Vaporings. Since January last, when the experts designated by the Reparations Commission began their secret deliberations, mankind has been pestered with mad, wild guesses on the part of neurotic journalists who have professed to have unimpeachable information regarding the unvoiced thoughts of each individual expert. Alas, this harmless mental vaporing is now démodé! Last week the experts presented their reports to the Reparations Commission which published them.

First Situation. The complex reparations tangle has been bound up closely with U. S. foreign policy. In December, 1922, U. S. Secretary of State...

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