China Cotton—While there has been what is regarded as a sen-national drop in American cotton, it hag not, up to the time of writing, reacted_on the market for Chinese cotton. The probability is that too little actual business is passing to allow of any pronounced fluctuation in price taking place. Nevertheless the movements at Osaka especially are' being watched with much interest. as tightness of money in Shanghai is preventing free play' to the different factors. It ig interesting to note the appearance yesterday of a bear movement on' the local Chinese Cotton Goods Exchange. The closing market 3
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