New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-20
TINE BEST INVESTMENT FOR SURPLUS
i CAPITAL.


the advantages and assurances Of the
CENTRAL PACIFIC RAILROAD FIRST MORT
GAGE BONDS
1t is commonly known that the General Govern
Bsept for wise purposes has given its aid and en-
enlargement to the construction of one MAIN
THROUGH LINE OF RAILROAD from the racine ocean
across the Territories to connect with the various
Eastern Branches of the Pacific Railroad system, and
which will form the GRAND TRUNK ROUTE to the
Far West. upon which the mighty trans-continental
traffic will concentrate.
Tue CENTRAL PACIFIC RAILROAD COMPANY, who
sre carrying it forward with greater energy and per-
s.stence than was ever shown in any similar work,
n ancient OF modern times, will build, equip,
own. and control the western half OF this Through
Line, the most productive favored, and valuable
portion of the whole, and may justly be regarded as
ssng the richest franchise ever granted on this
continent.
The Act Of Congress confers upon the Corporations
beside Tie right Of way the Territories, gift
of 1880 acres Of the public lands per mile, cOntigu-
Gus to this line and an appropriation from the Ma
tonal Credit of SIXTY MILLIONS in PER CENT
BONDS delivered the work progresses or half the
estimated cost of the Through Line aud Branches.
These subsidy bonds the Companies may cancel in
course of years by the transportation services of the
Roads and small per centage of its net earnings;
they therefore, constitute an element of great
strength TO the Corporations.
The Act further authorizes them to issue an equal
amount of their own First Mortgage Bonds of cor
responding denominations, which shall be the first
claim Vpoa the tchoe railroad PROPERTY and to utch The
lien of the Government shall be subordinate a means
of more readily securing the remaining half OF the
capital for the construction the equipment &C. be-
ing provided out of the Capital Stock subscriptions
and other sources.
The Great CENTRAL PACIFIC RAILROAD IS there
fore in an important sense, a SENn-NATIoNAL Work,
aided and commended bv the people, the Legislative
power, and the Executive officers though its man
aQement is administered Nth all the and fOrehougH
Of the most eminent pirate corporations Being under the
constant supervision of the Govemment-whO, being
the principal creditor accepts subordinate and con-
tingent lien-with so large an amount Of additional
capital also invested in the property pledged 1t Is
believed that no securities offered in the market
possess the same claims 10 confidence and market
value except those of the Government.
Under these favOring auspices very gratifying
progress has been made in extending the railroad
track from both directions Nearly 900 miles of the
Main Line and converging Branches between the
Missouri River and the base of the Rocky Mountains
have been built within three years. The CENTRAL
PAcIFIc RAILROAD has also steadily and successfully
carried the Main-Stem Line from the steamboat navl
CATION Of the Pacific to the summit of the Sierra Ne
YaAas and into the Great Salt Lake Basin east OF the
California line. Having overcome by far the most
difficult and expensive portion of the whole line,
the probabilities of the through connection with
the eastern lines being effected in 1870 amount al
most TO certainty.
The prominent feature in the progress of the Cen
trail Pacific Railroad is the remarkably large and
profitable Local Business which Is developed upon
the completed portion; more than justfyng the
estimates of ITS projectOrs-that the immense tTaihc
betweeu the ports of California and the Mining Re
eions of the Interior would sustain rstclass rail
road line even if the overland connection were not
built The net profit upon operating the link OF less
than 100 miles, thus farreaches nearly two millions IN
gold and this ratio will be doubled during the coming
Season when the entire mountain transit IS made by
the locomotive. With every extension Of the track the
business and profits of the completed part are IN
creased; so that when the Overland through traffic
shall be centered upon the Central Road the general
prosperity of the Company viii be without parallel,
and its Securities appreciated coTespOndingly.
The CENTRAL PACIFIC RAILROAD COMPANY Of
FER for sale their FIRST MORTGAGE THIRTY
YEAR SIX PER CENT GOLD BONDS. and submit
TO Investors the following, among other obvious con-
alterations; and invite the comparison with the
merits and excelleRces of any class of corporate Sc
curities
/. These bonds are based upon the most vital and
valuable part of the GraNd National Pacific Railroad
soon TO become the main channel of communication
on the continent
IL The local settlement and business therefrom is
remarkably large and profitable, and must constantly
increase.
Ill The hardest part Of the road is now built, and
the remainder will be rapidly carried forward over
the Salt LakeiPlaiDs.
". The greater part of the means necessary to
build the road is provided by the u. S. Government
upon a subordinate lien.
v. The State and chief cities of California have
contributed upward of 100000 to the enterprise,
without lien.
vi. The grant of land is destined at an early day
TO prove of far greater market value than the total OF
the First Mortgage bonds issued upon the road and
equipments.
VII. This Road lies altogether among the gold and
silver producing regions and itsTeyenues are received
i IN coin.
VIII The management Of this Company has been
in the highest degree prudent and frugal; and the
whole surplus, after payment of expenses and inte
rest is devoted to construction purposes.
TX. The interest liabilities Of the Company are even
now less than third the net earnings upon the Road
pledged.
X. Both principal and interest are payable IN GOLD
under special provisions of both National and State
enactment.
The Bonds are in sums Of $1,000 each, with semi
annual gold coupons attached and offered for sale
ct O5 per cent of their par value and accrued inter
est from July added, in currency.
There is an important advantage Of about one per
cent upon the outlay in purchasing before Jan. l. as
the back interest is charged at six per cent in CUR
RENCY though repaid I'M fall in GOLD. At this time