Connecticut western news., 1871-10-06
Converting U. S. Five.TWenties.

Messrs. JAY COOKE X Co.,, have issued the following financial circular, relative to the general condition of the loan mar ket, 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 Government Loan foreshadows the early fund ing of the entire Public Debt at 5 per cent. or a less rate, and indicates that the average rate of interest on lOanable capital in this country will not henceforward be much above per cent, the tendency being to an equalization of rates between America and Europe.
 In view of these facts, the present holders of United States Five-Twenties must decide whether it is not best to make dt once such a change of investment as will enable them to realize as profit, or add to their capital, the present average premium of IA per cent. on Five-Twenties, while st the same time largely increasing their annual income.
 Holders of Five-Twenties of the issues of 1862, which, under the recent announcement ot the Secretary of the Treasury, will be paid oh in December next, have special and immediate reason to consider the question of conversion, Twenties, or exchange them at par for bonds ot the new issue, bearing an average rate of A per cent.
 To all holders of United States securities who wish to take advantage of the present most favorable opportunity for making the suggested Northern Pacific Seven-Thirties (principal and interest payable in gold) now selling at par in currency. The results already accomplished in the construction and equipment of nearly Three Hundred Miles of road, and the rapid development of the adjacent country have es- tablished the permanency and success of the Northern Pacific enterprise, and created a large and rapidly increasing demand for the First Af01f lcN NE 4l,oH 4ho1, high rate of interest ample security, and theil convertability into the Lands of the Company at 10 per cent. premium, they constitute most desirable investment, and can hardly fail to ad vance considerably above par at an early day.
 The holder of a s1, ,OOO Five-Twenty bond who exchanges it rao,o for Northern Pacifics, thereby increases his principal by IA per cent, receiving $1, 140 in Northern Paci6cs for $1, 900 in Five Twenties. He also permanently increases tht yearly interest income on his investment more than 38 per cent, or from $60.00 in gold tt $93. .22 in gold.
 Funds invested in Five-Twenties at theil present premium, yield 5{ per cent. interest 1T gold or 9-10 in currency. Northern Pacific seven-Thirties yield BIO per cent in gold ol 84 in currency.
 These most unusual opportunities for the profitable conversion of Government Bonds into Corporate Securities of undoubted reliability cannot. in the nature of the case, long contin ue. The increasing abundance of loanablt capital both at home and abroad the almos certain rise in value of all desirable railroad mortgages, the early funding of the residue O the National Debt at lower rates, the rapid ab sorption of Northern Pacific Seven Thirties ant the probable early substitution of six pe1 cent. bond for the remainder of the Northern Pacific loan, promise very soon to change tn. entire aspect of the loan market, which is jus now so peculiarly favorable to investors.
 This state of things suggests prompt dctio, on the part of those who wish to exchang, securities in time to profit by the present higl premium on Five-Twenties.
 JAY COOKE x Co.,,
 Philadelphia, New York and Washington