The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-05-04
500 and 900 Miles

will be in operation during 1868. There seems to be
no reasonable doubt that the 1921 mites between
Omaha and Sacramento will be finished in 1870.
The means provided tor the construction ofthis
Great National Work ample. The United States
grants its Six Per Cent Bonds at the rate of from
$16 600 to 200 per mile for which It takes Sc
cond lien as security and receives payment to a
large, If not to the full extent its claim in services
These Bonds are issued as each twenty-mile section
is finished, and after it has been examined by United
States Commissioners and pronounced 20 be in all
respects fir class road, thoroughly supplied with
depots repair stations, and all the necessary
HoIing stock and other equipments.
The United states also makes donation Of ~, $40
of land along the line to the mile. which will be
a source oflarge revenue to the Company.
The Company is also permitted to issue its own
First Mortgage Bonds to amount equal to the is
sue OF the Government and no more. Hon. E. d.
Morgan and Hon. Cakes Ames are Trustees for the
Bondholders, and deliver the Bonds to the Company
only as the wolk progresses that they always rep
resent an actaul and productive value.
The authorized capital OF the Company is One
Hundred Million Dollars of which over eight and
one-hali millions have been paid in upon the work
already done.
Contracts for the construction o9i4 miles west from
Omaha, comprising much OF the most difficult noun
at the average rate of eight thousand and y
eight dollars S6S O5s) per mile This price includes
all necessary ear-shops, depots, stations, and all
other incidental buildings, and also locomotives,
passenger, baggage, and reght cars, and other re-
luiste roling-sock, to amount that shall not be
less than 81 500 per mile.
IL is expected that when the road is completed
the through traffic of the only line connecting the
Atlantic and Pacific States will be large beyond pre-
cedent and, as there will be competition, it can
always be ne at profitable rates, and
The Earnings from Local or Way usiness
are now Tires Times tn Ints st
on their Bords.
1t viii be no ICED that the Union Pacific Railroad
is, in fact, A GOVERNMENT WORK, built under
the supervision Government officers and to large
extent with Government money, and that its bonds
are issued under government direction. 1t is be-
ieyed that no similar security is carefully guard
ell, and certainly no other is based upon larger or
more valuable property.
The Union Pocihc Bonds are for $1,000 each and
have coupons attached. They have thirty years 10
run and bear annual interest Iable on the first
days OF January and July at the Company's oairs
in the City of New York. at the rate Of sA per cent
in gold The principal is payable in gold at maturi-
ty.
AT the present rate of gold, these bonds pay
nual income their cost of d
-lt Hf NEARLY NINE PER CENT,
And it 10 believed that they will soon bs
n. n. ...... at n premium.
The Company have but very limited supply Of
tleir Bonds remaining ON haud-but 1t Is expected
at the first instament OF the New Bonds to be Is
sued on that portion of the road to be completed this
year, will be Ieady in May.
Any subscriptions accepted to q greater ann unt
than can be filed from Bonds now in the Conpany's
possession, will be supplied from the New Bonds In
the order in which they are received.
The Company reserve the right to advance the price
of their bonds to rate above par at any time and
will not fill any orders receive any subscriptions
on which the money has not been actually paid at
the Companss Office before the time ofsuch advance.
Parties subscribing will remit the par value of the
bonds and the accrued nteret in currency at the rate
of six per cent. per annum, from the date on which
the last coupon paid. Subscriptions will DO re-
ceived in Portlandby
Swan 81 Barrett, rs Exchange ST.,
.-T Ia. And in New York
At the Compnny's Once, No SoNassau 81.
John J. Cisco q SON, Bankers, 59WaIlss,
And by the Company's advertised Is through
out the United States.
Reuitt1nces should be made in drafts other fund.-
par in New York, and the Bonds oiH be sent free Of
charge By return cypress. Parties subscribing
through EocsI agents, eiH look to them for their SAFE
delivery.
A PAMPHLET AND MAP FOR 1868 has just
been published by the Company giving fuller infor
nation than possible in advertisement, pect-
ing the Progress OF the Work, the Resources of the
Country traversed by the Road, the Means Tor Con-
structon, and the Value of the Bonds which will be
sent free on application at the Companys Office, or
to any OF the advertised agents.
JORN j. cisco, Treasurer, New York,
April 10, 1868. spr2e-eodSw1m