WHICH? 
20-32 106-7h 
Are you loaning your money to others 
at from 2% to 3% interest ? 
Has it occurred to you that others are 
placing your funds in investment securi- 
ties yielding 5% to 7%? 
Do you realize that the profit of 3% to 
5% which might be ee is going into 
the ae of others? 
f there zs any risk in good securities, is 
not oie risk taken on your money ? 
Why not place your funds y 
these same classes of a 
with no greater risk ? 
ourself, in 
approv ved securities 
The late Japanese loan, was floated with 
the people’s 2% and 3% money, and netted 
ofit o 
writers on a 
securities equally as good. 
The fact that you may want your money 
quickly sant not deter you from investing 
in high-grade securities. They are quickly 
realizable through our Exchange. 
There are other 
Thirty and even sixty days notice may 
be required of you for checking savings 
posits. 
The parallel column will interest you. 
Federal Stock and 
Capital Stock, $200,000 
You can loan your money through Fed- 
eral Stock and Bond Exchange at from 5§ a 
to 7% a and obtain the highes 
pred. my security. 
Your money is thus loaned to the very 
best sauaiiad of approved classes 
ee B ma funds are added capital busi- 
ergy, brains and ability, in th 
producioe of further profit, a and in 
upbuilding of commercial life. 
You can purchase through us Bonds, 
Stocks and Mortgages in any amount, 
$100 up, yielding 5% to 1% and e 
more in some special 2 instances. 
the 
ts in small 
You can place y smal 
sentat in any y number Of “different securi- 
ties, giving the maximum of safety. 
We sell you intrinsic values only, which 
we haye saleaes examined. 
nity for —or 
our Exchang 
Ther 
or speculation aan 
wish to al 
S securities, we will sel i oes 
for you in rtest possible time with- 
out sacrifice in value. 
sent 
If you desire to exchange your pr oe 
holdings for others, or exchange real es oa 
for sec — or vice-versa, our service 
interest yo 
Send — our complete list of inv estmen 
offerin 
veel Exchange 
OFFICERS AND D 
IRECTORS 
( L. TURNER, ficos macadib bee's £m nt Pan- eparsdve Banki 
HE 
A. B. fiettlotin, Vice-P Saag and Tre 
o Wim. B. Baker, Se 
E 
Ellsworth B. 
Maurice S. Kuhns, C, 
Pree 
r Ass retary U ld States Treasury 
rN ational, Bank of Waupaca. 
alter Thompson Co. 
t Swe 
—( r ter xe ce reer Univ 
Herbert s. Blake, Poke ceria Pa > ~Man . count Federal Stock ad "Bond Exch: ¥ n 
GENERAL COUNSEL—Cassoday & Bedien, Chicago; Keatinge & Wz alradt, New ¥o 
AU DITORS—Safegurd Account Co., New York cst. Chicago. _ 
APPRAISER: oates & Burchard Co., Chicag York, Boste NGE 
FEDERAL STOCK AND BO OND “EXCHA 
Suite 312 Hastiors | Bldg» ate Dearborn St piladelphia 
