The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-14
Central Pacific Railroad First
Mortgage Bonds.

It ia commonly known that the General Gov:
ernmsut, for wise purposes, has given It's Ad
and announcement to the construction OF one
MAIN THROUGH LINE OF RAILROAD from the IA.
citic Ocean across the Territories 70 conuect
with the various Eastern branches OF the "a
rifc Railroad system, and which will form the
GRAND TRUNK ROUTE TO the Far West,
upon which the mighty trans-continental tranc
will concentrate.
The CENTRAL PACIFIC RAILROAD
COMPANY-who are carrying II forward win
greater energy and persistence than was ever
shown in any similar work In ancient or modern
times-Will build 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 TINS CONT
nent.
The Act Of Congress confers upon the Corpo-
ratiOns besides the right Of way across the Aer-
ritories gift of II 800 acres OF the public lands
per mile, contiguous 10 this line, and en- appro.
priation from the National credit Of Sky MIL
LIONS in PER CENT BONDS delivered as the
work progresses; or half the estimated cost OF
sidy bonds the company may cancel In q course
of years by the Transportation services oil the
Roads and n small per centage OF their net earn.
ipCs; they, therefore, constitute an element oil
great strength 10 the corporations.
The Act further authorizes them 10 issue an
equal amount of their own First Mortgage
Bonds Of corresponding denominations, trhlch
shall be The first claim upon The tchOe railroad prop
eyty. and 10 trhich the len Of the Government shat
be subordinate, as 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 aud other
sources.
The great CENTRAL PACIFIC RAHRoAD il there
fore in an important sense, SEhl'NA[lONAL
WORK, aided and commended by the people, the
Legislative power, and the Executive officers
though its management IL ddihHiStSTed ttih dH
the care and tOrethOugkt Of The most eialneh pFlrdh
corporations. Being under the constant super
vision of the GoveTnment-whO, being the prln
Cipal creditor, accepts subordinate and contin
gent lien-with 30 large an 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 To comb
dence and market value, except those OF the
Government.
progress has been made in extending the railroad
track from both directions. Nearly 1000 miles
of the Main Line and COnvergiug Branches be-
tween the Missouri River end the base Of the
Rocky Mountains have been built within three
years. The CENTRAL Pacific RAILROAD has
also steadily and successfully carried the Main
Stem Line from the steamboat navigation OF the
Pacific TO the summit of the Sierra Nevada, and
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 tho Eastern lines being effected IN 1870
amount almost 10 certainty.
The prominent feature in the progress Of the
CENTRAL Pacific RAILROAD is the remarkably
large and profitable Local Business which is de.
yelOped upon the completed portion, more than
iustifying the estimates Of its pIojectOrs-that
the immense traffic between the ports OF Cali
fornia and the mining regions OF the intrI or
would sustain a hrst-Class railroad line, even II
the overland connections were not built The
net profit upon operating tue link OF less 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 is made by the locomotive.
With every extension of the track, the business
and profits of the completed part are increased;
10 that when the overland through traffic shall
be centered upon the CENTRAL ROAD, the gen.
eral prosperity Of the company will be without
parallel, and its securities appreciated cores
pOndngly. The CENTRAL Pacific RAILROAD
COMPANY offer for sale theirFIkST MORTGAGE
THIRTYYEAR SIX PER CENT. GOLD
Il o y DIS, and submit TO Investors TIE
following, among other obvious cOpsidera-
tons and invite the comparison with the merits
and ercellencics Of any class Of Corporate Sc
curities:
!. These Bends are based upon the most vital
and valuable part of the Grand National Pacific
Railroad soon to become the main channel Of
communication on the continent.
II. The local settlement aud business there
from IL remarkably large and profitable, and
must constantly increase.
III. The hardest part Of the road is now
built, and the remainder will be rapidly carried
forward ever the Salt Lake Plains.
". The greatest part Of the means necessary
to build the road is provided by the U. y. Gov
eminent upon subordinate lien.
V. Ike State and chief cities of California
have contributed upward Of s5OOo,OOO to the
enterprise without lien.
VI. The grant of land il destined at an early
day to 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 silver-prOducing regions, and its revenues
are received in coin.
VII. 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 to construction purpO-
ses.
". The interest liabilities Of the company
arc even now less than third the net earnings
upon the road pledged.
x. Both Principal and In,Srca are payable IN
Gold, under special provisions Of both National
ON At