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 They said that they must have two weeks to sell their foreign securities and to make loans. At that time few people had looked upon the Sarajevo tragedy as something that would inevitably lead to war. This conference, Wangenheim told me, took all precautions that no such suspicion should be aroused. It decided to give the bankers time to readjust their finances for the coming war, and then the several members went quietly back to their work or started on vacations. The Kaiser went to Norway on his yacht. Von Bethmann-Hollweg left for a rest, and Wangenheim returned to Constantinople. In telling me about this conference Wangenheim, of course, admitted that Germany had precipitated the war. I think that he was rather proud of the whole performance, proud that Germany had gone about the matter in so methodical and far-seeing a way, and especially proud that he himself had been invited to participate in so epoch making a gathering. I have often wondered why he revealed to me so momentous a secret, and I think that perhaps the real reason was his excessive vanity—his desire to show me how close he stood to the inner counsels of his emperor and the part that he had played in bringing on this conflict. Whatever the motive, this indiscretion certainly had the effect of showing me who were really the guilty parties in this monstrous crime. The several blue, red, and yellow books which flooded Europe during the few months following the outbreak, and the hundreds of documents which were issued by German propagandists attempting to establish Germany's innocence, have never made the slightest impression on me. For my conclusions as to the responsibility are not based on suspicions or belief or the study of