Chapter 10, Beginnings

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"But, Scrooge, I didn't expect you to grow so fast. So, all this money is a regular savings in the bank. If you take it out now, there won't be so much. Well, it will take another two years for the money to be used. You can also familiarize yourself with how to buy and sell in these two years...... Well, from tomorrow onwards, you will follow me and take care of the ledger first. Corolla, you also follow along, after all, this shop will still be given to you in the end. Old Joseph said.

Two years later, in 1857, Scrooge had a fashionable double bachelor's degree in economics when he was a university student in his last life, and when he was taking economic history, he learned that in 1857 there was the world's first global economic crisis, and this crisis was also the first economic crisis that broke out from the United States, not from the world's leader at the time, Britain. In the midst of the crisis, 62 of the 63 banks in New York stopped making payments, and the discount rate even exceeded 60 percent. Joseph's money had to be saved until 1857 to be withdrawn, which is not very good news. So, Scrooge hurriedly asked:

"Dad, I want to know, when is this money due."

"What's wrong? Can't wait? Old Joseph smiled, "My son, it's good to be ambitious, but you still have to be down-to-earth, follow me for two years first, and then talk about it, it won't delay you." ”

It was not too late to start a business after 1857 with Joseph Sr. for two years, and it was definitely not a problem to catch the Civil War. In fact, Rockefeller was founded as late as 1858. But Scrooge's biggest concern now is the safety of his deposits, so he still has to continue to ask for clarification, but he can't just tell his father that there will be a global economic crisis in 1857, and many banks will be finished. In the current prosperity*, absolutely no one will believe this. So, he had to say something different. Scrooge thought for a moment and said:

"Dad, I just want to know this time, so I can make arrangements in advance."

"It's a long way to go." Joseph said, "Well, I sue you, the money is due in January." ”

"Expires in January?" Scrooge breathed a sigh of relief, and although he couldn't remember exactly when the economic crisis of 1857 erupted, Scrooge still vaguely remembered that the problems of the financial system were only detonated in the autumn of that year, and that the banks stopped paying and began to go bankrupt in large numbers until October.

Generally speaking, there will be a period of economic frenzy before the economic crisis, and the same is true of the 1857 economic crisis, which was preceded by a large amount of European hot money pouring into the American railroad industry, and the American railroads were crazy and disorderly, and the number of railroad miles built even exceeded that of all other countries in the world combined. The US Government, which has always been under the control of the Democratic Party based on the South, has continuously lowered import tariffs in exchange for European countries opening their markets to US agricultural products in order to ensure the interests of the plantations in the South and to ensure that agricultural products from the South can enter Europe with low taxes. Europe's door to American agricultural products is certainly open, but the door to the market for American manufactured goods is also open to Europe. At this time, American industry was far from being able to compete with Europe, especially Britain. So, while in theory the boom in the railroad industry in the United States should lead to the development of its metallurgical industry, the reality is that during this period the production of pig iron in the United States has been stagnant for a long time, and the growth of the cotton textile industry has been slow, while the import of rails, pig iron, locomotives, cotton cloth and other British manufactured goods has grown very rapidly. British products flooded the American market and crushed America's own manufacturing industry. In the end, the explosion of the crisis was triggered. This year, the United States agriculture was also unlucky, but the unprecedented harvest of wheat in the United States collided with the historic harvest of Russian wheat, and as a result, the competition of Russian wheat caused the price of wheat in the United States to plummet, and a large number of enterprises dealing in grain went bankrupt.

With the outbreak of the crisis, a large number of banks, financial companies and industrial enterprises in the United States collapsed. In 1857 alone, nearly 5ooo enterprises went bankrupt, grain overproduction, grain prices and grain exports fell, coupled with the fierce competition of British industrial products contributed to the deepening of the economic crisis in the United States, in turn, the British economic exhibition was also hit by the American crisis, and the bankruptcy of banks, railways, and commercial companies that exported funds from Britain to the United States also caused the sharp depreciation of the securities held by British investors. The sharp contraction of the US market has dealt a huge blow to British companies that rely on the US market for survival.

After all, economics was not the main business of Scrooge's predecessors, so he only remembered these general things in general terms, and as for the details, he didn't know anything about them. But this general trend is enough to help Scrooge make money. Among other things, the grain of 1857 was a good opportunity to make money. Scrooge knew that a few years earlier, in 1851, in Chicago, the world's first grain futures market had appeared, and because of the strength of grain prices in previous years, the price of grain futures had risen very high. Eventually, however, a worldwide harvest will push prices down to a previously unthinkable low. Seize this opportunity and make a lot of money by shorting the grain.

"Rockefeller seems to have been in the grain trade at the beginning, right? By 1857 he should have had some savings, and by that time I could have joined him. Scrooge thought.

Scrooge knows that shorting futures is a very risky business, but there is no lack of luck in it, even if you know the general trend, if you want to make money smoothly, luck is still indispensable. As the richest man in the United States and even the world in the future, Rockefeller's luck should definitely be very sufficient. Moreover, the company that Rockefeller now works for is also engaged in grain trading, and he will also be very familiar with the grain market in the past two years, and it is absolutely impossible to partner with such a person.

John? Rockefeller didn't know that Scrooge was thinking about him, and after a busy day's work, he was as tired as a dog. Today, after the day's work had been done, he was ordered to talk to a client about chartering a boat, and when he was done, he was reluctant to take the public carriage by nature, but walked home through the whole city. So now, the exhausted Rockefeller has eaten his dinner haphazardly, and then collapsed on the bed, barely having time to kick off his shoes and fall asleep - the first thing the future vampire will do before he intends to suck the blood of others, must learn to suck his own blood. His mother, Aleza, gently took off his shoes and covered him with a quilt. Then she walked out of his room, and just as she walked out the door, she heard John? Rockefeller sneezed, then rolled over, lifted the covered quilt to the side again, and muttered something in a muffled voice.

Aleza smiled and walked over softly, helping her son to put the quilt on again.

……

"Sir, are you saying that you are planning to end your probationary period early and hire me?" In Tuttle's office, John? Rockefeller was trying to suppress the joy in his heart, and said to Tuttle in the calmest tone possible.

"Yes, Mr. Rockefeller, we have been following your work this month, and we have all seen it. Your work is far from perfect, but as a newbie, your watch is excellent. We are very optimistic about your future and hope that in the days to come, we can cooperate happily. Tuttle held out his hand to Rockefeller.

"Thank you, sir!" Rockefeller shook Tuttle's hand and said with a little emotion, "I'll work hard to prove that you're not wrong." ”

"John, we're only going to give you $5 a week right now, after all, you know, you're still a newcomer, and if you take too much all at once, the rest of the staff might have an idea. However, if your worksheet is satisfactory in the future, we will also give you a salary increase. Tuttle continued.

……