LIAO YANG. In majesty and terrible death-roll if not iri decisive results, the battle of Liao Yang, which has been raging in Manchuria during most of tht present week will probably rank with Gettysburg, Get-tysburg, Waterloo, Austerlitz and Cannae, The first day's battle which lasted from daylight day-light until midnight, wag a drawn battle. The Russians turned back any amount of the Japanese, Japan-ese, but were evidently on the point of utter exhaustion, while the slaughter of the Japanese must have been something fearful. At this writing the nexs is that the Japanese had enveloped and partially crushed one wing of the Russian army and that the Russian commander com-mander was falling back to his inner lino of defences. This is construed as on evidence of defeat, but that is premature, 'if Kuropatkin has an inner line, then he may have anticipated this movement from the first and planned a still greater destruction of the e,nemy. Another dispatcli intimates that the Japanese commander was moving to cut the Russian line of communication with its base. If the flnal climax cli-max is a Russian defeat then there will be nothing left for the Japanese to do this year but to reduce re-duce Port Arthur. If on the other hand the Japanese Jap-anese are finally forced to retire then their summer's sum-mer's work on land has been practically in vain. The stake is immense, the fighting must be almost al-most for life on both sides.