Italian troops march off the transports in East Africa and seem to step right off the end of the earth. They are hard to keep track of. It is a very baffling war. It is true that out of the ancient country of Ethiopia come vague rumors of fighting, of the number of blacks which fell before the superior equipment of the Romans, but nothing definite. The city is bombed and taken but in the taking nothing is gained by the Italians. The tenuous line of communication is lengthened. The invaders have more miles of highways to build and to guard. The mysterious mountains extend their shadows and the menace increases. The rainy season, when foreigners cannot make war in Ethiopia, is only months off. Very little is known or can be said about the Italian armies in the land of Haile Selassie.

But on the market pages of the American newspapers may be found tidings of uncertainty and significance. Italian bonds, Is. of 1951, early this year sold for as high as $45. On Christmas Eve they sold for $0.125, which means that Italy would have to pay nearly 12 percent for its foreign loans, if loans could be made.

Italy may think it is about to acquire new territory without paying for it, but the bond-buyers and money-lenders know differently.