THE SECRETARY OF THE TREASURY                
 
                         WASHINGTON                         
 
 
January 15, 1937                   
 
 
My dear MR. President:
 
 
I am inclosing herewith extract
from Cochran's cable of January 12
reporting a conversation with Schacht
whom he met at the meeting of the
directors of the Bank of international
Settlements.
 
 
Respectfully,
 
 
(signature) ???
 
 
The President,
 
 
The White House.