Stocks are a good thing.

It is essentially an indefinite bond that "does not have to be repaid".

In the short term, as long as the issuance is issued, it will receive a large amount of financing at almost no cost. If you look a little further, all you need is a fixed period of dividends every year.

The little money in dividends, a little manipulation of the stock price, can make the shareholders who think they have earned it spit out like leeks.

From these points, it seems that there is no harm in issuing shares. In fact, almost.

The only thing that can be called a risk is that a person with a heart can maliciously acquire outstanding shares and become a major shareholder without the consent of the board of directors.

However, until 1859, there had never been a single hostile takeover in the US bond market, because there were very few "listed" companies in that era.

Although William only owns a very small stake in the New Haven Black Hawk Bank, he is the current president of the Black Hawk Bank, and the "New England Regional Bank Securities Integration Strategy" he proposed has been progressively from the strategic level, and it has a very good effect from the current actual operation results.

He wanted to go from one victory to another, but now he ran into a little problem, a little bottleneck, not at the strategic level, but because Black Eagle Bank itself was not well funded to support a larger plan to buy bank bills.

If you don't have enough money, you have to raise money.

There are thousands of ways to raise funds, but there are very few safe financing methods that do not let shareholders worry about their shares being diluted and their status threatened.

It is good to issue bonds, but bonds have to be repaid.

Whether it's a three-month, one-year, or three-year term.

If there is a large amount of issuance, a large amount of debt will need to be repaid when it matures, and a large amount of available cash in the bank will be siphoned off.

If a slightly larger run on deposits occurs at the same time, it will trigger systemic financial risks, and there is even the possibility of bank failure.

What Black Eagle Bank needs now is a huge amount of cash, a small amount is useless, and a large amount will not be able to be repaid in the future.

The extreme operation of issuing new debts to repay old debts cannot be played without enough talents.

To sum up all the problems, William finally squeezed out a little bit of his brain from the lower half of his body to the upper body and thought about it, and then he came up with the partial method of issuing stocks.

That's right! Issuing shares in this day and age is very out of the way.

The New York Stock Exchange today issues bonds as a major type of security, from the federal government to state governments to private companies.

The federal government and the state government can't issue stocks, they can only issue bonds, and they can't buy the shares of the federal government and become the masters of the country, right?

The reason why a private company does not issue shares, even if it has several shareholders, is somewhat fantastical. Those business owners, as if they had paranoia of victimization, were afraid that the company would be robbed by those retail investors, so they refused to issue shares.

In another time and place, stocks really became the main category of the New York Stock Exchange, and it was after the Civil War, during the great construction of the railroad.

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

As long as the dividend ratio is high enough, those gambler-like investors who have a lot of money in their hands will dare to invest in them.

Suddenly, stocks overtook bonds to become the main category of the New York Stock Exchange, and more than 95 percent of the stocks issued were railroad companies.

William's ability to touch the level of issuing stocks and public offerings a few years in advance shows that he still has something in his brain.

But after all, he is a top graduate of Yale, and in his eyes, Doug, a humble little tramp, is really terrifying.

He wanted to ask, "Have you ever been to New York? Have you ever seen the New York Stock Exchange?

But it was just the thought he had swallowed when it reached his throat.

If you've been to New York or been to the New York Stock Exchange, you've had these ideas. There are hundreds of thousands of people who have been there, and there are hundreds of thousands of people who think so? Of course not!

William is confident in his IQ, confident to the point of conceit.

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

But! the smarter he is! the more he hates it!

Doug has eaten and seen a lot, and he is extremely immune to the coercion of the "big guys".

He looked at the slight changes in William's seemingly unchanged expression as if he were joking.

Thinking that it was almost over, he said, "I'm here to borrow money today." ”

"Borrow money?" William heard the borrowed money, his unbalanced mind calmed down, he leaned straight back on the leather sofa that was not as soft as his whale, looked at Doug and asked, "You borrowed the money before? Why don't I know? ”

"Why not?" Doug asked rhetorically, "Last time I took out a set of ideas as collateral, and now I'm going to use my dyeing shop and the brand of the Monopoly franchise as collateral. Are these two things the same thing? Not the same thing. ”

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

"President William, do you mean not to lend it to me?" Doug smiled, "I think Black Eagle Bank is not the only bank interested in the unification of bank bills.

Black Hawk Bank is just a small bank in New Haven, and I think the big banks in New York must have more financial resources to carry it out, right?

They're not doing it now, just because they're still a little bit confused about what you're going to do, President.

If I were to give them a little bit of a look and show them the possibility of becoming a de facto central bank, would you say they would do it?

When the time comes, they will not only rely on their financial resources to suppress Black Eagle Bank everywhere, but they will also know ...... The so-called 'genius William' is just a miser who has been plotted by others. ”

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

"Yes, I'm threatening you, President William!" Doug admired William's expression as he tried to hold on, 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 gamble." ”

"This is the loan you want! Get out! Get out of here!" William growled.

"Okay, I'll get out. Doug walked briskly to the door, and suddenly turned back and said, "Oh, yes, I must have collected some scrap bank notes from you, can you sell me those bank notes? I'll give you a dollar!"

Doug walked downstairs as he left the Black Hawk Bank with a full load.

All the customers on the first floor looked up and listened to the sound of broken things coming from upstairs.

"I hope you are always healthy, my President William. Doug muttered as he walked.