The reaction in stock prices, while ising. by "its abruptese ang seve been, "he expected ant considerably overdue. The advance since April {rth has been one of the most 7e-arkable on record and. the fact that. the se-thacks "which" have foceurred have been 20. relatively fhsignificant has been a cause for amazement, The market seldom if fever records unbroken. movements fo any direction for. long and it entirely normal for "reactions during bull cycles to. retrace from one-third to two-thirds of the ground previously gained, On this basis The present recession could go considerably further without. violating any precedents, These intermediate movements, however, should. not be llewed to disturb unduly the holder of stocks for the Tong-pul, Tap contract between the Board of Trustees_of the British Boxer Indemnity Funds and the Ministry of Railways for the extension of a 24,500,000 Loan "to Ministry for the completion of the Canton-Hankow Railway was sign-Jed on July 20 in Nanking by Dr. Chu Chis-hua, chairman of the board, and Mr. Koo Meng-yn, "Railway Minister, Total 517 of Chinese cotton from ses July 10 to 16—
Text read from the printed page and cleaned; old type leaves the occasional error.