The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1868-01-24
S0S MILES OF THE
UNION PACIFIC RAILROAD
RUNNING WEST FROM OMAHA
ACROSS THE CONTINENT,
ARE NOW COMPLETED

This brings the line to the eastern base Of the
Rocky Mountains and it is expected that the track
will be laid thirty miles further, to Evans Pass,
the highest point on the road, by January The
maximum grade from the foot of the mountains to
the summit is but eighty feet to the mile, while
that of many eastern roads is over one hundred
Work in the rock-cuttings on the western slope
will continue through the winter and tn ere is now
no reason to doubt that the entire grand line to
the Pacific will be open for business in 1870.
The means provided for the construction of this
Great National Work are ample The United
States grants its Six Per Cent Bonds at the rate of
from $40 900 to $48 900 per mile for which it takes
second lien as security, and receives payment to
large if not to the full extent of its claim in
ices. These Bonds are issued as each twenty
mile section is finished, and after it has been
amined by United States Commissioners and pro-
nounced to be in all respects a irst-class road,
thoroughly supplied with depots repair-shops,
stations, and all necessary rolling stock and other
equipments
The United States also makes donation of H.,
500 acres of land to the mile, which will be a
source of large revenue to the Company. Much
of this land in the Platte Valley is among thu most
fertile in the world, and other large portions
covered with heavy pine forests and abound in
coal of the best quality.
The Company is also authorized to issue its own
First Mortgage Bonds to an amount equal to the
issue of the Government and no more. Hon. Z.
D. Morgan and Hon. Oakes Ames are Trustees for
the Bondholders, and deliver the Bonds to the
Company only as the work progresses, so that
they always represent actual and productive
value
The authorized capital of the Company is One
Hundred Million Dollars, of which over FIVE mil
lions have been paid in upon the work already
done.
EARNINGS OF THE COMPANY.
At present. the profits of the Company de-
rived only from its local traffic, but this is already
much more than sufficient to pay the interest on
all the Bonds the Company can issue, if not an
other mile were built. 1t is not doubted that
when the road is completed the through traffic of
the only line connecting the Atlantic and Pacific
States will be large beyond precedent, and,
there will be competition, it can always be done
at profitable rates
1t will be noticed that the Union Pacific Rail
road is, in fact, Government Work, built under
the supervision of Government officers, and to a
large extent with Government money, and that its
bonds issued under Government direction. 1t
is believed that similar security is so carefully
guarded, and certainly no other is based upon
larger or more valuable property. As the Compa-
ny's
FIRST MORTGAGE BONDS
are offered for the present at 80 CENTS on THE
DOLLAR, they the cheapest security in the
market, being more than 10 per cent. lower than
U. s. Stocks. They pay
SIX PER CENT IN GOLD,
or over NINE PER CENT. upon the investment.
Subscriptions will be received in Bedford by
RUPP & SHANNON and in New York at the
Companys Office, No. 90 Nassau street, and by
CONTINENTAL NATIONAL BANK, No Mas
sau st, CLARK, D0DGE& CO.. Bankers, No. 81,
Wall ST., JOHN J. CISCO SON Bankers, No.
33 Wall ST., and by the Cempanys advertised A
gents throughout the United States. Remittan-
should be made in drafts or other funds par in
New York, and the bonds will be sent free of
charge by return express. Parties subscribing
through local agents, will look TO them tor their
safe delivery.
A NEW PAMPHLET AND MAP, showing the
Progress of the Work, Resources for Construction,
and Value of Bonds may be obtained at the
Company's Offices or its advertised Agents, or
will be sent free application.
JOHN J. CISCO, Treasurer, New York.
Jan3ml