Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-10-17
A CROSS THE SIERRA NEvADAs
THE CENTRAL PACIFIC RAIDRoAD.


The Western half OF tho Great National
Trunk Line across the Continent, being con
structed with the aid aud supervision OF the
United States Government, IA destined 10 De
one OF the most important lines Of eommuni'
cation in the world; as IL Is the sole link be-
tween the Pacific Coast ana the Great Interior
Basin, over which the immense Overland travel
must pass, and the principal portion OF the
main stem line between the two oceans.
Its line extends from Sacramento, on the
tidal waters Of the Pacific, eastward across the
richest and most populous parts OF california,
Nevada and Utah, contiguous TO all the great
Mining Regions Of the Far West, and will meet
and connect with the roads now building east
OF the Rocky Mountains. About 100 miles are
now built, equipped and in running operation
to the summit Of the Sierra Nevada, Within
few days IS miles, now graded, will he added,
and the track carried entirely across the noun
tains to point in the Great Salt Lake Valley,
whence further progress will be easy and rapid.
Iron, materials and equipment are ready at
hand for 800 miles of road, and 1000 men are
employed in the construction,
The local business upon the completed por-
ton surpasses all previous estimate, The
figures for the quarter ending August 81 are as
follows in Gold; gross earnings, SiS7579 O.;
operating expenses, SS6,54S AZ; net earnings,
| $40l, 03l II, or at the rate of two millions per
| annum, of which more than three fOurths are
| net profit on less than 100 miles worked. This
is upon the actual, legitimate traffic of the road
| with its terminus in the mountains, and with
| only the normal ratio of government transport
alton, and is exclusive Of the materials carried
| for the further extension of the road.
| The Companys interest liabilities during the
same period were less than $l25,000.
Add to this an ever expanding through traffic
and the proportions of the future business be-
| come immense.
The Company are authorized to continue
| their line eastward until IL shall meet and con-
meet with the roads now building east of the
| Rocky Mountain ranges. Assuming that they
will build and control half the entire distance
between San Francisco and the Missouri River,
| as now seems probable, the United States will
have Invested in the completion of S55 miles
SIS 500 600 or at the average rate Of $35 900 per
| mile-not including an absolute grant of TO-
100000 acres of the Pubic lands. By becoming
| a joint investor in the magnificent enterprise,
and by waving its first lien in favor of the First
Mortgage Bondholderr, the General Govern
ment, in effect, invites the cooperation of pri-
Vate capitalists, and has carefully guarded their
interests against all ordinary contingencies.
The Company offer for sale through US their
First Mortgage Thirty-Year Six per cent. Cou-
pom Bonds, principal and interest payable in
Gold coin, in New York city. They are in sums
of 81, 600 each, with semi annual gold coupons
attached, and are selling for the present at 95
per cent and accrued interest from July 1st
added, in currency, at which rate they yield
nearly nine per cent upon the investment.
These Bonds, authorized by act of Congress,
are issued only as the work progresses, and to
the same amount only as the Bonds granted by
the Government; and represent in all cases the
first lien upon a completed, equipped and pro-
| duCtive railroad, in which have been invested
Government subsidies. Stock subscriptions,
donations, surplus earnings, ETC., and which is
worth more than three times the amount OF
First Mortgage Bonds which can be issued
| upon it.
The Central Pacific First Mortgage Bonds
have all the assurances sanctions and guaran.
ties of the Pacific Railroad Act of Congress- and
have in addition several noticeable advantages
| over all other classes of railroad bonds.
lst-They are the superior claim upon alto
gether the most vital and valuable portion Of
the through line.
2d-Besde the fullest benefit of the Govern
ment subsidy, (Which Is a subordinate lien) the
road receives the benefit of large donation;
from California.
3d-Fully half the whole cost of grading S0C
miles eastward of San Francisco is ConCen
4th.-A local business already yielding three
fold the annual interest liabilities, with adyan
tageous rates payable in coin.
5th-The principal as well as the interest o
its Bonds being payable IN coin, upon a legal.
, | binding agreement.
Having carefully investigated the resource
and prospects of the Road, and the manage
ment of the Company's affairs, we cordially re
commend these Bonds to Trustees Executors
Institutions and Others as an emiDently sound
, reliable and remUnerative form of permanen
investment.
Conversions of Government Securities int
Central Pacific First Mortgage Bonds now re
, | aize for the holders from Twelve to Eightee
7 | per cent, advantage, with the same rate Of In
= | terest.
: The following are the current rates (Septem
Der 9th,) subject, of course, to slight variation
. from day to day. We receive in exchange:
= | us Sizes 1881 cannon and nav differ.