South-eastern Independent. (McConnelsville, Ohio) 1871-1871, 1871-09-22
OFFICE OF JAY Cook & Co.,
PhiladelDhia Sentamhar 1871

The signal success of the New Five Per
Cent. Government Loan foreshadows the
carly funding of the entire public debt at
q less rate than 6 per cent, and indicates
that the average rate of interest on loan
able capital in this country will hencefor-
ward be considerably lower than il has
been, the tendency being to an equalizI-
ton of rates between America and Europe.
In view of these facts, the present hold
ers of United States Five TWenties must
decide whether il is not best to make at
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 at
the same time largely increasing their
annual income.
Holders of Five-Twenties of the issues
OF 1862 which, under the recent announce
ment of the Secretary of the Treasury,
will be paid off in December next, have
special and immediate reason to consider
the question of conversion, unless they
wish to receive coin for their Five
Twenties, or exchange them at par for
bonds of the new issue, bearing an average
rate of * per cent.
To all holders of United States securities
who wish to take advantage of the present
most favorable opportunity for changing
their investment at a large profit, we
strongly recommend Northern Pacific
Seven-Thirties principal and interest pay
able in gold), now selling at par in cur
rency. The results already accomplished
in the construction and equipment o fnear-
ly Three Hundred Miles of road, and the
rapid development ofthe adjacent country,
have established the permanency and sue
cess of the Northern Pacific enterprise, and
createda large and rapidly increasing de-
mand for the First Mortgage Bonds of the
company. With their high rate ofinterest,
ample security, and their convertibility into
the Lands of the Company at 10 per cent
premium, they constitute most desirable
investment, and can hardly fail to advance
considerably above par at an early day.
The holder ola 81, 900 Five-twenty bond
who exchanges it n0u for Northern Pa
cities, thereby increases his principal by IA
per cent, receiving LAO in Northern Pa
cities for 81, 0G0 in Five Twenties. He also
permanently increases the yearly interest
income on his investment more thar SO per
cent, or from $1,000 in gold to $500 in
gold.
Funds invested in Five Twenties at their
present premium yield 81 per cent. inter
est in gold, or5 8 10 in currency. Northern
Paciac Seven hirties yisld Z 10 per cent.
IN gold, orS4in currency.
These hos unusual opportunities forth
profitable conversion OF Government Bonds
into Corporate Securities of undoubted
reliability cannot, in the nature of the
case, long continue. The increasing abun.
dance of loanable capital both athome and
abroad the almost certain rise in value
OF ell desirable railroad mortgages, the
rapid absorption of Northern Pacific
Seven Thirties and the probable early sub.
stitution of & six per cent. bond for the re-
mainder of The Northern Pacific loan, ard
the early. funding of the remainder of the
National Debt at lower rates, promise very
soon to change the entire aspect Of the
loan market, which is just now so pecu-
Iarly favorable to investors.
This state Of things suggests prompt ac-
ton on the part Of those who wish to ex-
change securities in time 10 pr, fit by the
present high premium on Five-Twentiss.
JAY COOKE & Co.
PHILADELPHIA, NslD York and HGShia0tOE,