The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-03-15
HENRY CLEWS ON EASTERN SIT.
UATION.

Henry Clews g. Co. in their weekly
letter discuss the lat in the Far
East. They have firm belief in the
coming power and influence of the Unit
ed State in the east and do not think
we should idly watch Russia seize a
position to the exclusion of ourselves"
They do not have any confidence in
Russia or her ability to civilize the
semi-barbaric races of Asia, nor are
they so sure she can nqu Japan in
the present a
The letter says:
The Street continues to await the
Northern Securities decision with unu-
sual interest. The prevailing impress
sion is that the decision will be unfa-
vorable. Should his expectation be re-
allied it is not likely that any particu-
lar decline will result. A fall of thirty
points in the last two years has pretty
fully discounted an adverse decision,
and the stock is held SO firmly in the
hands of a very few rich men that short
sales will be highly dangerous. Furth-
er, the constituent companies are en-
joying continued prosperity, and there
Is little doubt that the able financiers
who conceived the Northern Securities
merger will discover some other legal
method for their object. When the
decision is rendered a sense Of re.iet
will be felt at the removal of a most
important source of doubt.
The war is. of course. an indirect fac
tor in the market. because of it's influ-
ence abroad. The foreign markets are
almost as dull as our own and the de-
cline in foreign government securities
indicates an apprehensive state of mind
The drop in British consols may be at
ibuted to his, or 1t may be due to a
desire to nave funds in hand in case Of
a Russian or japanese loan later on.
Both combatants are chiefly occupied
with preliminary operations, and it
seems unlikely that any serious engage
ments will occur until the opening OF
spring facilitates Campaigning. Ameri-
can sympathy is adverse to Russ a,
chiefly because of her exclusive policy.
Everyone now understands hat 6 eat
developments are in prospect in the
Far East during the next twenty-five
years, and that no country has a great
er potential interest in that develop
ment than the United States. Destiny
Is maxim US the dominant power on
the Pacific, and we cannot afford to
idly watch Russia seize a position to
the exclusion of ourselves and all 9TH
ers. No one objects to Russia taking
hold Of the semi-barbaric races Of Asia
NAAu ~ AA1EiS 49, SN> SNH' D0N
hitherto her methods have been mOnu-
mental failures, n the clash between
her ideals of government and society
and ours must inevitably have come
had not Japan. reused by the necessity
of self-preserVatiOn, undertaken to
check Russian encrOachments. When
Russia is ready to leave the door OF
open to all on the same terms
as for herself. as Great Britain did af-
ter the South African war. she viii dis
pei much of the hostility which now
cOnfronts her. But this she cannot do
Russia has embarked upon a system o.
governmental development that is I'M
sound, and honeycombed with chican-
cry; and the empire handicapped by
financial weakness. industrial unsounI-
ness and internal discomfort is in poor
condition to carry on a great war
If war to the point of exhaustion Is
really her policy it is a question whether
Japan, if she holds her we'll
in reserve. cannot play that game "a
successfully as her antagonist. Thus
far, Russia has experienced a sorry loss
of prestige through her deplCrab,e I'M
preparedness and an underestimate Of
her antagonist.