Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1865-12-17

e fire. Nobody stopped to inquire as tc
4 the finances of any concern, but bought uI
Pellmell everything resembling reclamation
e shares. European, Parsees and Hindoos
e vie with each other in the possession OF
shares. The result was, the demand ran
them up to fabulous premiums. A share,
: the par value of which was two thousand
f dollars, ran as high as fifty thousand dollars.
Small capitalists, merchants, clerks, and
every one invested all their available means.
: Young men who had saved from their twen-
: ty and thirty pounds month went in and
soon found themselves counting their wealth
in shares-by tens and even hundreds of
thousands. Nobody would now sell, but
held on for even higher rise. When least
expected the death knell was struck Our
nation had triumphed, and agaiu lifted its
head among the first governments in the
world. Cotton fell from two shillings to ten
pence per pound. This killed the reclama-
ton schemes. Relying upon the contin-
uance of the American war for the means Of
hnlshing their projects, peace put an end to
them.
From millionaires spectators found them
selves worse than beggars Many who had
bought on credit at high figure, with the
chance of rise, realized the full extent Of
| eAAS uhSSAteaiitiSS VI SUCH sOII Oi
In fact, reclamation shares became fright
full incubus in the monetary world. Nobody
would touch them.
So matters ran. The months of Nav and
June were such as financial operations have
seldom witnessed. Business went down in
the general ruin. Everything was suddenly
transformed from apparently the most active
life into the most disastrous wreck Indeed
American cotton has at least some power
abroad.
A Bombay paper, speaking of the present
| condlIIOn Uf IL -hara r,orGa+ ,,;,os eo,,o
interesting data, which may not be out -6i
place in connection with the above explana-
! tions of these speculations:-
The movement in the share market is ap-
preaching TO something very like excitement,
and requires to be carefully watched by all
| concerned. No doubt there was, with regard
! to all our sound undertakings, a considera-
| bic margin rhealthy reaction afterthe head
| long panic of May and June Yet the rapid
| ity of the recent advance bodies no assurance
| of its stability. When it is rumOred from
| one to another that $50 and so has said
that certain shares go to such figure"
there is evidence that the evil leaven of i'm
| pulsiye speculation is again at work. Proba-
bly, no harm is done yet; but if the present
excitement continues two or three weeks
longer it will be impossible to check it then
without much confusion and loss. To GER
tain extent improvement in all Bombay
stocks and investments of bona fde character
is warranted by the good prospect for agri-
culture of all kinds since the monsoon RAIN
has exceeded the average amount. 1t is
worthy of remark also that considerable dis
elimination is 80 far observable as to the
class of undertakings in the shares of which
advances have taken place. Those most in
favor are concerns either of proved value, or
which possess real property or unexpend-
ed capital This difference in the rate of
advance is noticeable in the NictOrias on one
side, and the Frere and Mazagons on the
other, the price of the two latter being little
more than before the improvement began.
In ElphinstOnes and Port Cannings the rate
OF advance is more than cent per cent
durir.g the last four weeks. Bombay banks !
and the Asiatic bank have advanced rapidly |
during the last few days; the prices are now
respectively 65 and 81 premium. 1t can
scarcely be considered a good sign that Press
and other industrial companies do not par
ticipate in the recent improvement. No ar
rangement has yet been made for the regis
tration of shareholders and the regulation of |
the Stock Exchange but the necessity of |
pressing.
Thegrowth of cotton in the vicinity of Bonn |
bay is principally carried on in the neigh |
bOrhOod of Surat, Oomramittee, Baroach |
and Dhollerah. Baroach, in the market |
reports, stands highest in price and quality,
but the best is of very short staple and adj
mitted by dealers to be so inferior to Amer
lean cotton that manufacturers are willing
to pay n considerably higher sum per pound
for that brought from the States The
Western India cotton requires different ma
chinery in making it into goods, and even
then turns into very inferior cloth. 1t is n
common saying in Manchester, when the
supply Of American cotton is scarce, that
they are having "Surat times"
The annual shipment of Indian cotton
from the port of Bombay does not exceed
one million bales per annum.
In the weekly review of the Bombay
market writer in Bombay paper con
soles himself with the following specula-
tiOns:- -
Great exertions are being made to bring
to market the sotton in the Southern States
of America, and as it will be brought to the
seaboard more rapidly than ii can be used
up by the American mills, a considerable
portion will go to the English market. 1t
is tolerably certain now that the amount Of
that cotton is certainly not more than the
2, 2,00000 bales so often spoken Of and also
that its condition is such as not to represent |
more than half that amount Of saleable
long staple cotton. Should the Bombay
cotton that is now arriving turn out clean
and in good condition, there is little dan
ger of any appreciable decline in price
There is but one American house in Bonn
bay-that of Stearns, Hobart & Co. These
gentlemen have built up a large business,
and though somewhat affected by the pres
ent low state Of trade, still have not slacken-
I'd perceptibly in their enterprises. A work
IN which this house is now engaged promises
every success. 1t is the building of street
/ understand this firm has the ex-
,lusive privilege from the Indian govern
nent for the construction of these conven- &
ent means Of city communication. They
propose to test the project by building road
rom the fort to Bycullah district, distance I
If four miles. If this succeeds the work c
will be carried through all the districts. c
When express doubts as 10 success il only | I
'slates TO the prejudices of the natives, I
which, in all cases. has no feeble influence in .
Internal improvements in this city The
3ycullah road will succeed whether or not
t is patronized by the natives but if this D
eceiyes their favor all the roads now con-
emplated will be carried out and prove a \
riumph such as Bombay has never witness Il
d. $
The same firm has just started, in con- c
lectiOn with other capitalists, an overland =
reight route between India and Europe. II
The name Of the company is the Bombay
md Bengal Steamship Company" They a
ngage 10 run steamers about every two !
~oells ~ Srn7 and rnturr. touching at Alden. II
They also have arrangements enabling them G
o register shipping orders for cotton through n
o Liverpool, freight payable in Liverpool.
By this enterprise three months interest will n
,e saved, this loss being sustained by the >
ape route, and the advance in price over n
and is but three farthings per pound. The
lew route is already receiving liberal patron
ge. In addition to this Messrs. Stearns,
Hobart & Co. are themselves largely engag- h
d in cotton purchases, and carry on a mis- "
ellaneous business Of hiring barges, landing i
oal, &c. h
In regard to the preparation and pressing X
f cotton for the market / find American I
has but a small representation. cl
account for this in the fact that proper n
Methods have not been adopted for It's intro TT
uctiOn. 1t is certain no nation has had the b.
opportunity and experience 10 compete with "
Is in regard to cotton gins, presses ana 50 +
orth. j have no doubt later Improvements al