Memorandum by the Secretary of State

The German Ambassador came in and reported generally, but not in detail, the fact that a settlement of the claims of American creditors of Germany had been effected by agreement between both creditors and debtor. Mr. Phillips, who had been handling the matter, was also present and we both expressed our special satisfaction and gratification at this action.

The Ambassador represented in this connection that the American Ambassador at Berlin had by letter on January 25th stated to the German Government that the American bondholders’ committee had [Page 347] been authorized to deal with the entire matter and was functioning satisfactorily to the United States Government.

C[ordell] H[ull]