October 4, 1932 Mr. George B. Hoffman, 408 Citizens National Bank Bldg., Los Angeles, Calif. Dear Mr. Hoffman: I received your letter of September 27th. At the present time, we can only advise caution as far as the market is concerned. I never place very much faith in tips, but if I have any ideas which I think would be of benefit to you, I will certainly let you know. I am enclosing our usual form of margin agreement and also a signature card for our mutual protection. I would ask that you please sign these in the places indicated by “x” and re- turn to me at your convenience. We will be very glad to have you buy stocks on margin, as you see fit. Our only margin requirements are that you have at least 30% of the debit balance at all times. [this paragraph in parathenses] The change in the firm which took place September 1st was only a change of partners. The present partners consist of myself, Alfred Mackay and my Aunt Jennie, as Special Partner. The capital in the firm is larger now than it was previous to Dad’s death and so far as the business is concerned, there is no change in the office management. I am keeping a stiff upper lip, as you suggested, and any time you bump into a large account it is O.K. with me. Yours very truly, [signed] Malcolm S. Mackay MSM:GM encs. [handwritten] This is all I know about the change in the firm. Alfred MacKay is unknown to me. [illegible signature] [Transcribed by Lauren B. Gerfen, 2012-05-04]