Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-09-21
Converting U. $. FIve-TwentIes.

Messrs. JAr Cooks & Co. have Issued the following
financial circular relative to the general conditions of
the loan market, and the exchanging of government
bonds for railroad securities:
Banking House of JAY COOKE & Co.
Philadelphia September, 1871
The signal success of the New Five Per Cent Govern
ment Loan foreshadOws the early funding the entire
Public DEBT at per cent. less rate and indicates
that the average rate of interest loanahle capital I'm
this country will not henceorward be much above per
cent? te tendency being TO an equalization OF be-
tween America and Europe.
In view Of these facts the present holders of limited
States Fverwenes must decide whether II is not best
to make at such change of investment as will ena-
bic realize profit or add to their capital the
present average premium Of Ia per cent on FYetTwen
ties while at the same time largely increasing their
Holders OF Fiye-Twentles of the issues of 1862 which,
under the recent announcement OF the Secretary OF the
Treasury, will be paid off in December next have specai
and immediate TO consider the question oi con
version unless they wish to receive coin their Five
issue, bearing average rate OF A. per cent
10 az holders of United States securities who wish to
ke advantage 81 the present most favorable OppOrtuni
W Tor making the suggested change OF Investment we
strongly recommend Northern Pacific Seven -Thirties
lpflnclpa ana interest payable god) now selling at
par In currency. The results already accomplished in
Mis- o Iosd INA ana equipment Of nearly Three Hundred
country have established the permanency and success Of
lne Norerh racine enterprise and created large and
rapidly increasing demand for the First Mortgage Bonds
OF the Company WITH their high rate interest am
the Company at 10 per cent. premium they consiitnte
most desirable investment and hardly fail to advance
The holder Of $1,000 FiveTweity bond who EXCHANGES
IL nor for Northern Paccs. thereby increases lis nricI
pal by y per cent receiving $l4On Northern Pacdcs
for $1,000 in Five rwenties lie also permanently in
creases the yearly interest income his Investment
more than IS per cent, from $4,000 In gold s322 in
gold.
Funds invested In Fverwentes at their present pre-
MUM, yield 81 per cent. interest I'm gold 10 in cur
rency. Northern Pacific Severhirtes yield $40 per
cent. In gold or 81 IN currency.
These most unusual opportunities for the profitable
conversion Of Government Bonds into Corporate Secur-
ties of undoubted reliability cannot in the of the
case long continue The increasing abundance of oana
Bile capital both at home and abroad the almost certa
rise in value Of all desirable railroad mortgages the early
funding of the residue of the National Debt at lower
rates the rapid absorption OF the Northern Pacific Seven
Thres and the probable early substitution of six per
cent bond for the remainder of the Northern Pacific loan
promise very to change the entire of the
market, which is just now peculiarly favorable to
investors.
This state Of things suggests prompt action the part
OF those who wish to exchange securities time to profit
by the present high premium on Five!Twenties
JAY COOKE 81 CO.,
Philadelphia, New York and Washington.
For sale in Worcester by
RICE & WHITING,
FIRST NATL BANK
QUIksIGAhoND NATL BANK,
CENTRAL NATL BANK,
"a, WORCESTER SAFE DEPOSIT Co.
sls de0pSt