Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1871-10-19

Messers Jay Cooke Il Co. have issued the fol
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 u less rate than
per cent, and indicates that the average rate
OF interest on loanable capital in this country
will hencefOrwarl be considerably lower than
it has been, the tendency being to an equaliza-
tiou 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 a
change Of investment as will enable them to
realize as profit, or add to their capital the pres
ent average premium of IA per cent. on Five
Twenties. while ut the same time largely in
creaslng their annual income.
Holders of Five. e.Twenties of the issues OF
1862 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 0fconversation,
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 securities
who wish to take advantage of the present
most favorable opportunity for changing their
investment at large profit we strongly rec
ommend 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 cOun-
try, nave established the permanency and snc-
cess Of the Northern Pacific enterprise, and
created a large and rapidly increasing demand
for the First Mortgage Bonds of the Company.
With their high rate of interest, ample securi-
tyfand their convertability into the 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 $iOOO Five-Twenty bond who
exchanges it Roio for Northern Prcifcs, thereby
increases his principal by II per cent, receiv-
ing s1140 in Northern Paci6cs for $1,000 in Five
Twenties. He also permanently increases the
yearly interest income on his investment more
p in gold.
Funds invested in Five-Twenties at their
present premium, yield 5i4 per cent interest in
gold or 59-l0 in currency. Northern Pacific
seven -Thirties yield 73 10 per cent in gold or
81 in currency. 80.
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 ut home and abroad the al
most certain rise in value of all desirable rail-
road mortgages, the rapid absorption of North
ern Pacific Seven -Thirties and the probable
early substitution of a six per cent. bond 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
able to investors.
This state of things suggest prompt action 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 Il co.
Philadelphia, New York and Washington.
J.V. PAINTER, Cleveland, General Agent
for Northern Ohio. j. & G. ADAMS and
LONG. BROWN Il Co Agents, Millersburg