Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1871-09-28
Converting L. =. Fiye-TWenties.

,resers. JAY COOKE & Co., have issued
IL, following financial circular, relative
", the general condition .of the loan
,,rtat. and the exchanging of govern
INF bonds for railroad securities;
BANKING HOUSE or JAY CooKE & Co.,
Philadelphia, September, 1871.
Tho signal success of the New Five Per
- Government Loan foreshadows the early
. eIi1 of the entire Public Debt at 5 per
w., ~ 4 less rate. and indicates that the av-
g rate Of interest on loanable capital IN
"@:7 country will not henceforward be much
"a 4 uer cent, the tendency being to an
.7galz ,tion OF rates between America and
In view Of these facts, the present holders
,-Tnired States Five-Iwenties must decide
ts,ber il il not best to make at once such
M,r5e of investment as will enable them to
"II5e a. DJ0ft, or add to their capital the pres
average premium of Ii per cent on Five
Tranties. while at the same time largely in
raising their annual income.
"U,l4ers of Five-Twenties of the issues of
,.fI which. under the recent announcement of
.ba secretary of the Treasury, will be paid off in
Hs,ember next. have special and immediate
raa.on TO consider the question of conversion,
los. they wish 10 receive coin for Their Five
Tnarties. or exchange them at par for bonds of
,heuew issue, bearing an average rate OF AZ
percent.
rho wish TO take advantage OF the present
most favorable opportunity for making the
.rrgesteG change Of investment we strongly
-sS5mmeud Northern Pacific Seven-Thirties
principal and interest payable in gold now
.tslljue at par in currency. The results al
,,Iv ACCOMPLISHED in the construction and
eminent Of nearly Three Hundred Miles of
ra,i and the rapid development of the ada
,ert country. have established the permanency
and success of the Northern Pacific enterprise,
and created large add rapidly increasing
demand for the First Mortgage Bonds of the
Gomelpv With their high rate of interest,
annie security, and their convertabity into
,he Lands of the Company at 10 per cent.
premium. they constitute a most desirable
Investment, and can hardly fail to advance
considerably above par at an early day.
The holder Of 81 900 Fye-Twenty bond
who exchanges 1t HO1g for Northern Pacifcs,
thereby increases his principal by Ii per cent,
receiving 81, $40 in Northern Pacihcs for
$1,000 in Five-Twenties. He also permanent
Il increases the yearly interest income on his
No-tmeut more than 80 per cent, or from
$4,000 III gold to SS3.22 in gold.
Funds invested in Fiye-Twenties at their
PRESENT premium, yield 81 per cent. interest
gold or $40 in currency. Northern Pacific
,scu-Thrties yield $40 per cent. i'll gold or
Z. in currency.
These most unusual opportunities for the
NOTABLE conversion Of Government Bonds
into Corporate Securities of undoubted relia-
billy cannot, in the nature of the case, long
continue. The increasing abundance of loan
able capital both at home and abroad; the al
most certain rise in value of all desirable rail-
road mortgages, the early funding of the resi-
due of the National Debt at lower rates, the
rapid absorption of Northern Pacific Seven
Ihirties and the probable early substitution of
SIX per cent. bond for the remainder of the
Northern Pacific loan, promise very soon to
l2nge the entire aspect Of the loan market,
which is just now 80 peculiarly favorable to in
7esors.
This state of things suggests prompt &C
saa on the part of those who wish to eX-
change securities i'll time to profit by the pre-
cent high premium on Five-Iwenties.
JAY COOKE x Co.
Philadelphia, New York and Washington