The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-17
Central Pacific Railroad First
Mortgage Bonds.

II ia commonly known that the General Gov;
ernmsnt for wise purposes, has gwen us Alu
and encouragement TO the construction OF one
MAIN THROUGH LINE OF RAILROAD from the "a
cific Ocean across tho Territories 20 connect
with the various Eastern Branshes OF the "a
citic Railroad system, and which VIII form the
GRAND TRUNK ROUTE TO the Far West
upon which the mighty transcontlnental traIlo
will concentrate.
The CENTRAL PACIFIC RAILROAD
COMPANY-who are carrying IL forward with
greater energy and persistence than was ever
shown in any similar work in ancient or 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 a. possesslng
the richest franchise ever granted on this CONT
nent.
The Act of Cong ress eOnfeTs upon the CorpO-
rations, besides the right Of way across the Ter
ritories a gift of IL sou acres OF the public lands
per mile. contiguous to this line, and en- appro'
priation from the National credit Of sixty NIL
LIONS in FER CENT. RoNDs, delivered as the
work Progresses; or half the estimated cost OF
the Through Line and Branches. These Sub
sidy bonds the company may cancel IN course
of wears by the Transportation services oil the
Roads, and a small per Centage OF their net earE
ipgs: thew. therefore, constitute an element OF
great strength 10 the corporations.
The Act further authorizes them TO issue an
equal amount of their own First Mortgage
Bonds OF corresponding denominations, trhieh
shall be the FIRST claim upon he trhOLc rdrodd prop.
srty and 10 irhich he lien Of the Government shall
b, Si,borIiadte As means OF more readily seCur-
ing the remaining half Of the capital Tor the con,
structOu: the equipments, &c, being PROVIDED
out of the capital stock subscriptions and other
sources
The great CENTRAL PACIFIC RAILRoAp is there.
fore. in an important sense, n SESn.NATIONAL
Work. aided and commended by the people the
Legislative power and the Executive officers,
though its management is Administered Uih dtT
the care aud JVretkought d the most eminent PHrdte
corporations. Being under the constant super
vision of the GOyernment-who, being the prln'
cipal creditor, accepts subordinate ana contin'
gent licn-with so large an amount OF addition
nj capital also invested in the property pledged,
il is believed that no securities now offered IN
the market possess the sane claims to conn
dence and market valnc, except those OF the
Government.
Under these iavoring auspices very gratifying
progress has been made in extending the railroad
track from both directions. Nearly 1000 miles
OF the Main Line and conyerging Branches De'
tween the Missouri River end the base OF the
Rocky Mountains have been built within three
wears The CENTRAL Pacific RAILROAD has
also steadily and successfully carried the Main
Stem Line from the steamboat navigation OF the
Pacific to the summit of the Sierra Nevada, and
into the Great Salt Lake Basin east Of the Cali.
fOrna 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 1871
amount almost to certainty.
The prominent feature in the progress Of the
CENTRAL Pacific RAILROAD is the remarkably
large and profitable Local Business which Is de.
veloped upon the completed portion, more than
iustifying the estimates of it, pIOieCtOrs-that
| the immense traffic between the ports of Cali
fornia and the mining regions of the intu or
would sustain trst.class railroad line, even II
the overland connections were not built. The
net profit upon operating the link OF less than
one hundred miles thus far, reaches nearly two
| millions in gold, and this ratio will be doubled
during the coming season, when the entire
mountain transit IL made by the locomotive.
With every extension of the track, the business
| and profits of the completed part are Increased
so that when the overland through traffic shall
be conferred upon the CENTRAL ROAD, the gen.
cral prosperity of the company will he without
parallel, and its securities appreciated CORES
pOudingly. The CENTRAL Pacific RAILROAD
COMPANY offer for sale theirFIIIST MORTGAGE
THIRTYYEAR SIX PER CENT. GOLD
BONDS, and submit to Investors TIE
following. among other obvious coRsidera-
tons and invite the comparison with the merits
and eIcellenGies of any class Of Corporate se.
curites:
l. These Bends 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 LEGAL settlement and business there
from Is remarkably large and profitable, and
must constantly increase.
III. The hardest part OF the road IL now
built, and the remainder will be rapidly carried
forward ever the Salt Lake Plains.
". The greatest part Of the means necessary
TO build the road is provided By the o. $. Gov
eminent upon q subordinate lien.
V. Ike State and chief cities of California
have contributed upward Of g. OOO,OU 10 the
enterprise without lien.
VI. The grant of land Is desti2ed at an early
day 10 prove Of far greater market valne than
the total of the first mortgage bonds issued
upon the ro&d and equipments.
VII. This road lies altogether among the gold
and silver-producing regiOnS, and its revenues
are received in coin.
VIII. The management Of this company has
been in the highest degree prudent and frugal,
and the whole surplus after payment OF expense
and interest, Is devoted 10 construction purpO.
SEES
~. The interest liabilities Of the company
are even now less than third the net earnings
upon the road pledged.