The national Republican., 1868-12-22

THE UNION PACIFIC
RAILROAD COMPANY
oFTER A LIMITED AMOUNT OF THEIR
FIRST MORTGAGE BONDS
AT PAR.
NINE HUNDRED AND SIXTY MILES
Of the line west from Omaha are now completed,
and the work is going on through the winter. As
the distance between the finished portion Of the
Union and Central Pacific Railroads is now less
than 100 miles. and both companies are pushing
forward the work with great energy, employing
over 5000 men, there eau be no doubt that tho
GRAND LINE TO THE PACIFIC
Will be open for business In the
summer OF 1880.
The regular Government Commissioners have
promo need the Union Pacific Railroad to be FIRST
CLASS In every respect, aud the Special commis-
sion appointed by the President says;
"Taken as a whole. THE UNION PACIFIC
RAILROAD HAS BEEN WELL CONSTRUCTED.
AND THE GENERAL ROUTE Fos THE LINE
EXCEEDINGLY WELL SELECTED. The energy
and perseverance, with which the work has been
urged forward. and the rapidity with which 1t has
been executed are without parallel In history. and
In grandeur and magnitude Of undertaking It has
never been equalled." 4" The report states that any
that exist only those incident to all
new roads, and that could not have been avoided
without materially retarding the progress Of the
great work. Such deficiencies are supplied by all
railroad companies after the completion OF the line,
when and wherever experience shows them to be
necessary. The report concludes by saying that
"the country has 10 congratulate itself that
this great work Of national Importance Is rapidly
approaching completion under such favorable
auspices" The Company now have In use ls7
locomotives and nearly 1000 cars OF all descrip-
tions. A large additional equipment Is ordered TO
be ready In the spring The grading Is nearly COM
plee and ties distributed for I'D miles In advance
Of the western end Of the track. Fully 10 miles
Of iron for new track are now delivered west Of
Missouri river. and % miles more are en- route.
The total expenditures for construction purposes In
advances Of the completed portion Of the road Is not
less than eight million dollars.
Besides donation from the Government OF 10, 800
acres laud per mile. the company is entitled to
subsidy In United States Bonds Its line COM
pleted and accepted, at the average rate OF about
329 600 per mile. according to the difficulties
eountered, for which the Government takes a sec
ond lien as security, The Company have already
received s22, ,lbs, 900 Of this subsidy, Of which
d. 80. .Oo1 was paid Dec, Q, and soiO.ooo Dec IL
Government Aid-..Security Of the Bonds.
BY its ehariar. the Company is permitted to issue
Its own PlRST MORTGAGE BONDS to the same
amount as the Government Bonds, and no more.
These Bonds are First Mortgage upsn the whole
| road aud all Its equipments. Such a mortgage
upon what. for long time. will be tho only rail-
| road connecting the Atlantic and Pacific States,
| takes the highest rank as a safo security. The
| earnings from the way or local business for the
| year ending June 30. 1865. on an average OF 47l
| miles, were over FOUR MILLION DOLLARS,
| which. afor paying all expenses. were much more
than sufficient to cover all interest liability upon
| that distance. and the earnings for the last ave
months have been o., sse,s7O. They would have
been greater. II the road had not been taxed to ti
utmost capacity to transport Its own materials for
| construction. The income from the great passen
ger travel the China frelghts, and the supplies for
the new Rocky Mountain States and Territories
must be ample for all interest and other liabilities
No political action reduce the rate Of inte rest
1t must remain for thirty years-Sfr psr cent PEI
| annum IN gold, now equal to between cight and
nine per cent in currency. The principal Is then
payable IN gold. II bond with such guara toe
| were iasued by tho Government, Its market prie,
would not DO less than from 20 TO Is per cent. pre-
MUM. As these bonds are issued under Goyernmen
| authority and supervision, upon what Is yer,
largely Government work, they must ultimately
approach Government prices, No other eoTpo rat
| bonds are made SO secure.
The price for the present Is PAR, aud accrued In
erest at per cent. from July l, ls6s In currency
subscriptions will be received in washiu gtou b,
First National Bank, Ritten,
house, Fowler a. Co.,
and in New York
At the COmpany's Office, No. 81
Nassau street,
ASDBY
John J. Cisco a. Son, Bankers
No. 80 Wall street,
| And by tho COmpanyiA ad Va rtIaed a9ania N
out the United States.
bonds sntJree, but parties suJscriJ fn0 thrOu0
local agents, iOfH look TO them for their SAFE de
livery.
ANEW PAMPHLET AND MAP WAS IssURI
OCTOBER LIST, containing report Of the progres
Of the work to that date, and a more oomplet
satemcntin relation to the value Of tho bonds thA
can be given In an advertisement, which will b
sent free on application at the Company oaices
or to any the advertised agenta
JOHN J. cisco,
Treasurer, New York.
DECEMBER 10, 1865, dee2l.lm