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[[preprinted]]
Imperial Hotels, Ltd. Tokio
(Imperial Hotel & Villa, and Metropole Hotel.)
[[image - a side view of lion with front paws on a wheel design]]
CARL FLAIG, GEN. MANAGER

Imperial Hotel & Villa
[[/preprinted]]

done in generous style and enjoyed.

A letter received from Howard a day or two ago gave me the news that you did the cabling.  I should have known this at the time -Excuse me and accept my thanks.  Your reference to business matter interested me greatly-First in order of course, was your victory in the Supreme Court.  Good!!!  I congratulate you most heartily.

The turmoil in America concerning finances, prices &c. is nothing compared with the situation here.  Since the end of the war with Russia Japan has speculated just as vigorously as she fought the Great Bear.  She is still at it, and in meeting the prominent collectors and in living more or less in their very homes, I have come pretty close to getting ground facts.  They are wonders!   They plunge like the surf in a great storm and always with a smile.  A bank or two goes up everyday and still everybody smiles - No one seems to be a loser!  The capital of some balloon combine is reduced a few hundred per cent still the smile goes around.  The busted one is sold out while he smiles.  A collector finds that his pet picture is a fake and he too smiles.  The women smile, the children smile and the birds and animals really laugh.  Its a strange nation and a good one to stand in with.  Teddy is right in jollying them!  Their war ships are superb, their men of the army, as I see them from time to time in social life and on the street, are splendid specimens of the warrior class.  The entire country is awake with true martial spirit and 
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