Pittsburgh, Pennsylvania 
HIS is the first of a series of circulars which the 
First National Bank at Pittsburgh intends to issue 
with the intention of emphasizing the importance 
of this city as a commercial and financial metropolis. It 
is desired not only to speak of the past and present, but to 
take a look into the future, and to make that look an 
optimistic one. The world has just passed through the 
most destructive and the most portentous struggle in its 
history. The forces of evil and of reaction and of repression 
were signally defeated, and civilization was rescued from a 
fate which arbitrary despotism and irresponsible power 
had decreed for it. The future is in the hands of the victors, 
and if wise plans are followed, the world will be a better 
place to live in than it ever has been before. 
The part Pittsburgh played during the war was a most 
important one—in the production of munitions of war, 
and in the financial support of the United States Govern- 
ment. The part Pittsburgh will play in the future is no 
less important. 
The abounding faith of Pittsburghers in their own city 
received convincing proof in the result of the bond election 
held on July 8, when numerous projects for the improve- 
ment and welfare of the city were all approved by the 
voters, not one of the propositions being defeated at the 
polls. The total issue voted was $22,000,000, divided 
into 7 items, and one of which could be approved or dis- 
approved without affecting any other. When the tax- 
payers are willing to spend money so lavishly on diverse 
projects, it is an incontrovertible sign that they thoroughly 
believe in their city. 
The largest single item in this bond proposition was for 
$6,000,000, for the purpose of building a subway in the 
downtown district, with the object of relieving traffic 
congestion. Nearly $10,000,000 was approved in the 
aggregate for constructing, repaving and repairing streets, 
aud in this item is included a project which will keep in