Business: Successful Circle

TO OUR STOCKHOLDERS :

It is a sincere pleasure to submit this report covering the present condition of our company and our activities during the year 1931. . . . We feel that you have every reason to be confident of our continued success.

Thus, two months ago, spoke a proud president — Charles N. Teetor, aged pa riarch of the Teetors of Hagerstown, Ind. The company was Perfect Circle Co., greatest maker of piston rings for gasoline engines. Cause for pride were earnings of $901,831, 48% better than in 1930, .05% ($510)...

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