The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-11

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Withoas awaiting sssesn IN cotton gowing wazrane
ing those achemes II view, PROPOSED - once 70
reclaim large racs adjoining sho city vhish are covered
by food tide II was proposed 70 keep back the tides
by means Of immense dkes similar 70 our Lower hsss
sippi levesa Tho land thus reclaimed was 70 b shs
centre Of the extensive looked for cotton shipping nts
rest Under the title Of Exclamation" companies,
after one was started the contagon spread and dozen
other. sprung up almost instantansously. Some had
capital Maid up others built very fral founda
tion Of cssh-perfsct air castles Immediately the
tracts designed for reclamation the scene Of
laborine throng Thousands OF hands were employed,
and the headway thus secured the supposed fore
runner Of succeA Tho scheme took. The spirit OF
speculation spread like wdnre Nobody stopped 70 In
qure TO the finances Of any concern but bought up
peilmeli everything resembling reclamation sharss-
Europeans Pasees and Hindoos Wed with each other in
tho possession Of shares The result was the demand
ran them mp 70 fabulous premiums share, the par
value Of which two thousand dollars, as high -
nfty thousand dolAfa Small capitalists, merchants,
clerks and every invested all their available
Young mon who had saved from their twenty and thirty
pounds . month went in and soon found themselves
counting their wealth-in sharesby tens and oven hun
dreds OF thousands. Nobody would sell, but held
for even . higher rise. When least expected the
death knoll struck Our nation had trumphed and
again lifted its head among the FIRST governments In the
world Cotton fell from two shilngs TO ten pence per
pound This killed the reclamation schemes. Relying
upon tho continuance OF the. American war for the
OF finishing their projects peace put an end to
them & 00et e~4 GtNs
From mlionaires Spectators found themselves worse
than beggars Many who had bought on credit at a
high figure with the chance Of RISE realized the full
anfip ufa uchs Of n
fact reclamation sharcsbecamo frightfu incubus in
the monetary world. Nobody would touch them.
So matters The months OF May and June were
such as financial operations have seldom witnessed.
Business went down in the general ruin. Everything
tive life the most disastrous wreck Indeed, Ameri
can cotton has at least some power abroad
Bombay paper speaking Of the present condition OF
the share market gives some interesting data which
NAV not be Of place in connection with tho above
plantations of these specilations.- NaN
The movement in tho share market Is approaching to
something very like excitement and requires TO be
fully wa he'd by all concerned. No doubt there was
with regard 10 all our sound undertakings considerable
margin for healthy reaction after the headong panic Of
May and june VT the rapidity Of the recent advance
bodies no assurances OF its stability When II is rumored
from ona another that so and so has said that certain
shares shall go such figure there Is evidence that
the evil eaven OF pusve speculation Is again at work.
Probably harm is done yet but inc present excite
possible to chec, /. then without much confusion and
loss. To certain extent Improvement IN all BOMBAY
stocks and Investments OF Lnd tide character is war
ranted by the good prospect for agriculture OF all Kinds
since the monsoon rain has exceeded tho average
amount II is worthy Of remark also that considerable
is so far observable TO the class OF
dertakins in the shares Of which advances have taken
place Those most in favor concerns either of proved
value which possess real property or unexpendcd
capital This difference in the of advance ID notice
abc the Victoras side, and the Frere and Ma
zagons tho other, the price of tho two latter bong
little than before the improvement began. In
Elphnsones and Port Cannngs the rate OF advance is
more than cont pr cent during the last four weeks
Bombay banks and tho Asiatic Bank have advanced
rapidly dur ng the las. few days. the prices
spcctivoly SO and 0, premium. II can scarcely be con-
sidcred good sign that Press aud other industrial CON-
pan,cs 20 not participate In the recent Improvement
No arrangement has yet been made for the registration
Of Shareholders AMI tho regulation Of the Stock Elk
change but tho necessity for something being done in
the matter Is very pressing
The sroysh OF cotton in the vicinity OF Bombay Is
principally carried IA tho noghborhool OF Surat,
Oomramitlec, Barosch and ID holcrah Baroach in the
market repo, stands highest in price and quality, but
the best OF very short staple aud admitted by deaers
to be Iaf.ror American cotton that ulacturers
are willing 80 pay considerably higher per pound
for thai brought from tho States The Western India
cotton scqur dlnerct machinery in making Il INTO
goods and even ,hoa .urns into very inferior cloth II
Is common saying in Manchester, when the supply Of
American cotton Is scarce, that they are having rarst
tnss H.eN s. t9tM
III anasal shipment of Indian from thu port of
Bombay docs not cxce'd ono million bales per annum
In the weekly review Of the Bombay narkc. writer
In Bombay paper consoles himself with the following
speculatfoES:-
tbs cotton in the southern States OF America, and rs IL
will be brought the seaboard rapidly than II can
BIO by the American Mills considerable portion
will so to the English msrket II Is teerbiy certain
now that the amount OF lDat cotton 10 Certainty not
more than tho 100000 bales 50 often spoken Of |
and also that its coalition Is such as not to represent
more than half that of saiabo long staple cot
ton. Should tho bombay cotton that Is now arriving
turn out clean and in good condition there little dancer
VI any apprecabe decline IN price.
There - but one American house In Bombay-that OF
stcarns Hobart Co These gentlemen have built up
large business, and though somewhat affected by the
present low state of trade, still have not sackcned per
rcp.iby IN their enterprises. work In which this
building OF = street railway understand this firm has
Tho exclusive privilege from the Iudian government for
The construction OF these convenient means OF CITY com
They propose to test the project by build.
M road from the fort 10 Bycuila DISTRICT distanc,
four miles II this succeeds the work will be carried
through all the districts When express doubts az TO
success only relates tho prejndces or the natives,
which, In all cases, has feeble innuence in internal
in this city The Bycui'ah road viii sue
iced whether not 1t is palrorzed by the naves but
Il this their favor all tho roads now cantcrn
plated viii! be carried out and prove triumph such a.
Bombay has never with ssed
The same firm has just started, in connection with
other capitalists overland freight roac between India
md Europe. The name Of the company - the bombay
and Bengal Steamship Company" They engage to run
about every two weeks 70 Suez and return,
ouching at Alden. They also have arrangements ena
bling them 10 register shipping orders for cotton through
10 Liverpool freight payable in Liverpool BY this
erprse three months Interest Will b, saved this loss
being sustained by the Cape route and tho advance In
price overland bat three rarthings per pound Thc
route Is already receiving liberal patronage In ad
ition 10 this hcssrs stearns, Hobart Co are them
selves largely engaged In cotton purchases and carry
miscellaneous business Of hiring bargcs, landing coal
&c
In regard TO the preparation and pressing Of cot.
lon for tho market mud American machinery |
mas but small representation. account for this III the
TACT that proper methods have not been adopted FOR it
nrod acton. II Ia certain nation has had the oppor
unitics and experiences 10 compete with US in regard
10 cotton gins, presses and 80 forth, have no doubt
alter improy emcpts have been made In machinery |
which would be readily adopted IN India II they were |
Dnly known "A FAR my observation al this moment
extends have not The least hesitation IN saying that
ths more Amer cen merchants ships and nven-