With the experts of the Second Dawes Committee on the verge of reaching an agreement on revising reparations, Dr. Albert Vögler, second-in-command of the German delegation, suddenly resigned.

Optimistic observers of the Paris conference refused to be depressed. It was pointed out that bristle-headed Dr. Vögler was an avowed Nationalist, that he had from the first refused to agree to any payments beyond 37 years, that he was directly responsible to the Ruhr industrialists, who were determined to make no concessions to the Creditor...

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