Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1867-06-08

time, and that it is within bounds to estimate,
this entire grant at ST., so an acre, or 800, OOO,-
600. The Illinois Centralhas realized more than
four times this sum from similar grant.
REcAPULATIoN OF MEANS FOR $50 MILES.
U. s. Bonds, equal to money, $44, ,20S,000
First Mortgage Bonds, "A, ,20S 600
Land grant, 2O, ,O32, 900 acressay 100000
-5-s- ;
$lls,4l6,O00
equal to cost of nearly $4,000 permile,
which is believed TO be liberal estemate. This
does not take into the account the value of the
right of way and material ths stock subscrip-
ton already paid In or to be paid in the future,
or the present discount at which the bonds are
offered, as they are expected soon to be at par.
The Interest on the Bonds is more than pro-
vided for by the net earnings of the various
sections of the road, as they are completed. On
the 3O5 miles on which the cars are now runn-
ing west from Omaha, the receipts for the first
two weeks in May were $ll3,OOO; and as the
road is extended towards the great mining GEN.
stantly increases and as there can be no COM
petition from rival roads, the Company has full
power to charge reumnerative prices.
PKosrLCrs FOR FUTURE BUSINESS.
1t needs no argument TO show that the traffic
of the only railroad connecting the Atlantic and
the Pacific, and passing through the great min
ing region, must be immense.
Although our annual product of the precious
metals sEnow officially estimated at 500, 900,
OGO per annum, vastly greater sum will be OBJ
tanned as soon as the Union Pacific Railroad
opens the way to the golden regions of the
Rocky Mountains. Now the difficulties and
cost of communication are 30 great, that none
but the very richest veins can be worked /; but
with cheap transportation, hundreds of thous-
ands of hardy miners will successfully develop
other mines, that, with less costly working, will
ho fifobl ha Of
these now in operation and the business of
this constantly increasing mining interest must
pass over this road.
The records of our shipping Offices show that
not less than $4,000 passengers now annually
travel by sea between the Atlantic ports and
San Francisco; and these reckoned at $3.50
each (about one half tho steamer price, would
produce revenue of 81, 100000
The overland travel is even greater. In q
single fyear, ttcenty-seucn thousand teams,
comprising vast nlmbe of tmigrants and
travellers, departed from two points only on the
Missouri River on their westward journey. If
the truth of this statement was not familiar to
all frontier 's-men, it might wei be questioned.
But, estimating the overland through travel ut
the SAME figures as that by stamer. and we have
$l5, 200, 900 as the minimum estimate ON the
same number of passengers. But the facilite s
for cheap and rapid transit fuI nshed by Iai-
road always vastly increases the amount of
travel with the same popOulatiOn. The diffei-
ence between the numbers who would take an
occsn steamer or prairie wagon and a mod
ern palace-car, with its luxurious state rooms,
when the traveller eats and sleeps almost as
comfortable as at home, may be as great as the
difference between the numbers who were jolled
over the mountains in an o,d-fashiOned stage
coach and those in an Express train between
any Two great cities. Then, is it not safe to say
that this through travel will he at once doubled
on the completion of the road in 1870, and, with
the rapid increase of Pacific Coast population
in the next few years, more than quadrupled !?
Is it at all extravagant to assert that the through
passenger business during the first year after
the first train of cars runs from Omaha to Ne
braska to Sacramento, will be worth twenty
five million dollars? When to this we add half
as much more for its aCdy passenger business,
and more than as much more than both for its
freights, expresses and mails, etc., are there
not the best reasons in the world for believing
that the Union Pacific Railroad will be one OF
the most profitable as well as one of the grand
est works of modern times !?
THE SECURITY AND VALUE OF IT'S BONDS.
We have made these calculations that the
public may have some brief data OF facts from
which to form their estimate of the value OF the
Union Pacific Railroad Company's First Mort
gage Bonds. Besides, men Of the create st rail-
road experience in the country have shown their
confidence in the stock by liberal subscriptions,
and this stock must be subordinate to all other
claims But there are stronger proofs of the
security and value of the First Mortgage Bonds
than any we have named:
/. That for the safety of the country as well
as national economy the roads is indispensable.
2. That by an investment of about fifty mill
iors in Second Mortgage on the road, the
Government practically guarantees the principal
and interest on the first Mortgage.
The Company now offer limited amount Of
its First Mortgage Bones, bearing six per cent,
interest," payable sem-annually in coin, at nine
ty per cent. This interest, at the current rate
of premium on gold is equal to nine per cent,
per annum on the price for which they are now
offered. The Company expects TO sell but
small amount at this rate, when the price will
be raised, and like similar bonds they willfnally
rise to premium above their par value. The
subst rbcrs 10 this loan will not only have the
advantages of very liberal interest and very safe
security, but will also have the satisfaction of
having assisted in the construction of the greatest
national work of the country.
UThe total amount of sales Of live stock at
the Union Stock Yards, Chicago, during the
year ending April seth, reached the sum OF $50,
SSs,i24- During the same time s75 cattle bro
kers' licenses We're assessed.
mt Fr~us