From the stock exchange past.
From the stock exchange past.
"A stock exchange - set of all
Good and all bad on light, all true and all
False, - Portuguese Zhozef de la Vega in the book wrote,
Issued in 1588 is a touchstone of all cautious and
Tomb of all too courageous, a well of useful things and the centre of harm,
Embodiment Sizifa and symbol Iksiona, constantly rotating with
The wheel ".
Ancestors of a modern stock exchange are the organisations of merchants,
Arisen in XIII-п IV centuries in Venice, Genue, Florence. In the fast
Time they were extended in France, Spain,
Flanders, England. But the most perfect their organisation was in
The Italian cities where trade art has reached blossoming.
Italians have guessed trade with bills as most
The convenient form during restless times of the Middle Ages. "In Venice on
Rialto, without noise, without disputes, - the author of the end of XIV century speaks, -
As though one nods of a head trading operations of a city consist
Or, more correctly, all world. Only bankruptcy of any merchant,
Announced with knocks on its cash desk, interrupts this silence ".
The Italian merchants have based such stock exchanges in London and
Brugge, were in п IV-п V centuries the largest centre of the international
Trade. Brugges named "the broker of the Christian people", where
"As radiuses to the centre converged trading ways from different directions".
In Brugge there was also a term "stock exchange". He was born from the area, on
The big ancient house belonging to a noble family stood which
Va "der Burse. Over collars the arms of owners - three leather flaunted
Bag. On this area there were meetings of merchants,
Mainly Italian. Meetings have received from it the name
Burse (stock exchange).
As a word "stock exchange" in those days understood sums of money,
Merchant cash desks of mutual aid, general student's dining rooms,
Trading and other associations. Commodity exchanges have arisen when
Wholesale trade has so extended, that the fairs lasting
2-6 days, have ceased suit sellers and buyers. A life
Demanded to establish a continuity of an exchange of the goods.
Pepper - the father, and mother - game. In modern understanding of a stock exchange
Have appeared in п VI century in Antwerp, where the centre of the international
Trade has moved from the decayed Brugge. Antwerp grew rich on
To trade in an English wool. But original authority on Europe to it
Trade in the pepper brought by Portugueses from the East Indies has created.
Thanks to pepper in Antwerp there was a commodity exchange - the first
In the world. The Antverpensky trading companies bought pepper, still
Were on caravels at ocean, also gave for it advance payment
To the Portuguese king. Round pepper gamble were developed,
Thanks to it grew rich and were ruined. Pepper was the stock exchange indicator
And an exchange universal remedy.
Italian L.Gvichchardini tells: "In the mornings and in the evenings
At the established o'clock merchants go on an English stock exchange, on which in
Current of hour by means of numerous and raznoplemennyh brokers
Make transactions with the goods. Later they go on the New stock exchange,
Which is the major place of gathering of merchants, and again during
Hour conclude with the assistance of brokers of the transaction, on this paп? already on
Mortgages and bills... Many artful merchants, mainly
From the richest, putting up money, that, on the contrary, taking away them
By the large sums from a stock exchange, did the monetary market unstable and
Thanks to it made profit, whereas others incurred losses ".
Speculated not only pepper, but also alum, copper.
Goods turnover in Antwerp was so great, that in other days
Were loaded on 200-250 ships. The astrology prospered. Astrologists
Undertook for two weeks to predict increase or falling of the prices on
Pepper, ginger, saffron, cinnamon, nutmeg, carnation and other.
However solid businessmen then, as well as now, to astrologists not
The capitals at stock exchange believed and placed.
In Antwerp for the first time there were bearer bonds. In
Second half XVI century there was profitable a participation in exchange
Loans. It has turned to general hobby, mania and has ruined
Large trading firms. In the end of XV century Antwerp became "infinite
Fair also"has swallowed merchants of other cities and their trade".
However after 1572 Antwerp began to tend to decline.
By this time trade with India has passed from Portugal to
Holland. Dutches became intermediaries in world trade, in that
Number and bread from Russia. Its centre has moved from Antwerp in
Amsterdam. This city became a grain barn of Europe (and also
Fish, hydrochloric, coffee, tobacco, wood etc.).
Here there were also the world's largest stock exchanges, mainly
On trade in bonds of royal loans and actions of the colonial
The joint-stock companies.
By then stock exchanges quite were generated. Observing them
The job, already mentioned Vega noticed, that speculative game
"Holds" stock exchanges. In its opinion, gamble involves all
Ease of a profit without special efforts. Reflecting that
Defines share price, it allocates three moments: 1) a status
Trade with India, 2) political position in Europe, 3)
Exchange mood. In passing Vega notices, that on the third
The point has enough any information.
Vega advises always to follow a dominating current. But it
To define rather difficultly for one sell, and others buy.
Playing at a stock exchange he recommends to give never councils
Another concerning purchase, sale or deduction of actions.
It is necessary also "not to marry actions", i.e. At
Prize not to regret that has not adhered the action when them
The prices continued to grow and you could earn even more. Success on
To stock exchange, according to Vegi, comes to those who possesses patience and
Has money.
Playing a stock exchange it is necessary to remember always: exchange profit -
Morning dew, soap bubble which there and then disappears. Curiously
And such supervision: playing increase wait for kind messages and
All embellish, selling short - pessimists and
The misanthropes, all seeing in black colour. The author, apparently,
Concerns the last. He warns:
The dizzy gamble which has captured all layers of the then
Societies, good will not come to an end, day of Terrible court will come.
Croak has appeared prophetical. In 1637 in the richest
To the European country of Holland has burst severe exchange and
Economic crisis. For the ridiculous reason - because of tulips.
This beautiful flower delivered from Turkey, quickly has won
Hearts of Dutches and on only one God to the known reason became
The main goods in the market. In one of the Dutch cities for 2-3
Year tulip goods turnover has made 10 million guldens!
Cultivation of tulips and trade in them have turned to mania,
Amazed all society. The tulip became object of stockjobbing, as
Once pepper. The tulip replaced actions. The tulip has turned in
Exchange barometre... Long so could not proceed, and
tjulpanomanija has led the Dutch stock exchanges to crash.
After that superiority from Dutches has passed to Englishmen. In
XVI century the world centre on operations with securities has moved
On the London stock exchange. Then there was a division on share and
Commodity stock exchanges.
XIX century, and especially it 60th, has confirmed the joint-stock form
The enterprises as dominating. The constant exchange has sharply increased
Turn. Stock exchanges have got special value in economy.
"Prinevolit even merchants to come on a stock exchange".
Peter I who was in Europe
Has familiarised with job of stock exchanges in Amsterdam, London, Hamburg,
Brugge and Antwerp. Special interest to stock exchanges at the tsar spoke
Its understanding of their role in economy. Peter wanted, that the foreign
Businessmen have learnt to trade in a civilised way Russian merchants.
Under its decree in young Petersburg in under construction gostinom a court yard
The place for meetings of trading people has been taken away. Ten years
Later under the project of architect Trezini the time has been constructed
Stock exchange building. In 10 years, in November, 1723 the Senate has specified:
"On St.-Petersburg to island nowadays where decently to make
Stock exchange, and on Vasilevsky to island on gostinom to a court yard a stock exchange to make
Stone ".
The same year the Senate decree had been established ways
Notification about the prices for bread and other goods in different places
Russia, and also in Amsterdam, London, Danzig.
The kommerts-board should collect weekly data on
The established sample forms (from the remote places -
Monthly) to take from foreign price-lists of the price and,
Having printed in senatorial printing house to start up these bulletins in
Sale. Then institutes of auctioneers have been founded,
Brokers with gofmaklerom at the head, sorters and exchange
Artels.
Peter dreamt of a network of stock exchanges in Fatherland. In Regulations the main thing
To city councils it has been enjoined to arrange stock exchanges in seaside and other
Notable cities. It was recommended by this document including
"prinevolit even merchants to come on a stock exchange".
Plans of the tsar could not come true. Russian merchant on a stock exchange
Went reluctantly. Having visited, preferred transactions to conclude out of it
Walls, in the old manner: in a tavern, in-home, in the street... The Main thing
Was - "to strike on hands".
The St.-Petersburg stock exchange remained in proud loneliness
All XVIII century Only at the very end of it, in 1789, in
To Moscow attempt to arrange a stock exchange has been made. Attempt has appeared
The ineffectual. Only after a fire of 1812 exchange business
Has begun to move in old capital.
There was it hardly. For a stock exchange to merchants have taken away a premise in
gostinom the Court yard at the Kremlin. There was it on the average its pass,
From Ilyinka. The place it has appeared inconvenient, and a stock exchange have translated in
The pass connecting internal and external gallery on the top
Floor. However and this place kupchinam has not attracted. The
Daily tolkovishcha they arranged on corner gostinogo of the Court yard,
Leaving to Ilyinka and the Crystal lane. Here in any
Weather on the external ladder, adjoining sidewalk and a part
Streets hooted trading ljud.
The habit has appeared strong. In 1839 against gostinogo
Court yard for a stock exchange the special building has been built. But Moscow
The merchant class still continued to be going to on the favourite
Place, on porch gostinogo of the Court yard. In 1840 exchange committee
Declared these concourses illegal. Then merchants began to be going to
On stock exchange terraces, its ladder, sidewalk and proezzhej parts
Streets. Only in I860 commercial volnitsu it was possible to tyre out
Under a roof.
Only in 1842 there was a third stock exchange in Russia - in a city
Rybinsk. In 1848 have created a stock exchange in Nizhni Novgorod, in 1864
- In Irkutsk, in 1866 - in Tula and Kazan, in 1867 - in
Rostov-on-Don, in 1869 - in Samara, in 1870 - in Astrakhan and
Saratov, in 1877 - in the Eagle, in 1888 - in Eltse...
These stock exchanges were share, value they had the limited
Or local. Each of them coped on the basis of the
The charter. Very soon on them usages, characteristic were got for
Large stock exchanges. So, A.Miklashevsky, the author published in 1885
Books "About trade in grain bread in southern provinces of Russia",
Wrote: "Grain trade, it is possible to tell safely, in all south
Russia is in hands of few speculators, without participation
Which we cannot sell our products. Commission agents -
Mostly salesmen of considerable trading our houses
Seaside cities ".
The main stock exchange of Russia.
Up to July, 12th, 1914 Peter the Great child -
The Petersburg stock exchange took in the lead positions among
The Russian stock exchanges. It was also an original metronome, with which
Verified a step other stock exchanges of the country. From position on the capital
To stock exchange their activity in many respects depended, despite
Regional features.
To the first quarter of XIX century the Petersburg stock exchange was
The commodity. Here operations on purchase and sale were made
The goods, and also to chartering of courts. Were in passing made
Purchase and sale of a foreign currency in the form of bills and coins.
As well as in days of Peter, at a stock exchange sold hemp, fat,
Flax, wax, canvas and oil. Bought metals, a clap,
The colonial goods - the same pepper, spices, coffee, tea,
Fruit and so forth
In the activity organisation full freedom reigned. Merchants to
To visiting of a stock exchange did not force, from its visiting they not
Got any advantages. At a stock exchange there was an exchange
The information on arriving courts, sort and quantity of the goods, about
The prices and demand.
Position has changed in 1816 Then 122 exchange merchants
Have selected Committee of the St.-Petersburg stock exchange. Into its structure have entered
Six persons - merchants of 1st guild and the most known
Brokers. The chairman of committee became city a head. Committee
Has started to order stock exchange job.
The first charter of a stock exchange has been confirmed in 1832 In the first lines
It it was spoken: "the Stock exchange is general meeting belonging to
To trading estate of persons which are going to in one place for
Conveniences of the mutual intercourses and transactions on all turns of trade
The industries ".
The structure of an exchange society was motley enough: merchants,
Bankers, factory owners, the manufacturers, trading peasants, brokers,
Auctioneers, notaries, contractors, etc.
Occurrence and public debt growth were
Stimulus to development of the Petersburg stock exchange. In 1809
The Russian government, having lost the external credit, has let out
Internal 7 %-s' loan on 3 million rbl. bank notes. The loan had
Success. In 1810 6 %-s' loan already on 20 million rbl. has followed In
1817 1918 a loan have been let out for a total sum in 331 million rbl.
For it it has been obtained 313 million rbl. by bank notes. In total for 10
Years in the reference has arrived paper values on 334 million rbl.
Their considerable part turned around at the Petersburg stock exchange.
In 30th of XIX century on it for the first time there are actions and
Bonds of joint-stock companies. Further the stock exchange developed
Thanks to growth of the state debts and occurrence
The first railway societies and joint-stock banks.
Almost till the end of XIX century the main thing in activity Petersburg
Stock exchanges there was a placing internal state and partially
Railway loans, bank actions, securities
Ground banks and railways.
The stock exchange began to do for the first time investments into the industry in
1893-1899 It has led to its considerable accumulation
Capitals. The Petersburg stock exchange has played a considerable role in
Boom 1909 1913 when it it is successful
Placed actions of the Russian enterprises and establishments.
Expansion of a circle of activity of a stock exchange and volume increase
Of operations caused in its perfection
Managements. In 1846 to merchant class have allowed to choose
The chairman from among honorary members of a stock exchange. Since 1875 a stock exchange
Council of vowels from 80 persons began to operate.
But unconditional support of the authorities was the main thing all the same.
The government interfered with a life of a stock exchange every time, when it
Shook the crises threatening to development of a national economy. In
Considerable degree support has been organised thanks to communications
Large exchange figures with the governmental circles.
So, in 1913 of the power tried to regulate share price. On
To the initiative of the Ministry of Finance the State bank has begun
To create consortia from the largest banks that they
Bought up at an action stock exchange and by that constrained their falling. This
The invention called sneers in the society which has christened it "the exchange
Red cross ". It was clear to all, that rescue not
Manufacturers, and the largest banks by granting by it
Budgetary millions from pockets of tax bearers.
And the first serious crisis which has shaken the Petersburg stock exchange,
Has happened in 1869 Then in capital there was "currency black market" in
Hotel Demuta. In the morning there the speculative were made
Operations with actions of the Rybinsk railway, advantageous
Tickets and securities.
The Ministry of Finance, under whose wing was
The Petersburg stock exchange, has hastily charged to Committee
The St.-Petersburg stock exchange to develop the project corrected trade
Securities. Supposing urgent transactions, rules should
To promote reduction of gamble and nedopushcheniju occurrences
"Currency black markets".
In 1896 after long-term growth of the quotation of the valuable
Papers at the Petersburg stock exchange unexpectedly have gone downwards. In August
1899 as have suddenly gone bankrupt the railway magnate
Background Derviz and machine-building magnate Mamontov. On September, 23rd
The same year became "rainy day" at a stock exchange because of a general panic,
Called by these bankruptcies, and a collapse of quotations. Falling
Proceeded almost all first half of 1900
The Petersburg stock exchange has been closely connected with the foreign
Stock exchanges. Its crisis had a loud echo abroad. If in
To the middle of October, 1899 course cost of the Russian valuable
The papers addressing at stock exchanges of Bruxelles and Paris, it was estimated in
1,316 mlrd francs in two years their price made all
536 million Foreign investments into the Russian economy
Have stopped.
But especially striking were the crisis which has resulted
The Petersburg stock exchange to definitive accident.
On June, 15th, 1914 (on old style) in Sarajevo, in Bosnia, was
The successor of the Austrian throne ertsgertsog is killed
Frants-Ferdinand. On July, 12th Austro-Hungary has shown the ultimatum
Serbia. Europe has shuddered.
Reaction of stock exchanges was instant. "Financial culture of the people,
This most delicate creation of the newest economic epoch,
It has been ruthlessly crushed during some instants - it seemed,
That the mankind has returned to economic conditions of XVII century, -
The encyclopaedia ", left in 1916 - Crisis wrote" Bankovaja
There was the general, universal, and its destructive force
Has extended on all civilised and barbarous world.
It is difficult to tell, in what point of globe the panic was showed
Most strongly. It was equally severe at stock exchanges Old
And New light ".
At the Petrograd stock exchange the unprecedented panic has begun in the same
Day, on July, 12th. It was appeased even by news about convocation
Extreme meeting "an exchange red cross"."All
Values, not excluding the state rent, flied downwards with
Terrific speed ", - the newspaper"Money"15 wrote
July, 1914
On July, 15th and 16 the mood at a stock exchange was rather
The quiet. It was promoted by solid interventions of banks and
Hope of a positive result of conference of ambassadors clashing
The parties in London. However in the evening news on July, 16th has come about
The announcement Austro-Hungary wars of Serbia. The panic has flashed
Again.
Every possible hearings circulated. Special alarm called
Messages on closing of the Viennese, Parisian and London stock exchanges, with
Which at Petrograd were close business ties. On
Extraordinary session of share department without debate unanimously
The decision that day the auctions was accepted not to spend. The decision
It has been immediately informed the Minister of Finance, the director
Credit office and operating the State bank.
In 11 ch. 45 minutes by phone on a stock exchange have arrived the order
The Minister of Finance about closing of exchange meeting. In 11 ch. 53
Minute the secretary declared its present on a stock exchange. It
News was accepted with exclamations "Ur!".
So the Petrograd stock exchange was closed for the first time on 211th year
The existence. (However, precedent was in 1877 in
Time of Russian-Turkish war when the stock exchange was closed on one
Day.).
In the evening of the same joint session on July, 16th has taken place
Share department of a stock exchange with representatives of large banks. On
Him it has been ascertained, that "stock exchange closing has made in
Wide financial circles the most favorable impression, so
As by it it has been by avoided... Panic falling of ours
Values ".
It was first supposed, that the stock exchange will not work to 19
July. However on July, 19th council of share department has decided
To postpone renewal of job of a stock exchange until further notice.
This order and has not appeared. Have prevented the burst
The First World War, revolutions and civil civil strife.
MICHAEL AZAROV.
//* an information Source: Russian focus, 3.12.01
//* Reg. Nom. - 1111200214.69-------------------------------------------
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