DEPARTMENT OF STATE
 
WASHINGTON
 
 
June 5, 1934.
 
 
Dear Mr. President:
 
 
It occurs to me that it may be of interest to 
you to glance through some excerpts Of despatches 
and private letters written by Mr. Messersmlth 
shortly before he left Berlin for his new pont.
 
 
I am enclosing a memorandum from the Office
of the Economic Advise with regard to direct 
trade interchanges with the German Government at 
the present time. I feel that the substance of 
this memorandum is of sufficient importance to 
suggest that you may find it well worth while 
to glance through it.
 
 
Mr. Messersmith is definitely of the opinion that 
the Hitler regime is in far more serious straits 
than is generally realized and, as he puts it, there 
are only two ways out which the Germans can see. 
The one is by negotiation of very favorable agreements 
with the major suppliers of raw materials, and the 
other through the getting of credits.
 
 
With
 
 
The President
 
The White House.