the closing price is 156 gulls per share." John Steva said excitedly.

There is no doubt that, as the most influential Royal Bank in Austria, how could it not interfere with the stock market?

For example, when Federal Railways is listed, let alone the handling fee for issuing stocks is hundreds of thousands of gulfs. Although everyone is working together to do such a big deal, the share is not a small number.

Of course, the handling fee is just a small income, and the real profit is the market makers. In this era, the stock market management system is not perfect, so the space left for market makers will be greater.

The traditional industry's plates in the financial market have long been divided up. Under normal circumstances, everyone will not rashly cross the line. Otherwise, if you sweep my plate today and I will smash your place tomorrow, no one should think about making money well.

Emerging industries are different. Now is the time to grab land, and even large-scale financial funds are powerless to face the Royal Bank that suddenly entered.

Steva was also in the financial circle. Knowing this so-called rule, it is actually to look at the backstage first, then the capital, and finally the ability.

Royal Bank's capital is definitely not comparable to its peers. Its trading ability is only new to compete with its old bird, but it can't stand the backend?

Since that's the case, everyone can only cooperate.

As the first time trading, it was undoubtedly a good start to encounter a soaring stock price, and Steva was naturally excited.

Franz joked: "You did a good job, it seems that your year-end bonus has been settled this year."

Once a management system is established, it cannot be tossed around. Such as taking it for granted bonuses, which are impossible for Franz to appear.

Since rules and regulations have been formulated, they must be handled in accordance with the regulations. The results you make will be rewarded as much as you get.

Everyone is happy in the short term when it is overpaid bonuses, but over time, you will find it easy to break the rules and it is difficult to re-establish the rules.

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

The boss breaks the rules and causes great trouble to the management, and some of them are simply unable to make up for it.

...

The surge in railway stocks is related to the global economy. Since the outbreak of the British economy in 1847 and the European Revolution in 1848, the world economy has experienced recessions to varying degrees.

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 Austrian government launched a large railway plan to attract capital from all over Europe, and the influx of a large amount of hot money naturally caused a surge in stock prices.

Franz has always refused to accept these capitals. Money is not guilty, no matter who his master is?

Even when someone acquires railway company stocks from shareholders, he pretends not to see them. As long as he pays taxes to the government, these are legal acts.

In this era, the Austrian government did not have the idea of ​​excluding foreign capital, and at the critical moment of industrialization, it was requiring a large amount of capital.

Who knows when the year of industrialization was completed by using local capital? Franz could not refuse to use foreign capital to speed up this progress.

Just think about the British investing in American railway construction, and they built more than 30,000 kilometers from 1848 to 1858, and they naturally suffered a lot of losses in the end.

You should know that in this era, two-thirds of the American population is that of Austria, and it is so vast that it is so sparse that it is. From an investment perspective, Austrian railways are obviously more economically valuable.

It is not surprising that it can divert some of the funds, but Franz still underestimated the degree of capital surplus among the British.

As the first country to complete industrialization, the British used this time difference to earn a lot of profits from the world, which were converted into cash and poured into the UK.

If you have too much money, you have to use it. However, the British colony expansion is still in progress, and rebellions occur frequently in various places, so the risk of investing in colonies is too high.

This money is looking for markets all over the world, and against this background, the Austrian government's large railway plan has attracted their attention.

With a little analysis, you will find that Austria's population density is ten times larger than that of the United States. Since the Austrian government completed the reform, the domestic economic development speed has been on the fast lane.

Even the United States, which is far away on the other side of the ocean, has not let go of it, and Austria, which is near Europe, naturally cannot let it go.

A large amount of hot money poured in, and this money did not just flow into the railway industry. The government-supported agricultural product processing industry and manufacturing industry have been popular with capital.

By the second half of 1850, the Austrian economy showed explosive growth, and almost all walks of life were growing wildly.

In this era, the government rarely interfered directly in the market, and everyone did not have this awareness.

Franz knew that such economic development was very unhealthy. If it was not restricted, Austria would have an economic crisis due to overcapacity in a few years.

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

This is also commonly known as the rash wave, which will expand production capacity in a short period of time, and when the development reaches its limit, an economic crisis will occur.

After repeated attempts, Franz decided to wait and see. Anyway, it started to explode. Is it still too early to overcapacity?

The world economic crisis has just passed and will not break out again in a short period of time. Since the danger will not come, it will be time for the government to intervene before reaching the limit.
Chapter completed!