The unexpected collapse of Chinese resistance at Shanghai came as a great disappointment to the people Of Peking, and not least. to. the host of military experts who have! blossomed forth these last few weeks, The disappointment was all the greater, as the incredibly exaggerated reports of Chinese vie-tories had raised almost fantes expectations. And as a Inst flicker of these hopes, on Thursday afternoon the rumour ran round the town, like wildfire, that certain bankers rather a suspicious source under the cireumstances—had received telegrams from Shanghai that the Chinese armies had counter-attacked and re-taken all their former positions _Now, as is the universal custom in such cases, the newspapers. are! full of explanations for' the "true alth, has just moved back to Tuiyuanty, "although he olds no} oficial post of any kind. His Shanst {troops have been steadily Altering north into Chihli province. He hing elf has remained strangely silent all through the Japanese immbrogiio, except, of course, ike every one else, proclaim. hig. patriotism and cadiness to die for his country, and fins steadily refused all attempts to him to join the government at yang. "Although he thet Tuan Chisul arly were s0 considered, stil he Tot diveetly "antagonistic to. them, like the: Kuomintang. it will be membered that he tock refuge ai Dairen—and he would. proba quite person grata to them, as the ead of a new Northern government }On the other hand, he and Wo Pel are distinctly im opposite camps,
Text read from the printed page and cleaned; old type leaves the occasional error.