The Portland daily press., 1868-05-11
500 and 900 Miles

will be in operation during 1868. There seems to be
no reasonable doubt that the 1,721 miles between
Omaha and Sacramento will be finished 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
$4,000 to S4s, 900 per mile, for which it takes Sc
cond lien as security, and receives payment to a
large if not to the ul extent claim services
These Bonds are issued each twenty mile sectou
is finished, and after it has been examined by United
States Commissioners and pronounced 10 be in all
respects tir class read, thoroughly supplied with
depots repair Shops stations and all the necessary
HoIng stock and other equipments.
The United states also makes donation of 70, 800
acres of land along the line to the me which will be
source of large revenue to the Company.
The Company is also permitted to issue its own
First Mortgage Bonds to amount equal to the is
sue o. the Government and more Hon. E. ID.
Morgan and Hon. Cakes Ames are Trustees for the
Bondholders, and deliver the Bonds to the Company
only 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-halt millions have been paid in upon the work
already done.
Contracts for the construction of 914 miles west from
Omaha, comprising much Of the most dificultm
tain work, have been made with responsible parties
at the average rate of eight thousand and fifty
eight dollars 1868 O5S) per mile This price includes
all necessary car-shops depots, stations, and all
other incidental buildings, and also locomotives,
passenger, baggage, and freight cars and other re-
quiste rollingsock to amount that shall not be
| less than 81 800 per mile.
1t 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 done at profitable rates, and
The Earnings from Local or Way usiuess
are now Three Times ths Int st
on their Bo1ds.
1t will be noiced that the Union Pacific Railroad
| is, in fact A GOVERNMENT WORK, built under
the supervision OF Government officers, and to large
| extent with Government money, and that its bonds
| are issued under Government direction. 1t is be
leved that similar security is carefully guard
ed and certainly other is based upon larger or
more valuable property.
| The Union Pacific Bonds are for $1,000 each and
have coupons attached They have thirty years 10
run, and bear annual interest. payable on the first
days OF January and July at the Company's Office
in the City of New York. at the rate of six per cent
in gold. The principal is payable in gold at maturi-
| ty.
At the present rate of gold, these bonds pay
| nual income On their cost of
| NEARLY NINE PER CENT,
And it is believed that they will soon be
at N premium.
The Company have but very limited supply o
heir Bonds remaining on haud-but it is expected
that the first instalment of the New Bonds to be is
sued on that portion of the road to be completed h
year, will be ready in May.
Any subscriptions accepted to a greater amour
than be filed from Bonds now in the Company's
possession, will be supplied from the New Bonds il
the order in which they are received.
The Company reserve the right to advance the pric
of their bonds to rate above at any time, an'
will not fill any orders or receive any subscription
| ON which the money has not been actually paid q
the Company's Office before the time ofsuch advance
Parties subscribing will remit the par value of tn
bonds and the accrued nteret in currency at the rat
ofsix per cent. per annum, from the date on whicl
, the asst coupon paid. Subscriptions viii be re
I ceived in Portland by
Swan 81 barrett, rs Exchange ST.,
, And in New York
At the Company's Omce, No S"Nassau 81
AND BY
John j. Cisco 81 SON, Baukers, 59Walls
, And by the Company's advertised is through
, out the United States.
Remitt1nces should be made in drafts or other tnt
par in Netc York, and the Bonds tciu be sent free
= charge by return cypress. Parties subscribi,,
through Iocstagents, scin look to them for their sa
delivery.
A PAMPHLET AND MAP FOR 1853 has in
been published by the Company, giving fuller info
nation than is possible in advertisement re, rec
ing the Progress Of the Work, the Resources of Il
Country traye.sed by the Road, the Means tor Coz
. sLIucuon, ana the value Of the Bonds, which will
sent free on application at the Company's Office o
to any OF the advertised a enfs.
JOHN j. cisco, Treasurer, New Xori
April 10, 1868. apr20-eod&wlm