Pasadena, California. November 29, 1932. Mr. Malcolm S. MacKay, 14 Wall Street, New York City, New York. Dear Bud: Your letter of a month or more ago was received; also one from Mr. Peters. I appreciate your advice altho [sic] I haven’t written. I have been trying to decide just what to do. The difficulty now is the fact that in the past I have so completely leaned on the company, through your father’s clear judgment in handling my small affairs, that I wanted some one else to take the responsibility for me as he had done. In the last letter I received from him, he said to let the “B” account ride; that unless the world went plumb crazy, it would right it- self. I gather from your letters that that would be what you would do. To sell any of my securities now would be at a sacri- fice and if we can wait for a rally I would come out without a loss involved. The stocks and bonds that are holding steady and paying dividends, I do not want to touch as I shall have to live on the interest they are paying unless things pick up in the picture and bronze business. I received a proxy from the National Cash Register Com- pany which I am signing and enclosing. With kindest regards and thank you for your personal interest. Sincerely, Encl. [Transcript by Lauren B. Gerfen, 2012-09-05]