MEXICO: Snarl Cut

The President of Mexico took a pen into his heavy fist and signed, "P. Elias Calles."

The document before him comprised new regulations altering the effect of those Mexican oil laws which the U. S. has branded as "retroactive and confiscatory" (TIME, Feb. 22, 1926).

President Calles, it is safe to say, would not have signed the new regulations, last week, except for the fact that the U. S. now has in Mexico City a new and abler-than-usual Ambassador, Dwight Whitney Morrow, onetime Morgan partner. By large business methods and with a Morgan-sized grasp of essentials, Mr. Morrow has, in four...

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