Aftermath of the Victory of the Sea of Japan--The World Hopes that Peace Will Result--The President of the United States Takes the Initial Step--Meantime the Japanese Decline an Armistice--Operations Begun for the Seizure of Saghalien Island--Japanese Landing Parties Successful--Russians Continue Flight After Series of Conflicts--Japanese Take Chief Town of Island, Alexandrovsk, July 25--Flight of Russians and Pursuit Continued--Governor of Island and Remainder of Garrison Surrender to Japanese, July 30--Russia and Japan Accept President's Proposal to Meet and Discuss Terms of Peace--America Chosen as Scene of Meeting--Envoys Named--Portsmouth, N. H., Selected as Scene of Meeting--Russian and Japanese Envoys Formally Received by the President at Oyster Bay, August 5--Sessions of Peace Conference Begin at Portsmouth, August 9--Conference Adjourns Without Achievement, August 18--President Begins Effort to Effect Compromise, August 19--Japan Withdraws Demand for Indemnity and Other Demands on Which There Had Been a Deadlock, August 29--Announcement Made That Peace is Assured--Work of Drafting Treaty Begun--Peace Treaty Signed--The Treaty of Peace. A wave of awe went 'round the word when the full effects of the Battle of the Sea of Japan were realized. Russia stood before the world in the light of a thoroughly vanquished nation. On land her armies had been invariably defeated in a series of battles of stupendous magnitude. Her original Asiatic fleet had been annihilated. Her last great effort to stem the victories of Japan, the sending of a vast Armada to the Orient, had resulted in complete annihilation of that fleet. The nations forgot to grieve for the thousands slain in the hope that this last crowning disaster to Russia would bring what every civilized land had desired for months--an end to the titanic war. [Sidenote: President Takes Initiative] While this was the universal wish it remained for the President of the United States to take the initiative. The fact that, with the exception of a minor campaign for the possession of the Island of Saghalien, off the Siberian coast, this was really the closing chapter of the war, has added a brilliant feat to the annals of American diplomatic achievements and has placed the name of Theodore Roosevelt eternally among those of the famous benefactors of humanity. [Sidenote: Japanese Take Saghalien]