Stock prices advanced easily on short-covering which was a market factor today. Sentiment was aided by the denial given to yesterday's rumours of troop concentrations, and, additionally, the large vote taken in the House on the reduced Works Progress Administration's appropriation was construed as fav-curable. Reports on the late months of 1938 reveal a sharper rise in business conditions than previously discernible. American Telephone and Telegraph earnings during the final quarter of 1938 exceeded those of ihe previous year. Federal Reserve production index rose to 104 for December, despite expectations of a decline. New machine tool orders index for the same period is the highest recorded since October, 1937, Bombay Cotton Market Report Bombay, Jan. 14.
Disappointment at the absence of support from America caused considerable unloading in the Bombay cotton market during the past week.
It is feared that, whatever Ameri can farm legislation is eventually enacted, it will result in competition with Indian growths, Export enquiry during the week was small, while domestic mills were confining purchases to mediate requirements.
Although the movement in Oomra districts is increasing, it is still much under normal Arrivals from the Broach districts now amount to 15,000 bales, but these should increase with ihe free arrivals on the main lines shortly, with prices finding difficulty in standing up against the increased movement.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.