The age-herald., 1900-04-02
RusSia's WarIike Activity Has
 Been the Sole Topic.
BIG WAR SCARE THREATENED
Japanese Naval Maneuvers Will Be Carried Out On Unprecedented Scale-Russian Troops
 Ready to Move

been the international factor of the week, and diplomat tic functionar.es attached to the court of St. James are asking them selves what does 1t all mean and where will 1t end?"
 The Russian ambassador smiles blandly and assures his dees friends that 1t means 'nothing, abolut ,.sthing." but just the same speculation is acute. There are many men of fair standing and a tolerable knowl- edge of international undercurrents who are willing to say that war between Rus sia and Japan has now come within meas ureable distance. Of these Henry Norman, who has Just returned from trip to Rus sia Is one. But the Associated Press learns that no such view Is taken by the British. foreign office, which. during the recent troublesome times has sized up the interna- tional problems with wonderful correct ness
 The next few weeks may perhaps bring upa tremendous war scare. but the salient fact remains that Japan Is not ready for hostilhies Alarming telegrams from the far east may increase and Korea may seem on the verge of annexation by Russia, but the calm of Downing street is not likely to be disturbed. Korean matters have been arranged by treaty and Lord Salisbury does not believe that Russia intends to break the treaties, though her relations with Japan may become strained to seri- ous point. If all this rumpus in the far east had been postponed for another year there is scarcely any doubt that war would be serious possibility, but those having any intimate knowledge of Japan's far reaching naval projects and her recent state of incompeteness do not hesitate to say that Japan is not going to risk any, thing until her plans are matured.
 Japap.se Naval Maneuvers
 Japanese naval manouvres fin the com ing fall are to be carried cut on an un- precedented scale, and will partake more . of the nature of a demonstration than that of peaceful evolutions Forty or more war vessels are expected to be present in Jap anese waters. The moral effect of such an aggregation upon far eastern questions is causing no little comment. As far as Great Britain is concerned, Russia's mili- tary rather than naval activity is chiefly interesting, though the press Is not allowed to take up its cue in this matter. The foreign office, while only faintly interested in Korea, being practically sure that no ScTlOuS VIII result there, -S Qe- voting careful investigations toward the preparations occurring in south Rusisa.
 There seems no longer to be any doubt that Turkey, for her tardiness to meet the Russian demands regarding concessions, Is being menaced by her northern neigh Dor; and many signs point to the fact that Russia intends to settle herself In the northeast of Asia Minor, unless Turkey gives in.
 Already quarter of a million Russian troops are maintained on these borders, while the Black Sea squadron is ready for business at a moments notice.
 To what extent British moral assistance can be given to Turkey in withstanding the Russian demands Is question which at the present moment is occupying Lord Salisbury'S attention to an even greater extent that the South African war In view of the troubles of Great Britain in South Africa, 1t Is more than probable that Turkey will meet the demands and that the Russian troops will be withdrawn.
 Afghanstan Is Peaceful
 The scare anent Russian troops concen- trating in Afghanistan apparently arose from this movement in the direction of Turkey in Asia Minor, and Afghanstan has been passed into the category of peaceful, uninteresting spheres.
 With all these reports, to say nothing of continued rumors Of Bulgaria's desire to throw off Turkeys suzerainty and become a vassal of the czar, It Is evident that while Russia Is observing to the letter her promise to England not to interfer in South Africa, she is not idle in taking advantage of opportunities in every quarter of the globe For the peace of the world 1t is reassuring to remember that the fixed policy of Russia for years has been to take matters almost to the point of hos tiities and then to settle Automatically, the only exception to this in modern times being in the Crlmea, when the tone of the peace party in England led her to believe that the country would not interfere
 As nation and as individuals Great Britain is very wroth over the Delagoa Bay award. The average opinion is that this is merely the latest instance where the country has got the worst end by trusting to arbitration. What the high flown prophecies that an American-Ger- man secret African agreement would be- come operative through the decision have soiich nat, uttdus5e tQ6 damages against Portugal are so small that she ds amply able to pay them herself without giving either party to the secret agreement their opportunity of bidding for Delagoa Bay That this would occur was definitely stated some days ago in these dispatches, but right up to the last several of the most influential organs seemed to be almost sure that Portugal would be obliged to sell Del agoa Bay 10 Great Britain in order to pay up.
 Effect on the Market
 As result of this confidence, Delagoa Bay Railway debentures went up to 1S2 and shares of the company to e7 After the announcement of the decision deben- lures went down 100 points while shares could be bought for shilhngs pence, Or practically nothing. as 1t was evident that the award provides scarcely anything to make them good. After this tremend- ous drop 1t would be long time before