Pasadena, California. February 4, 1933. Mr. Malcolm S. MacKay, Jr., 14 Wall Street, New York City, New York. Dear Buddie: This is the time of the year when my books are being audited for the purpose of preparing my 1932 income tax return (which isn’t) and my attention has been particularly drawn to my “B” account; it being ex- plained to me that is account as of December 31, 1932, represented $7,178.04 that I was indebted to the MacKay Company without securities in the account with which to pay. This was not my understanding of the situation as I was under the impression that there were securities still being held in the “B” account that could be sold at some time in the future providing the market improved so that this account could be wiped out without any loss to me. In looking it over. I found the words “Long Sec. –none” which I didn’t understand so inquired and to my great astonishment I find that I am charged with $7,178.04 with no security in the “B” account to work out as I had been led to believe could be done. I gathered this in- formation from a letter I received from your father written by hand March 6, 1932, a copy of which I am enclosing. This letter clearly indicates that there was a possibility of the “B” account taking care of itself but that “in no event, no matter what happens” I was not to take a loss. Don’t you think the account should be taken care of as outlined in your father’s letter? Sincerely yours, Encl. Air Mail [Transcript by Lauren B. Gerfen, 2012-09-05]