THE UNDER SECRETARY OF STATE                
 
                         WASHINGTON                         
 
 
December 23, 1938
 
 
My dear Mr. President:
 
 
Some time ago you asked Ambassador Wilson
to prepare for you a memorandum showing:
 
 
                                           (a) the amount of capital invested
                                           by Germany in the United States,
                                           as well as the amount of capital
                                           invested by the United States in
                                           Germany, and (b) an analysis of
                                           the flow of payments between the
                                           two countries.
 
As Mr. Wilson did not have time to prepare
this himself we have had such a memorandum prepared 
in the office of the Adviser on International 
Economic Affairs here. I am enclosing
herewith a copy.    
 
 
Faithfully yours, 
 
 
Enclosure:                                                   
 
Memorandum
 
 
                           The President,
 
 
                                   The White House.