Founded in 1771, the Vienna Stock Exchange was the largest stock exchange center in Eastern Europe, bringing together investors from all over Europe.

At six o'clock in the morning of June 11, 1850, the Vienna stock exchange market was already crowded.

What can make shareholders come and line up early is naturally a big event. Austria's largest railway company, the Austrian Federal Railways Operator, is listed here today.

After such a long time in the making, the concept of railway stocks has long been hyped, and almost everyone believes that this sunrise industry can bring them rich returns.

A middle-aged man dressed in fancy clothes got out of the carriage, looked at the crowd in line and cursed: "Damn, why are there so many people today, are they in a hurry to go to Geh schei?en!" (Eat)

His actions quickly aroused angry glances, and 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 it is forbidden to use swear words." ”

The man in fancy clothes obediently shut up, he knew that if he continued, maybe a crime of disturbing the law and order in a public place would come down.

It doesn't matter in normal times, it's a big deal to walk around the police station and swear a few swearing, it's not a big crime at all, and it's over with a fine.

But not today, playing new stocks has always been the favorite of shareholders, not to mention the potential of railway stocks, if you miss today, you will not be at a price if you want to buy again.

Seeing his reaction, the young policeman left satisfied.

None of the big guys who came here to line up here, the real big guys went straight to the VIP trading room upstairs.

The most important thing in Vienna is the powerful, don't look at these inconspicuous little police officers, maybe they are the side branches of some aristocratic family.

This point can actually be understood by looking at the temperament, the nouveau riche and the aristocracy stand together are incompatible, and they can be distinguished at a glance.

As the minutes ticked by, the door to the trading floor opened on time at eight o'clock, and although everyone was in a hurry, there was no 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 trading time because of this, you will only cry.

In this era, there was no Internet, no electronic displays, not even electricity, and all transactions were carried out manually.

A large blackboard on which the staff writes data. Investors look at the data and decide whether to register a trade with a trader.

At this time, a stock exchange manager came out and shouted: "The Austrian Federal Railways operating group is listed on the Vienna Stock Exchange today, and the total valuation of the company is: Rp 100 million.

A total of 3 million shares will be issued, accounting for 30% of the total share capital, and the issue price per share is 10 dong, and it is planned to raise 30 million dong from the outside world. ”

As soon as he finished speaking, another member of the staff repeated it in the crowd, trying to make everyone aware of the message.

There is no way, communication in this era is just by roaring, if the voice is not loud enough, you really can't eat this bowl of rice.

……

The transaction has already begun, although it is said that 3 million shares will be issued to the outside world, but there are certainly not so many shares circulating on the stock exchange, and banks and securities companies have subscribed for some in advance.

This is also the most common way to raise the stock price, 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, and the stock price of the Austrian Federal Railways operating group will directly determine everyone's earnings.

Even Franz attaches great importance to this listing, if the stock of the Federal Railways soars, then Austria will not have to worry about the construction of the next big railway, and the capital market can solve the funding gap.

As long as the railways are built, the efficiency of the railway company has nothing to do with Franz.

Can't run a business? It doesn't matter, the Austrian government doesn't mind taking over.

The big deal is that when a decree is issued, and if the railway company cannot guarantee normal operation, it will be nationalized. Anyway, the railway that does not make money, that is, the scrap iron price buyback.

On this issue, the criteria for judging value by the government and enterprises are completely different.

For the government, the railways are not profitable, as long as the convenient transportation will lead to the development of other industries, and the taxes paid by these industries are also profits.

There are also political, military and other benefits, which are also counted. This is also the reason why in later generations, many railway lines are in a mess, and governments 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 share price of the Austrian Federal Railways Operating Group has increased by 56 percent to close at Rp 15.6 per share." John Stewa said excitedly

There is no doubt that how could the most influential Royal Bank in Austria not intervene in such a lucrative trade in the stock market?

For example, the federal railway is listed, not to mention anything else, the handling fee for the issuance of shares alone is hundreds of thousands of dong, although this kind of big deal is done by everyone together, and it is not a small amount to get it.

Of course, the handling fee is only a small income, the real profit lies in the market maker, the stock market management system in this era is not perfect, leaving the dealer with more room for operation.

The plate of the traditional industry in the financial market has long been carved up, and under normal circumstances, everyone will not cross the line, otherwise today you will sweep my plate, and tomorrow I will smash your field, no one should want to make good money.

The new industry is different, now is the time to stake the ground, even the financial big money in the face of the sudden arrival of the Royal Bank can do nothing.

Steva is also mixed in the financial circle, knowing this so-called rule, in fact, he first looks at the backstage, then at the capital, and finally at ability.

The capital of the Royal Bank must not be able to compare with its peers, and the trading ability is only a new one, and it can't do the old birds, but it can't stand the backstage?

In that case, then everyone can only cooperate.

As a first-time trader, it is undoubtedly a good fortune to encounter a soaring stock price, and Steva is naturally excited.

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

Once the management system is established, it cannot be tossed around, and it is impossible to take for granted the kind of random bonuses that are not possible here at Franz.

Since the rules and regulations have been formulated, they must be done in accordance with the regulations. What kind of performance has been made, how much return will be given.

In the short term, everyone will be happy to pay bonuses, but after a long time, they will find that it is easy to break the rules and it is difficult to re-establish them.

Not all projects are equally profitable, and some projects are laborious and do not see a return in the short term, but someone needs to do it?

The boss broke the rules, and the trouble brought to the management is undoubtedly huge, and there is no way to make up for it.

……

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

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

The Austrian government's grand railway project has attracted capital from all over Europe, and the influx of hot money has naturally caused the stock price to skyrocket.

For these capitals, Franz has always been a comer, money is not guilty, no matter who his owner is?

Even if someone buys shares in a railway company from a shareholder, 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 rejecting foreign capital, and at the critical moment of industrialization, a large amount of capital was needed.

With the use of local capital alone, who knows when industrialization will be completed? It is impossible for Franz to refuse to be able to use foreign capital to speed up this process.

Just think about the British investment in the construction of American railroads, from 1848 to 1858 to build more than 30,000 kilometers, in the end of the natural loss of a mess.

At a time when the population of the United States was only two-thirds of that of Austria, and the land was overwhelmingly sparsely populated, Austria's railways were obviously more economically valuable from an investment point of view.

It was not surprising that some of the money was diverted, but Franz underestimated the extent of the British's capital surplus.

As the first country to complete industrialization, the British took advantage of this time lag to make a lot of profits from all over the world, which in turn turned into cash pouring into the UK.

More money is always used, but the British colonial expansion is still going on, rebellions occur from time to time, and the risk of investing in the colony is too great.

The money is looking for a market all over the world, and in this context, the Austrian government's big railway plan has caught their attention.

A little analysis reveals that Austria's population density is ten times greater than that of the United States, and the country's economic development has been on a fast track since the Austrian government completed its reforms.

Even the British capitalists in the United States, which is far away on the other side of the ocean, and Austria, which is close to Europe, naturally cannot be let go.

There's a lot of hot money pouring in, and it's not just going to the railroad industry. The government-supported agricultural product processing industry and manufacturing industry have been favored by capital.

By the second half of 1850, the Austrian economy was growing explosively, with almost every industry growing savagely.

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

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

Do you want to limit it? At this moment, Franz hesitated, and 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 reckless wave, in a short period of time to expand production capacity madly, and when the development reaches the limit, there will be an economic crisis.

After much deliberation, Franz decided to wait and see, anyway, it was just starting to erupt, and it was too early to overcapacity?

The world economic crisis has just passed, and it will not break out again anytime soon. Since the danger is not yet here, it is too late for the government to intervene before the limit is reached.