Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-08-31
PEACE AND PROSPERITY.


1t is not often that Henry Clews
takes such an optimistic view of world
affairs as he does this week While
he Is not pessimistic as rule, his
splendid advantages and opportunities
to observe conditions and speculate
upon their effects gives him an in
sight into world affairs that seldom
fails to find something in measure
discouraging even though much is
shronicled that gives bright outlook.
This week Mr.. Clews letter takes on
an exceptionally happy tone and he
sees hope for peace abroad and pros
perity at home. What he says bears
the stamp of suhstantiation and has
his past successes as a forecaster to
back it up. His letter this week has
the following:
While. the market has maintained
its confident undertone, it has eXpe-
rienced periods of irregularity, reflect
ing the progress Oh events at Ports
mouth where the war of wits" is be-
ing so skillfully fought out Wall
street is a keen judge in matters of
this kind; it thoroughly understands
the game Of expediency, shrewdness
and bluff, and it takes little account
of the earnest, high-class literature
that daily is being furnished the press
| of the world by the representatives of
, both Russia and Japan. Wall street
bases itssoptimism in this matter upon
/ the potent argument that both coun-
tries desire peace that Japan has Sc
cured the objects for which the war
was undertaken; that the mikado's
| government has all the glory and pres
tige it can attain in the present con-
test; and that further bloodshed will
mean unnecessary sacrifice of human
| life, against which mere dollars and
cents cannot weigh. Wall street rec
ognizes that Russia, while beaten,is by
no means conquered nation; that
the war has not reached Russian ter
litory; and that the conditions are not
yet present, nor are they in prospect,
when Japan can force an indemnity
payment proportionately as drastic as
that collected by the victor in the
4 Franco-German war. Wall street is
| quick to discount future happenings,
and in Analysing the situation at
/ Portsmouth it regards deeds and not
words the supreme test; and finding
the ENJOYS speaking one way and act
| ing another-eXpressin high indigna-
! tion at intimation- of concessions at
4 the moment Of making them-it sees
/ the handwriting on the wall. And Wall
street has common sense and is usu-
/ ally right Events are making for
peace; the game OF bluff may be car
! ried almost to the breaking point SO
! far as the present meeting of the en-.
Sc Ind oh
the breaking point to all outside ap-
pearances. But thanks to our own
i President, who has shown such practi
cal diplomacy in handling this very
delicate question, the seed has already
] been sown, and proper pressure upon
both countries by their friends and al.
lies may be depended upon to produce
the desired elimination. 1t is now
merely a question of dollars and cents
and the discovery of method Of pay
ment by which the czar may feelehe is
preserving his national dignity and
honor. Modern diplomacy is quite
equal to the simple task of providing
such satisfactory method.
Meanwhile, trade conditions
throughout the country while without
specific indications of any ill.consid
cred boom certainly show no reaction
airy trend. Railroad !, earnings are
keeping up their generally satisfactory
comparisons and the great iron and
steel industry-the standard baron
eter of national industry is in a most
confident condition, substantial indi
cation being that while the United
States steel corporation has orderei
every modern furnace into h1a.r IL mil
still be compelled to supply from cut
side sources & considerable tonnage 81
4 pig iron to cover it's September short
age in this direction. The money sit
uation is giving little evidence OF tie
/ usual autumnal strata, IL distinct
/ source of relief having been the in
crease in foreign loans In this market
which loans will be paid in the usua
form of exports Of domestic products