Stocks are a good thing.

It is essentially an indefinite bond that “no repayment”.

In the short term, as long as the issuance is issued, a large amount of almost cost-free financing will be obtained. If you look a little further, the cost to pay is only the dividends for a fixed period of each year.

With this little money from dividends, a little bit of control over the stock price can make the investors who think they have made money spit out like leeks.

From these points, issuing stocks seems to be beneficial without any harm. In fact, it is almost the case.

The only risk that can be called is that a person who is interested maliciously acquires outstanding shares and becomes a major shareholder without the consent of the board of directors.

However, by 1859, there had never been a malicious acquisition in the US bond market, because there were very few companies that were "listed" in this era.

Although William only owns very few shares of Blackhawk Bank in New Haven, he is the current president of Blackhawk Bank. The "New England Regional Bank-inclusive Strategy" he proposed is progressing from a strategic perspective, and from the current actual operation results, it also has a very good effect.

He wanted to go from one victory to another, but now he encountered a small problem and fell into a small bottleneck. This bottleneck is not at the strategic level, but at the lack of funds from Black Hawk Bank itself and cannot support a larger-scale bank bond acquisition plan.

If you don’t have enough money, you need to raise funds.

There are thousands of financing methods, but there are very few financing methods that do not make shareholders worry about diluting their shares and threatening their status.

It is good to issue bonds, but the bonds must be paid back.

Whether it is a March period, a one-year period, or a three-year period.

It’s okay to issue less, but the bank’s fingertips will pay it back if it misses a little. If the issuance is too much, a large amount of debt will be repaid when it expires, and the available cash in the bank will be withdrawn in large quantities.

Once a slightly larger deposit run occurs at the same time, it will trigger systemic financial risks and there is a possibility that banks will go bankrupt.

What Blackhawk Bank needs now is a huge amount of cash. It is useless if it is small, and it will not be paid back if it is large.

The extreme operation of dancing on the tip of a needle such as issuing new debts to repay old debts cannot be played without sufficient talent.

Taking into account all the difficulties, William was still thriving in his mighty spirit, and finally squeezed out a little bit of his mind from his lower body to his upper body, and then he thought about it.

That’s right! Issuing stocks in this era is very erratic.

The main securities issued by the New York Stock Exchange now are bonds, which are available from federal governments to state governments to private enterprises.

It is not unreasonable that the federal government and state governments cannot issue stocks and can only issue bonds. You cannot buy federal government stocks and become the masters of the country, right?

The reason why private companies do not issue stocks even if they have several shareholders, is a bit fantastic. Those business owners always feel as if they have paranoia of being victimized, and are afraid that the company will be snatched away by retail investors, so they refuse to issue stocks.

In another time and space, stocks have truly become the main category of the New York Stock Exchange, and it was during the period of railway construction after the Civil War.

At that time, the threshold for establishing a railway company was very low. A young man dared to go to the New York Stock Exchange to list after registering a company, even if he had not obtained the land yet.

As long as the dividend ratio is high enough, investors who are saving up a lot of money and like gamblers will dare to invest in them.

In a moment, stocks surpassed bonds and became the main category of the New York Stock Exchange. More than 95% of the companies issued were railway companies.

William was able to find the level of issuing stocks and public offerings several years in advance, which shows that he still has something in his mind when he is in a deficit.

But he is a top student from Yale after all. In his eyes, Doug, a humble little homeless man, is really terrible.

He wanted to ask, "Have you been to New York? Have you ever seen the New York Stock Exchange? I dare to tell me about issuing stocks here!"

But this is just the thought of being swallowed when it gathers into his throat.

If you have been to New York and joined the New York Stock Exchange, you will have these ideas. Then there are hundreds of thousands of people who have been there. Are there hundreds of thousands of people who have such ideas? Of course not!

William was very confident in his IQ, and he was so confident that he was so conceited.

He had to admit that the little homeless man in front of him was a very smart person.

But! The smarter you are! The more annoying you are!

Doug has eaten many times and has been extremely immune to the pressure of "big people".

He looked at the tiny changes in William's seemingly unchanging expression like a joke.

I felt that the reality was almost done and said, "I'm here to borrow money today."

"Borrow money?" William calmed down when he heard the borrowing money. He leaned straight on the softest part of the whale, which was comfortable leather sofa with a comfortable leather. He looked at Doug and asked, "Did you pay back the money you borrowed before? Why don't I know? There is no reason for not paying back the old in this world, just borrowing new ones."

"Why didn't there?" Doug asked, "Last time I used an idea as a mortgage, and now I want to use my printing and dyeing factory and the Monopoly series brand as collateral. Are these two things the same thing? Not the same thing."

"But your printing and dyeing factory was bought from the money I borrowed from me!"

"President William, do you mean not to lend it to me?" Doug smiled, "I think there is more than one Black Hawk Bank interested in the unified bank voucher program.

Blackhawk Bank is just a small bank in New Haven. I think the big bank in New York must have more financial resources to promote this matter, right?

They don't do it now, just because they still have a little bit of confusion about what you are going to do.

If I go and give them a little tip and let them see the possibility of becoming a de facto central bank, do you think they will do it?

At that time, they will not only rely on their financial resources to suppress Black Hawk Bank everywhere, but also know that... the so-called 'genius William' is just a miser who has taken other people's planning."

"Are you threatening me?" William asked in a cold voice.

"Yes! I'm threatening you, President William!" Doug admired William's expression that he tried hard to hold back, and said with a smile in his words, "Do you dare not be threatened by me? You and I are both gamblers, I think you can bet."

"This is the loan you want! Get out! Get out of here!" William roared on Doug's face and threw the signed loan form.

"Okay, I'll get out now." Doug pulled off the loan slip on his face, walked to the door briskly, and suddenly turned around, "Oh! By the way! I must have collected some scrap bank coupons from you. Can you sell those bank coupons? I'll pay a dollar!"

Doug walked downstairs and left Blackhawk Bank with his hands full of hands.

Behind him, all the customers on the first floor of Black Hawk Bank were raising their heads and listening to the sound of broken things coming from the upstairs.
Chapter completed!