The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-07-09

Morte age Bonds.
II ia commonly known that the General Gov.
eminent for wise purposes has given its aid
and encouragement 10 the construction Of one
MAIN THROUGH LINZ or RAILROAD from the Pa.
cihc Ocean across the Territories 70 connect
with the various Eastern Branshes of the Pa.
citc Railroad system and which will form the
GRAND TRUNK ROUTE 10 the Far West,
upon which the mighty traRscontinental traffic
will concentrate.
The CENTRAL PACIFIC RAILROAD
COhPANl-who are carrying IL forward with
greater energy and persistence than was ever
shown in any siRilar work in ancient OF modern
Iimes-wii bni.n, 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 possessing
the richest franchise ever granted on this cont.
ncnt-
The Act of Congress confers upon the Corpo-
rations, besides the right Of way across the Ter.
ritOries gift of IL $40 acres OF tho public lands
per mile, contiguous 10 this line, and an appro.
priation from the National credit Of sixty NIL
LIONS in PER CENT. BONDS, 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 a course
of years by the Transportation services of the
Roads, and small per csntage Of their net earn
ings; they, therefore, consulate 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 ,rl.ich
gbaH a
erty and 10 i0kich Tie den Of the Government shall
BE- subordinate, as a means OF more readily seCur
ing the remaining half Of the capital for the con
struCtiOn; the equipments, &c, being provided
out of the capital stock subscriptions and other
sources.
The great CENTRAL Pacific RAILROAD Is there
fore, in an important sense, q SEMI NATIONAL
WORK, aided and commended by the people the
Legislative power and the Executive officers,
though its management IN administered itih al
the care and JOreth0iIJht Of the mOSt eminent pTIudtS
corporations. Being under the constant super
viOiOn Of the Government-who, being the prin
cipal creditor, accepts subordinate and cUntin
gent licn-with 80 large an amount Of addition.
al capital also invested In the propeaty pledged
10 Is believed that no securities now offered in
The market possess the sane claims 20 conf
dencc and market valne, except those OF the
Government
Under these idvoring auspices very gratifying
progress has been made In extending the railroad
track from both directions. Nearly 1000 miles
of the Main Line and conyoTgiug Branches he
tween the Missouri River and the base OF the
RsCky Mountains have been built within three
years The CENTRAL Pacific RAILR0AB has
| also steadny and successfully carried the Main
stem Line from the steamboat navigation Ot the
| Pacific tO the summit Of the Sierra Nevada, aud
into the Great Salt Lake Basin east Of the Cali.
| tornia line Having overcome by far the most
difficult and expensive portion of the whole
line, the probabilities Of the through connection
with tho Eastern lines being elected ia leu
| amount almost 10 certainly
The prominent feature in the progress Of the
! CENTRAL PA nc RAILROAD Is the remarkably
large ana prohtaDir Local business which In de-
velOped upon the completed portion, moro than
| iustiiytng the estimates Ol it, ptoiectOra-that
| the immense traffic between the ports Of Cali.
lornia and the mining regions of the intrI or
| would sustain o lrstclass railroad line even II
the overland connections were not built The
net profit upon operating tho link Of loEs 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 mado by the locomotive.
| With every extension Of the track, the business
and profits OF the completed part are increased
50 that when the overland through traffic shall
he conferred upon the CENTRAL ROAD, the gen.
| tIhl VI lift company viii Us NtlIoui
parallel. and its securities appreciated cores.
pOndingly. The CENTRAL Pacific RAILRsAD
COMPANY offer for sale theirFIhST MORTGAGE
| THIRTY YEAR SIX PER CENT. GOLD
BON DIS, and submit 10 Investors tire
| following, among other obvious c0nsidera-
tons; and invite the comparison with the merits
and excellencits OF any class OF Corporate
cuTities
| !. These Bonds are based upon tho most vital
| and valuable part Of the Grand National Pacific
| railroad. soon 10 become the main channel Of
communication Oh the continent.
| III. The local settlement and bu-inc-s tber
from Is remarkably large and profitable, aud
must constantly increase.
! III. Tho hardest part of the road Is now
built and the remainder will be rapidly carrie d
forward ever the Salt Lake Plains
~. The greatest part Of the means necessary
| to build the road IL provided by the L. y. Gov
| eTnment upon a subordinate lien.
V. The State and chief cities Of California
have contributed upward Of t3,OOOpI 10 the
enterprise without lien.
| VI. The grant OF land IL destined At All early
day TO prove Of far greater market value than
4
upon the road and equipments.
VII This road lies altogether among the gold
and silver producing regions, and Ia 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 81 expense
and interest, IL devoted 20 construction purpo
ses.
TX The interest liabilities Of the company
are even now less than q third tbs net earnings
upon the road pledged.
K Both Principal and Tntr,d ar, pdyaJL, in
ODD under special provisions OF both National
and State enactment
The bonds are in sums Of 1900 each. With
semi-annuAl gold coupons attached, and are Of
iered for sale At % per cent Of their par FAlue,
and accrued interest from Jan. ], adaeh' In cur.
rency.
The back interest ia charged at sir per cent
in e,rryInev. though repaid IN full ia gOld A
this time they yield nearly
NINE PER CENT UPOS THE LyYEsT
These bonds bid fair 70 attain the most ,rurn.
iDsnt position among the nonspeculatiTs In
| yestmsBis o! thu country. and viii be astiveiy
dealt in At the Lsney-osDtres in Europe.
Holders Of Government securities have an op