Real Estate and Insurance, Stocks and Bonds.

Los Angeles, Cal., January 2, 1906. Geo. M. Jones, Esq.,

Los Angeles, Cal.

Dear Sir: This personal letter is intended to touch upon a question of vital importance, and one which demands your serious consideration - the investment of your capital and surplus income.

We have spent many years in this community, dealing in the highest grades of investments, and in making a study of real estate and securities and matters of finance.

Our experience enables us to give you valuable advice and assistance, and we invite you most cordially to call and discuss this subject with us personally and confidentially, it being thoroughly understood that no obligation whatever rests upon you to do business with us. You will be welcome, if you come simply for an exchange of ideas.

We shall hope to have the pleasure of seeing you at our office when you can make it convenient to come; or, if that is not practicable, we would be gratified to have an opportunity of opening correspondence with you on this subject.

As a careful investor, you will doubtless be interested in looking over the enclosed list of securities, which we are enabled to offer you.

It frequently happens that we have a block of especially desirable bonds, and we would like to place you on our special list for these bargains from time to time. Mail us the enclosed postal with your name and address, and you will have first chance at our best offerings.

With best wishes for the New Year, we are,

Very truly yours,

Federal Realty Co., By W. A. Carney, President.