Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1871-10-05
Office of JAY COOKE & Co.

al conditions of the loan market, and the ex-
changing of government bonds for railroad
securities: ''- sSts los
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 n less rare than
6 per cent, and indicates that the average rate
of interest on loanable capital in this country
will heneeforwarl be considerably lower than
il has been, the tendency being to an equaliza-
tion OF rates between America and Europe.
In view Of these facts, the present holders of
United States Fiye-Twenties must decide
whether it is not best TO make at once such o
change OF investment rs will enable them to
realize as proat. add to their capital the pres
ent average premium OF IA per cent. on Five
Twenties, while ut the same time largely in
creasing their annual income. is : ia1 lo'
Holders of Five-Twenties of the issues of
1867 which, under the recent announcement Of
the Secretary of the Treasury, will be paid of
in December next, have special and immediate
reason to consider the question ofcOnrersation,
unless they wish to receive coin for their Five
Twenties, or exchange them AZ par for bonds of
the new issue, bearing an average rate OF Al
pereent.=-aaaz1.ral-saa
To all holders of United States securities
who wish TO take advantage OF the present
most favorable opportunity for changing their
investment at large profit We strongly rec
ommenu Northern Pacific Seven -Thirties (Prin-
cipal and interest payable in gold, now SELL
ing at par in currency. The results already
accomplished in the construction and equip
ment of nearly Three Hundred Miles of road,
and the repaid development of adjacent cou1i-
try, have established the permanancy and snc-
cess Of the Northern Pacific enterprise, and
for the First Mortgage Bonds Of the Company.
With their high rate or interest, ample securi-
ty, and their conyertability into the Lands of
the Company at 10 per cent. zpremiuIn, they
| constitute 4 most desirable Investment, and
can hardly fail to advance considerably above
par at alI eariy day. hJA T. IH
The holder ofla s1eo0 Fiye1Twenty bond who
exchanges II ao,o for Northern Prcifics, thereby
increases his principal by "a per cent, receiv-
| ing $1l40in Northern Paciics for 5000 in Five
TwentieS. He also permanently increases the
yearly interest income on his Investment more
than 3s per cent, or from 5000 in gold to ss',
Funds invested in fivesrwenties at their
present premium, yield 5k per cent. interest in
Seven -Thirties yield 1910 per cent. in gold or
these nost jnasual, opportunisies fotsthe
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-
broad mortgages The rap id alsor rptioid Nerh-
en Pacifc Seven-Thirties and The prob1h
tearly Substitution of six per cent.. bonf for
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
This state of'tbings suggest prompt action on
the part Of those who wish TO exchange seen
rites in time to profit by the present high pre-
MUM on Five-Twenties. .-L-- ,+gLf.l
Philadelphia, New York and Washington.
IJ.V. PAINTER, Cleveland, General Agent
for Northern Ohio. J. 4 G. ADAMS and
| LONG. BROWN & Co Agents. Millersbnrg