The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-06-10

J
ACROSS THE CONTINENT. ~
The Company now offer limited amount Of their
FIRST MORTGAGE BONDS
having IL rty years to run, and bearing annual in
terest payable on the first day Of January and July
In the City OF New York, at the rate of tA.
Six Per Cent. in Gold,
Ninety Cents ON the Dollar.
This road was completed from Omaha sO5 miles
west, ON the LIST Of January, 1867, and is fully
equipped, and trains are regularly running over t-
The company has now OF HAND sufficient iron, ties
etc., to finish the remaining portion to the eastern
base OF the Rocky Mountains, 212 miles, which is
under contract to be done September LIST OF this
year, and it is expected that the entire road will be
in running order from Omaha to its western connec-
ton with the Central Pacific, now being rapidly
built eastward from Sacramento, Cal, during 1870
v Means of the Company. r..s
Estimating .he distance to be built by the Union
Pacific to be ,566 miles, the United States Govern
ment issues its Six per cent Thirty-year bonds to
the Company as the road is finished at the average
rate of about S2s25o per nile, amounting to s44,-
2Os, 900. i-f-t 5ls4i ~ ~ ss,'aia,.
The Company is also permitted to issue its own
First Mortgage Eonds to an equal amount and at
the same time which by special Act of Congress are
made First Mortgage on the entire line, the bonds
OF the United States being subordinate to hsm
The Government makes donation of II 500 acres
OF hand to the mile, amounting to 0032, 600 acres
estimated to be worth $50 900 600 making The tota
resources exclusive OF the capital, Sis, 46OOO; but
the full value OF the lands cannot now be realized
hn arrftn
one hundred million dollars. of which five millions
have already been paid in, and OF which 1t is not
supposed that more than twenty-five millions at
most will berequired.
The cost of the road is estimated by competent
engineers to be about one hundred mllien dollars
exclusive of equipment. cd --.7lIl4 pHE
Prospects for Business. 4
The railroad connection between Omaha and the
East is now complete, and the earnings fte Union
facihc on the sections already finished for the frst
two weeks in May were $4,000. These sectional
earnings, as the road progresses will much more
Juan pay the interest on the Company's bonds, and
the through business over the only line Of railroad
between the Atlantic and Pacific must be immense
Value and Security of the Bonds.
The Company respectfully submit that the above
their Bonds and as additional proof they would sug-
gest that the Bonds offered are less than ten
million dollars SIT miles of road on which over
twenty million dollars have already been expended;
on $50 miles Of this road the cars are I, ow running
and tho remaining 1877 miles are nearly completed.
At the present rate Of premium on gold these
bonds pay an annual interest on the present cost
Nine Per Cent, d. ,.r-e
and 1t is believed that on the completion of the road
IKE the Government bonds, they will go above par.
Inc company intend to sell but a limited amount at
e present low rate, and retain the right to advance
| the price at their option, % Mof rae .G.lr 8
SUBSCRIPTIONS will be received in New York by the
CONTINENTAL NATIONAL BANK No T. Nassau st.
CLARK, DODGE & Co., BANKERS. 81 Wall St.,
JOHN j CISCO IL Son, BANKERS No. AZ. Wall ST
and by BANKS AND BANKERS aenera,,v
throughout the United States, of whom mans and
descriptive pamphlets may be obtained. They
will also be sent by mail from the Conpanv,s office
No. 20 Nassau street, New York, on apnlicat,on
Subscribers will select their Agents in whom
they have confidence, whs, alone will be responsible
to them for the safe delivery of the bonds.
JOHN j. CISCO, Treasurer,
junead&wsm NEW YORK