Original photo caption:
"A New-Type Plane Makes Debut
Because everyone who has seen it fly has gasped, "What is it?", Waldo D. Waterman, ex-Air Mail pilot and aeronautical veteran of Santa Monica, California, named his unique new flying wing plane just that, "Whatsit". The novel two passenger tailless craft, which travels more than one hundred miles an hour, powered with a small radial air cooled engine, appears to be one answer to America's need for a low priced, simply and economically constructed everyman's flivver plane. Photo shows Waldo D. Waterman in front of his new plane at the Grand Central Air Terminal, Glendale."
Read also the "Long description" at the Smithsonian website.