The ad on the left was partially cut off because of it being part of an open gate.  Henry Seymour insurance, The Panazone hotel, La Caraquena clothing and shoes, Hotel Angelini in Panama City (Strictly First Class, they even offer Ice Cream Sundays) and finally "The MoneCristi" Genuine Panama Hats which is still in business today.

What a mixture of ads.  Hamburg American Line, Billy Evans Suites, P. Canavaggio importer of wines, spirts and provisions, and "La Posta" post cards, phonographs and more.

This section of fence looks like it is made with the smooth side out and the framing boards obscure the ad.  The ads shown are the Metropole Hotel in Panama City, Hotel Central in Panama City, some type of Cigarette ad and finally the Isaac Brandon Bros, Inc. - Groceries, Wines, Liquors, Cigars, etc.