The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-05-13
Central Pacific Railroad First
Mortgage Bonds.

Central Pacific Railroad First
Mortgage Bonds.
1t is commonly known that the General Gov
ernmout, for wise purposes, has given its aic
and encouragement To the construction OF one
MAIN THROUGH LINE OF RAILROAD from the Pa
cifc Ocean across the Territories 20 connect
with the various Eastern Branshes OF the Pa
cifc Railroad system, and which will form the
GRAND TRUNK ROUTE to the Far West
upon which the mighty traRs-eontinental traffic
will concentrate.
The CENTRAL PACIFIC RAILROAD
COMPANY-who are carrying IL forward with
greater energy and persistence than was ever
shown Ia any siHilar work In ancient or modern
times-will bui,r, 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.
nont.
The Act Of Congress conters upon the CorpO.
ratiOns, besides the right of way across the Ter
ritories a gift of II sou acres Of the pubic lands
priatiOn from the National credit ofSINIY NIL
LIONS in FER CENT. BONDS, delivered as the
work progresses; or half tho estimated cost ol
the Through Line and Branches. These sub
sidy bonds the compsny may cancel in a course
of years BY the Transportation services of the
Roads, and small per centage of their net carr
ings; they, therefore, constitute nm element OF
great strength 10 the corporations.
The Act further authorizes them 10 issue an
equal amount of their own First Mortgage
Bonds of corresponding denominations, Irhteh
shall be the first claim upon The tcioIe railroad prop
erty and 10 t1hieh TIE lien Of The Government shaR
be subordinate, as means Of more readily seour'
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, Ia an important sense, SEMI NATIONAL
WORK, aided and commended by the people, the
Legislative power, and the Executive officers,
though its management is administered Wih al
the care and JoTethOuJht Of The most eminent pirate
corporations. Being under the constant super
vision of the GOvernment-whO, being the prin'
cipal creditor, accepts q subordinate and contin-
gent lien-with 30 large al amount Of addition.
al capital also invested in the property pledged
il is believed that no securities now offered in
the market possess the sane claims "a cOnh.
dencs and market value, except those OF the
Government.
Under these favOring auspices very gratifying
progress has been made in extending the railroad
track from both directions Nearly 1900 miles
Of the Main Line and convergiug Branches DO
tween the Missouri River End the base VI the
Rocky Mountains have been built within three
years. The CENTRAL Pacific RAILROAD has
also steadily and successfully carried the Main
\ fhs "a viU Of
Pacific TO the summit Of the Sierra Nevada, aud
into the Great Salt Lake Basin east Of the Cali.
fornia 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 boiug elected In 1870
amount almost TO certainty.
The prominent feature IN the progress Of the
CENTRAL PACIFIC RAILRo ID Is the remarkably
largo and profitable Local Business which IL de.
velOped upon the completed portion, more than
iustifyinl the estimates of its pIQieCtOrs--that
che immense traffic between the ports Of I ali
fornia and the mining regions OF the int or
would sustain first-class railroad line, even IL
the overland connections were not built The
net profit VI on operating the link Of less than
one hundred miles, thus far, reaches nearly two
millions In gold; and this ratio will I've doubled
during the coming season, when the entire
mOuntaiR transit IA made by the locomotive.
With every extension Of the track, the business
and profits Of the completed p1rt are increased;
50 that when the overland through traffic shall
be conferred upon tho CENTRAL ROAD the gen
eral prosperity of tho company will be without
parallel. and its securities appreciated cores
pondiugly. The CENTRAL Pacific RAILROAD
COMPANY offer for sale theirFIkST MORTGAGE
SIX PER CENT. GOLD
BON DS and submit 70 Investors tie
among other obvious coDsidera.
tOns; and invite the comparison with the merits
and excellencits Of any class OF Corporate &c.
ourities
!. These Bonds are based upen tho most vital
and valuable part of the Grand National Pacific
Railroad. soon 20 become the main channel Of
comm unication on the continent
II. The local settlement and business there.
from is remarkably large and profitable, and
must constantly increase.
III. The hardest part Of tho road Ia nov
built, and the remainder will be- rapidly carried
forward over the Salt Lake Plains.
". The greatest part Of the means necessary
TO build the road is provided hy the U. S. Cow
eminent upon a subordinate lien.
V. The State and chief cities of California
have contributed upward Of S3.00O,O0O 70 the
without lien.
VI. The giant Of land is destined at an early
day 10 prove Of far greater market value than
the total Of the first mortgage bonds Issued
upon the road and equipments.
VII This road lies altogether among the gold
and slyer'prOducing regions, and ia revenues
are received in coin.
WI. 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 20 construction purpo.
ses.
TX. The interest liabilities Of tbe company
are even now less than third the net earning
upUn the road pledged.
< Both Principal aud Int>rea are payable IN
Gold, under special proviEions Of both National
and State enactment
Tbs bonds are In sums Of 800 each. with
semisnnual gold couponS attached, and are Of.
fered for sale az IS per cent OF their par value.
and accrued interest from Jan. ] adaed In cur
rency.
The back intefest IL charged At SIX per cent.
in currency, though repaid In full in 9old. Al
this time they yield nearly
NINE PER CENT. UPoS The YTEST