November 4, 1932 Mrs. Nancy C. Russell, 725 Michigan Boulevard, Pasadena, California. My dear Mrs. Russell: During my absence on a short vacation, Malcolm Jr. answered your letter of October 10th to me and has given me both your letter and the answer on my return. I am quite in accord with his recommen- dation to you of consolidating the two accounts here, as being to your best interest and also in the advisability, on any sub- stantial rally, of selling enough to cover the debit balance so that you would own all the balance of your securities out- right. There are still many uncertainties in the situation and we feel here that the safest course for you, for the present at least, is to sit on the side lines as indicated above. The writer is rather of the opinion that we may have a market improvement after election and has by no means the same fear of the result in the probable event of Roosevelt’s elec- tion as is held by some. If the above suggestion meets with your ap- proval and you will so instruct us, we will first consolidate the accounts and then make an effort to let you know when we think it desirable to make a sale or so, and what we think should be disposed of. A little later, when the picture becomes some- what more clearly outlined, there should be an opportunity for us to help you work out the loss involved. With kind regards, I am Very sincerely yours, [signed] Hugh Peters HP:GM [Transcribed by Lauren B. Gerfen, 2012-05-04]