Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1871-10-12
Office of JAY COOKE 4 Co.


lowing financial circular relative to the gener-
al conditions of the loan market, and the ex-
changing OF government bonds for railroad
securities:
Office 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 less rate than
q per cent, and indicates that the average rate
of interest on loanable capital in this country
will henceforward be considerably lower than
1T has been, the tendency being to an equaliZa- =
| tiOn Of rates between America and Europe.
In view OF these facts, the present holders Of
whether it is not best to make at once such o
| change OF Investment as will enable them tC
realize as roft, or add to theircapitai, the pres
ent average premium of IA per cent on Five
Twenties, while at the same time largely in.
| creasing their annual income.
,o Holders of Five-Twenties of the issues o
looZ Whlcl, unuer the recent announcement o
the Secretary of the Treasury, will be paid of
in December next, have special and Immediate
| reason to consider the question ofconversation
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 AZ
per cent.
To all holders of, United States securitie.
who wish to take advantage Of the present
most favorable opportunity for changing theil
investment at large profit we strongly rec.
ommend Northern Pacific cSeven-Thirties (prin.
cipal and interest payable in gold,) now SELL
accomplished in the construction and equip
ment of nearly Three Hundred Miles of road
and the repaid development of adjacent coun-
try, have established the permanency and snc-
cess of the Northern Pacific enterprise and
created large and rapidly increasing demand
for the First Mortgage Bonds of the Company
With their high rate of interest, ampl 6neeuri-
ty, and their convertability into the Lands o:
the Company at 10 per cent. premium, they
constitute a most desirable investment and
can hardly fail to advance considerably above
no nr M n IN nn nr1T low
The holder Of a $1,000 Five-Twenty bond who
exchanges it nolo for Northern Prcifics, thereby
increases his principal by IA per cent, receiv-
ing $l140i in Northern Paciics for $10O0in Five
Twenties. He also permanently increases the
yearly interest income on his investment more
than 3s per cent, or from $50, 90 in gold to $50,
p in gold. Hf rtt sTil fFNf FIJI
Funds invested in Five-Twenties at their
present premium, yield ga per cent. interest in
gold or 5 $40 in currency. Northern Pacific
-Thirties yield T3I0per cent. in gold OF
81 in currency.
These most unusual opportunities for the
profitable conversion of Government Bonds
into Corporate Securities of undoubted relia-
bility cannot, in the nature OF the case, long
continue. The increasing abundance af loan
able capital both at home and abroad; the al
most certain rise in value of all desirable rail-
road mortgages, the rapid absorption of North
ern Pacific .Seyen7Thirties and the probable
the remainder of the Northern Pacific loan,
and 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 peculiarly favor
able to investors. -..r -g-
This state of things suggest prompt qction on
the part of those who wish to exchange secu-
rites in time to profit by the present high pre-
MUM on Five-Twenties.
JAY COOKE 6, co.
Philadelphia, New York and Washington
J.V. PAINTER, Cleveland, General gent
for Northern Ohio. j. 4 G. ADAMS and
LONG. BROWN 4 Co Agents, Millersburg.