The great and sudden wealth produced by cotton shortly after the commencement -of the American Civil War, coupled with the want of legitimate means of investment resulted in excessive speculation. From this period, Bombay appeared to have become wild with the spirit o speculation.


Trade was carried out in the premises of oriental bank & was characterized by positive sentiment .it would begin it at 9.a.m. in the morning and would only end at 7.p.m.Trading was seen to be carried out all through the day and night at different locations in Bombay.

This trading business was unorganized. Uneducated people, with no understanding of the trade, started raising and developing businesses similar to trade in order to gain money. People started investing their time and money in the stock market in a false belief of making fast money. 

 Rain Gambling  existed in 2  forms : 

  • Calcutta Mori: the wager was fixed, as per the fixed wager the price gamble was paid .
  • Lakdi Satta: winning or losing  of the wager depended on whether  the rain would be sufficient enough to fill the gutter  of the roof  or overflow, given specified time