Chapter 11 Section 7 Worshiping the old man to speculate in stocks

Yuan Shikai passed away on June 6, 1916. Sun Yat-sen and his party had nothing to turn against, but the regime was still in Beiyang's hands.The Chinese Revolutionary Party stopped its military operations. Although Sun Yat-sen publicly stated that he would "restore the treaty and respect the Congress", he could not intervene in the overall political situation, and those in power in Beiyang ignored him at all.Under such circumstances, his henchman Chiang Kai-shek came to Shanghai again, feeling that there was no way out in politics, and decided to find another livelihood. During the six years from 1916 to 1922, Chiang Kai-shek kept in touch with Sun Yat-sen, and had contacts from time to time.After the eldest brother Chen Qimei was killed by Yuan Shikai, although Chiang Kai-shek had directly turned to Sun Yat-sen, Sun Yat-sen himself had nothing to do, and it was difficult to do anything for a while.

If you want to hang out in Shanghai, you have to make friends with the number one celebrity, Huang Jinrong. Huang patrolled the French Concession, took over opium sales, and became the leader of the underworld. Du Yuesheng immediately went under him.The twenty years since the founding of the Republic of China was the golden age of Huang Jinrong. According to the memories of Cheng Xiwen, the housekeeper of the Huang family, Chiang Kai-shek heard about the power of this tycoon and asked Yu Qiaqing to introduce him to him.After Chiang Kai-shek's Northern Expedition, he returned to Shanghai as the commander-in-chief. Although Huang Jinrong returned the student posts, Chiang still visited him in person as a show of respect.In 1947, Huang Jinrong's 80th birthday, Chiang Kai-shek, as the president, went to the Huang's Garden on the fifth day of the 11th lunar month to pay his respects to his birthday, and kowtowed. Huang Jinrong hurriedly stood up and helped him . (According to Cheng Xiwen's "Memories of being a housekeeper of Huang Jinrong"), it shows that the relationship between Huang and Jiang's master and apprentice is by no means a false legend, and he does not hesitate to honor the honor of the king and fulfill the rules of the world.

Sun Yat-sen was engaged in revolution, knowing that he could not do without money, so he set his mind on opening a bank and speculating in stocks very early on. This vision is indeed higher than that of other stupid revolutionary fanatics or Beiyang warlords.Yang Yinpu pointed out in the first part of "On China's Exchange" "General Introduction to Exchanges": "Our country's securities trading law was promulgated in the third year of the Republic of China.... In the winter of the fifth year of the Republic of China, Yu Qiaqing and former Prime Minister Sun considered that Shanghai had established The necessity of the stock exchange was due to the initiative to organize the Shanghai Stock Exchange. The articles of association and prospectus were drafted and submitted to the Ministry of Agriculture and Commerce for approval, but at that time the ministry approved only one item of securities, because it was not held. In stock trading, Sun Yat-sen was a foresight in this way... It's just that he was unlucky, and the Beiyang government only approved one of the five types of securities, flower yarn, gold and silver, miscellaneous grains, and fur that he applied for.

According to Wei Bozhen's article "Shanghai Stock Exchange and Chiang Kai-shek", Sun Yat-sen wanted to open a business, speculate in stocks, and "raise funds for the revolution" because he "adopted the suggestion of a certain Japanese political party". year thing.Wei Bozhen recalled: After a year and a half, Dai Jitao, Zhang Jingjiang, Chiang Kai-shek, etc., because of financial difficulties, worked together to make money. They used the previous case to further negotiate with a representative of a certain company introduced by a Japanese political party on the specific method of opening an exchange. , which proceeds.First, they organized a secret society called "Xiejinshe" in Shanghai to plan their affairs; secondly, they recruited Yu Qiaqing, Zhao Jiayi, Sheng Pihua, Hong Chengqi, etc. as members to expand their strength; The so-called well-known people in the industry, such as Wen Zongyao, Wen Lanting, Li Yunshu, Zhang Danru, Shen Runyi, Wu Yaoting, Gu Wenyao, etc., served as co-founders and submitted an application to the Ministry of Agriculture and Commerce for the establishment of the "Shanghai Stock Exchange".

This happened in July 1920. Wei Bozhen recalled: The chairman of Shanghai Stock Exchange is Yu Qiaqing, and the executive directors are Guo Waifeng, Wen Lanting, Zhao Linshi, Sheng Pihua, Shen Runyi and Zhou Peizhen.There are seventeen directors, and I am one of them.The supervisors are Zhou Junyan and others.Chen Guofu was agent No. 54 at the time, and his boss was Chiang Kai-shek.Brokers wear white cloth hats with numbers on each hat for identification.The broker sells and buys no matter how many times, the transaction must be confirmed by the auctioneer, and the price determined by the auction is used as the calculation standard, which must be followed by the whole market and no objection is allowed.

Wei Bozhen, one of the directors of the exchange at that time, only knew that the broker was Chen Guofu and Chen Guofu's boss Chiang Kai-shek, but he didn't know the inside story.Chen Guofu once wrote an article "In the Business Field", which was included in the fifth volume of "The Complete Works of Mr. Chen Guofu" after his death. The details of the article are as follows: In the autumn of the ninth year of the Republic of China, the Prime Minister ordered comrades of our party to set up a stock exchange in Shanghai.Mr. Jiang told me about this matter and asked me to study this issue, so I specially visited the Shanghai Citation Office run by the Japanese twice.Soon, Mr. Jiang asked me to discuss with brother Zhu Shoumei (Kong Yang), Mr. Zhou Zhenqin (Junyan), Mr. Zhao Linshi, etc., to organize No. 54 brokerage, named Maoxin, to do two kinds of business in cotton securities .

It can be seen that the boss behind the scenes is none other than Sun Yat-sen! Where does the money come from when opening a business and speculating in stocks?According to Wei Bozhen, it was "the representative of the Association, Dai Jitao, and a representative of a Japanese business enterprise negotiated a way." Dai Jitao was the real father of Jiang Weiguo and the brother of Chiang Kai-shek. The foreign aid they hyped was secretly from Japan! In comparison, the "Zhang Rongfa model" has long been preempted by the "Dai Jitao (Chiang Kai-shek) model", colluding with the Japanese to earn money from the Chinese, who is Zhang Rongfa?

Wei Bozhen said that "Dai Jitao, Zhang Jingjiang, and Chiang Kai-shek... conspired to make money together." Among these people at that time, Zhang Jingjiang was the richest. He became rich by selling Chinese antiques. Foreigners in Shanghai know this trick businessman, called it "Antique Zhang" (Curio Chang).The Japanese Ishimaru Fujita said that during this period, "Jiang, who was considered down-and-out by his comrades for a while, succeeded in his speculative career and made the beginning of his future birth", which is not correct. The so-called poverty refers to the fact that after Yuan Shikai's death, revolutionaries, big and small, were bored and helpless in every possible way, and they were also very financially struggling. Chiang Kai-shek was no exception.The so-called speculative business refers to the fact that out of boredom and helplessness, Chiang Kai-shek, Zhang Jingjiang, and Dai Jitao organized the secret society of the "Association Society" to make profits.Dai Jitao's family used to be in business, and he has been familiar with it since he was a child. He also has a tricky way of buying cheap and selling expensive.Chiang Kai-shek was originally the son of a salt merchant and had a family heirloom, but at this time he had no capital. He was working as a broker in the stock exchange under the trade name "Hengtai", with a capital of 35,000 yuan, and one share per thousand yuan, a total of 35 yuan. shares, and Zhang Jingjiang subscribed for four shares on his behalf.Chiang Kai-shek was very grateful, and said in the letter: "I am very grateful for the recognition of Hengtai's shares! Please sign for me."

With Zhang Jingjiang's cunning, Dai Jitao's shrewdness, and Chiang Kai-shek's latent gambling nature, the three joined forces to make a fortune in the speculative stock market.According to Wei Bozhen's recollection, at the beginning of the "Association Society", the stock was only worth about 30 yuan, but in the spring of 1920, each share rose to more than 50 yuan, and by the end of the same year, it rose to 120 yuan. Yuan.Of the 30,000 shares owned by the Association, Zhang, Dai, and Jiang distributed 15,000 shares to other important members, and sold the remaining half to the market. million shares.In the end, the stock price per share rose to 120 yuan, and the three people's shares were worth 4.8 million yuan in total, making a fortune.

The speculative business developed rapidly, everyone flocked to it, and exchanges sprung up like mushrooms after the spring rain. By the summer and autumn of 1921, there were more than 140 companies. The market was out of control, and it was beneficial to buy short and sell short. It caused a big wave in 1921, and the exchanges announced the suspension of trading in March 1922.Chiang Kai-shek and the others were not immune to it, and they changed from a rich man to a pauper all of a sudden. Chen Guofu recalled this period of his chant career as "like a dream": Maoxin's share capital increased from 10,000 yuan to 15,000 yuan, and then gradually increased to 30,000 yuan.The daily expenses are less than 30 yuan, and the daily business, at the worst time, the commission income is always more than 30 yuan, and the best is more than 2,000 yuan. One can imagine the prosperity of the business.Later, brother Zhu Shoumei and I got together many friends and organized a brokerage for cotton yarn and gold and silver business. The name was Dingxin, and it was ranked No. 4. Brother Shoumei was the manager and I was the assistant. Within the period, the four major businesses of Huasha Gold and Silver Securities can be done, and the business is more prosperous.From the beginning to the failure of the exchange, about tens of millions of transactions were made, and the total commission income was more than 200,000 yuan.It's a pity that in the third year, all the profits were lost, and even the capital was lost, just like a dream.

As for the opening of the shop until it was a dream, it was obviously due to excessive greed and improper management.According to "The Story of Yu Qiaqing" (included in "The Rise of Zhejiang Capitalists", "Zhejiang Literature and History Collection" No. 32): In 1918, Yu Qiaqing prepared to establish the Shanghai Stock Exchange, which opened in February 1920.Yu served as the chairman of the board, Zhou Peizhen, Guo Waifeng, Wen Lanting, etc. were executive directors, Zhang Jingjiang, Dai Jitao, Chen Guofu and other members of the Kuomintang participated as brokers, and set up a Hengtai brokerage account.The exchange itself only acts as an intermediary, regardless of whether the buyer or the seller has to pay commissions to the exchange without taking any risks.At that time, Sun Yat-sen asked Dai Jitao and others to work in the exchange because of the difficulty of funding for the revolution. He originally hoped to use part of the operating income of the exchange to help the Kuomintang members in the southeast as activity funds.At that time, the exchange paid them 10,000 to 20,000 yuan a month, but they were still able to pay as scheduled.But later, because the Kuomintang people wanted to get rich immediately, the broker himself started to speculate, but failed, with a debt of 2.4 million yuan, so he had to give up.Because Chiang Kai-shek and Yu Qiaqing were from Ningbo, he also worked in the stock exchange at the beginning. At this time, he was also in debt. With the help of Yu Qiaqing, he paid off the debt and went to Guangdong to join Sun Yat-sen. Lu Danlin pointed out in the article "Material Evidence of Chiang Kai-shek, Zhang Jingjiang, etc. as Exchange Brokers" (the forty-ninth series of "Selected Literature and History Materials"): Zhang Jingjiang, Chiang Kai-shek and others are brokers of the Shanghai Stock Exchange, and their trademark is "Hengtai".Hengtai is only one of the brokers of the Shanghai Stock Exchange, and Zhang, Jiang and others are not shareholders of the Stock Exchange, but shareholders of Hengtai, the broker of the exchange (or among the shareholders of Hengtai Some people are shareholders, supervisors, etc. of the stock exchange, but Chiang Kai-shek, Chen Guofu, Dai Jitao and others are only shareholders of Hengtai).What they are doing is this kind of speculative trading of "snatching hats" directly in the exchange market, ganging up with groups, and manipulating the market. Lu Danlin also searched out the partnership contract of this group of people speculatively trading, with "Jiang Weiji" on it and "Zhongzheng" under it, which is the ironclad evidence of Chiang Kai-shek's share. After Chiang Kai-shek lost all his money, he took 40,000 yuan from Yu Qiaqing and fled to Guangdong. Since then, he has followed Sun Yat-sen wholeheartedly.Therefore, in fact, Chiang Kai-shek "made the beginning of his future birth" because of his failure in the speculative career, as the Japanese biography said, it was counterproductive.On the other hand, the acquisition of the 40,000 yuan is also full of the process of "ruiyuan rogue", just like a detective novel, worthy of a close-up.Wei Bozhen recalled the details as follows: Zhou Junyan (a native of Fenghua, my classmate and old friend, and a teacher of Chiang Kai-shek), the supervisor of the goods exchange, owed 200,000 yuan in debt due to arbitrage, and was forced to be trapped everywhere. I was so anxious that I jumped Huangpu twice and was rescued.One night, Zhou was accompanied by Chen Jiming (from Fenghua, headed by Da Bao) and asked me to try to save him.I am also desperate, so I can only persuade him to find a way slowly.At that time, everyone was so poor that they called for help.Later, Japan remitted another million yuan, and the person in charge of the exchange planned to hold a shareholders meeting to discuss resumption of business.In order to solve my own problems, I changed my mind on this one million yuan.My plan is to put the stocks I hold in a hundred new accounts in the shareholder list of the stock exchange, and then call Zhuang Zhipan (named Xinshu, from Fenghua, and my classmate in Japan) to hire a hundred people as the account holders. Shareholders, when the stockholders of the exchange are meeting, go to the meeting place to question the person in charge of the exchange, about the exchange's five million yuan funds, the deposits of various brokers, and the evidence funds paid by various exchanges. If someone comes out to negotiate with me, I will have something to do.I told Zhou Junyan of this plan so that he would not go to Huangpu again, but he went to report to Chiang Kai-shek that night.Chiang Kai-shek couldn't get through the door, so he came to me the next day, saying that he really had no way out financially and was willing to cooperate with me.I asked him how much he wanted, and he said he wanted 200,000 yuan.As soon as I heard it, I rejected it on the spot.Because the total remittance from Japan was only one million yuan, and now Zhou Junyan wanted 20,000 yuan to save his life, but he was still not sure, and Chiang Kai-shek wanted 200,000 yuan in one sentence. How could we cooperate with him?Unexpectedly, Chiang Kai-shek "drew my salary from the bottom of the pot" on me. He secretly bribed Zhuang Zhipan with 1,000 yuan to win him over.In this way, Zhuang Zhipan's tone towards me changed.He said: "Ruiyuan (that is, Chiang Kai-shek) came to you to express cooperation, how did you refuse him?" He also said, "You are new to Shanghai, and you don't understand the rules of Shanghai. Yu Qiaqing is not a weak person, and he started troubles in the concession. The patrol room can’t be left alone, it has to go through Huang Jinrong in the French Concession. Ruiyuan has friendship with Huang Jinrong, if you don’t cooperate with him, I’m afraid it won’t be easy.” After hearing what I said, I agreed to consider it.Zhuang Zhipan then proposed a solution to the problem. He said: If the matter is successful, the money you get will first save Zhou Junyan's life, and then give Chiang Kai-shek Sichuan funds to go to Guangdong, and then give it to me.I agree with this approach.The next day, Chiang Kai-shek opened six or seven rooms on the sixth floor of the Dadong Hotel and invited me to talk.After I went, Zhuang Zhipan proposed again: For this "battle", Wei will be the commander-in-chief, Jiang will be the chief of staff, and Zhuang will be the commander-in-chief of the former enemy. Everything must follow Wei's orders.Everyone agrees with this proposal.On the day of the shareholders meeting of the stock exchange, one hundred people employed by Zhuang Zhipan assembled, and I paid Zhuang 60 yuan as agreed, and Chiang Kai-shek gave another 100 yuan, and an additional 20 cents per person for wine.After making them drunk and full, they were led by Zhuang Zhipan into the shareholders meeting of the stock exchange, where the first few rows were filled.Yu Qiaqing saw that something was wrong and knew something was wrong, so she announced that the meeting would be postponed for one day.They asked Li Zhengwu (Li was the commander of the Hudong Restoration Army during the 1911 Revolution, and Zhang Zongchang was under his command, and later became a "tycoon" in the French Concession) to discuss how to deal with it that night, and the exchange gave him 5,000 yuan.Li Zhengwu slapped his chest on the spot and found a hundred people to deal with it.Seeing that the situation had changed, Chiang Kai-shek told Zhuang Zhipan to "retreat first." Zhuang disagreed, and the two of them went to the Dadong Hotel.After negotiating, I think we should take the long-term into account. Li Zhengwu is an acquaintance, so it doesn't matter.However, Chiang Kai-shek found another Ye Zhuotang (Ye is a financial tycoon who was born as a rogue, and he had friendship with Jiang when he opened a casino). Yu said that Jiang had ruined the exchange and would continue to make trouble, so he couldn't agree.As a result of the final negotiations, Yu agreed that the exchange would take out 60,000 yuan, but the money would only be paid on the day Jiang left Shanghai.The matter was a foregone conclusion, but Chiang Kai-shek wanted to take the money all by himself, and asked Zhuang Zhipan to retreat.Zhuang was so angry that he scolded Jiang for forgetting what he had said at the Dadong Hotel, and asked him why he didn't ask for Wei's opinion after the matter was settled. As a result, Jiang had to go to the Dadong Hotel to tell me about his quarrel with Zhuang.I think that since the matter is done, I should ask Zhuang to retreat.After Zhuang arrived in Dadong, Jiang said that he was going to give Zhou Junyan ten thousand yuan and Zhuang Zhi several thousand yuan at the same time.At this time, Shao Lizi also went to the Dadong Hotel to share a few thousand yuan for the "Republic of China Daily".The remaining more than 40,000 yuan was in Jiang's hands. Not only did he not mention anything to me, but Jiang took advantage of the opportunity to see off the guests and left Dadong as soon as he slipped away.The next day, Zhuang came to tell me that Chiang Kai-shek had secretly gone to Guangdong with Zhou Junyan. After reading this passage, Chiang Kai-shek's rogue character of "Ruiyuan rascal" really comes to life on paper. Ye Zhuotang mentioned in Wei Bozhen’s recollection was Chiang Kai-shek’s fellow villager in Fenghua. According to Zhu Shikang’s “Information about KMT’s Bureaucratic Capital” (the eleventh series of Selected Literature and History Materials): “Ye Zhuotang is not only Chiang Kai-shek’s Fenghua fellowship, Running in and out of the exchange is also through his relationship. When Jiang failed in the exchange, his life was once poor, and he often borrowed money from Ye Zhuotang. Whenever the exchange closed, he could always see Jiang at Ye’s house. Ye Tong When friends played cards, Jiang always stood behind respectfully, and sometimes served tea and cigarettes for Ye, and served guests. Ye also treated Jiang with the attitude of apprentices. When calling Jiang, he was called "A Rui" (Jiang's baby name). When Jiang went to Guangdong to join Mr. Sun Yat-sen, Ye also presented 300 yuan in travel expenses. Because Jiang Ye had such a history, Jiang regarded Ye as a benefactor in life and death." It can be seen that Chiang Kai-shek was quite embarrassed before going to Guangdong. What is strange is that in the imperial historical materials of this period that flowed out, the matter of Chiang Kai-shek's account and stock speculation was kept secret. "Mr. Chiang Kai-shek Fifteen Years Before the Republic of China" was published on January 10, 1921 The next income is "Book with Zhang Renjie". The original text is between "seven days of teaching, and I have learned one thing" and "about my future life and behavior, please advise me at any time". , It is exactly the twelve characters of "Recognize Hengtai's shares on behalf of you! Please sign for me"! Obviously deliberately concealing the history of stock speculation, and obviously thinking that the "great leader" has such a profit-seeking behavior, which is really not decent.Although every page of this imperial book is devoted to the revolutionary cause of saving the country and the people, one can still find elements of Chiang Kai-shek's negligence in the revolution inadvertently.For example, in the "Appendix Dai Chuanxian Book" under the article on the 20th day of the same month of the same year, it revealed that when Dai Jitao persuaded him to go south, he was not only furious, but also said, "Urging me to go out to do things is to promote my life". It can be seen that he is eager to make profits in Shanghai, and he doesn't like to think about Guangdong. What kind of Sun Yat-sen, what kind of revolution, are they nothing in the face of big stocks?It wasn't until the game ticket was empty in the end that he had no choice but to go to Lao Sun and take his life. As for how to divide the huge profits from opening a shop and stock trading in the past two or three years, God knows.According to the separate edition of "Chen Guofu Chronicle" in 1920, "Mr. Twenty-nine Years Old": In autumn, in order to raise funds for the revolution, the father of the country instigated the establishment of the Shanghai Stock Exchange. Those who participated in the plan included Mr. Jiang Gong, Mr. Zhang Jingjiang (renjie), and Mr. Dai Jitao (chuanxian).Mr. Jiang Gongzhi organized the Maoxin No. 54 and acted as the broker of No. 54, and used the surplus to help the survivors of the revolutionary martyrs. In fact, there is no way to check whether there is "relief to the bereaved families of revolutionary martyrs".According to Wang Yizhang (little idiot), who was acquainted with one of the martyrs, Lin Juemin's survivors, he told Li Ao: Lin Juemin's survivors actually starved to death! Who are the martyrs? There is one example in the story, that is, after the story is told, add a tail to teach the readers a lesson and add a "lesson".The "lesson" of Chiang Kai-shek's story from opening a bank and stock trading to making revolution is: the National People's Congress can start a bank and speculate in stocks: if it succeeds, it can be a capitalist; if it fails, it can be a politician.If you succeed, you can be a shopping mall tycoon; if you fail, you can be a "savior of the nation". ——The secret of success or failure, so it is!