In theories of closed oriented superstrings, the one-loop amplitude is
given by a single diagram, with the topology of a torus. Its interpre
tation had remained obscure, because it was formally real, converged o
nly for purely imaginary values of the Mandelstam variables, and had t
o account for the singularities of both the box graph and the one-part
icle reducible graphs in field theories. We present in detail an analy
tic continuation method which resolves all these difficulties. It is b
ased on a reduction to certain minimal amplitudes which can themselves
be expressed in terms of double and single dispersion relations, with
explicit spectral densities. The minimal amplitudes correspond formal
ly to an infinite superposition of box graphs in phi(3)-like field the
ories, whose divergence is responsible for the poles in the string amp
litudes. This paper is a considerable simplification and generalizatio
n of our earlier proposal published in Phys. Rev. Lett. 70 (1993) 3692
.