The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-03-04

o. the
CeutraI Pacific Railroad First
Mortgage Bonds.
! II is commonly known tina! the General Gov.
eminent for wise purposes, has given its aid
and encouragement TO the construction of one
slAIN THROUGH LINE OF RAILROAD from the Pa
Cifc Ocean across the Territories 10 connect
with the various Eastern Eranshes OF the Pa
Citic Railroad system. and which will form the
GRAND TRUNK ROUTE 10 the Far West,
upon which the mighty transcontinental traIhc
viii concentrate.
The CENTRAL PACIFIC RAILROAD
CJNIPANY-whO are carrying il forward with
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 this CONT
nent.
The Act of Congress cOufers upon the CorpO.
rations besides the right of way across the Ter
rtorCs gift of Il, eOO acres Of the public lands
per mile, contiguous to this line, aud En appro.
pration from the National credit of SIXTY MIL
LIONS in FER CEST. BONDS, delivered rs the
work progresses or half the estimated cost OF
the Through Line and Branches. These Sub
sidy bonds the company may cancel in a csnrse
of years by the Transportation services Of the
Roads, and small per centage of their net earn.
ings they, therefore, constitute an element Of
great strength TO the corporations.
The Act further authorizes them TO issue an
euuai amount of their own First Mortgage
Bonds of corresponding denominations, I0hich
shall be the first claim upon the tchOLe railroad prop.
crty aud 10 sriich the lien of the Government shall
be subordinate, Gs means of more readily secur.
ing the remaining half of the capital Tor 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 in an important sense, a SEAENAIlONAL
WORK, aided and commended by tie people, the
Legislative power. and the Executive officers,
though its management is administered Wih al
The care and tOrcthoUgh 81 the mot eminent pirate
corporations. Being under the constant super
viIiOn of the GOveinmcut-wh0, being the prln'
Cipal creditor, aCCCptsA subordinate ana COntin-
gent liCn-wth 80 large an amount Of addition
al capital also invested in the property pledged
il is believed that no securities now offered in
tho market possess the sane claims To conf
dencc aud 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 1000 miles
-. .FiftfF EE hl
49,, ,r..s nave been built within three
Years. The CENTRAL PACIFIC RAILRoAD has
also steadily and successfully carried the Main
Stem inc from the steamboat navigation Of the
Pacific to the suTmit 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 TO certainty.
The prominent feature in the progress of the
CENTRAL Pacific RAILROAD is the remarkably
large and profitable Local Business which is de
veloped upon the completed portion, more than
ustifying the estimates of its pTOjeCtOrs-that
the immense traffic between the ports of Cali.
fornia and the mining regions of the int or
would sustain first.cass railroad line even IL
the overland connections were not built. The
net profit upon operating the link Of less than
one hundred miles. thus tar, reaches nearly two
millions in gold and this ratio will he doubled
during the coming season, when the entire
mOuntaiH transit is made by the locomotive.
With every extension of the track, the business
and profits of the completed part are increased;
80 that when the overland through trade shall
be conferred upon the CENTRAL ROAD, the gen
eral prosperity of the company viii be- without
parallel, and its securities appreciated cores
pOndingly. The CENTRAL Pacific RAILROAD
CONIPANI offer for sale thcirFIlST MORTGAGE
THlRTY.YEAR SIX PER CENT. GOLD
BIO y d s, and submit to Investors the
following among other obvious considern-
tiOn-: am invite the comparison with the merits
and eXc"llencits of any class OF Corporate Sc
Curtics:
I. These Bonds 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 and business there.
from ia remarkably large and profitable, and
must constantly increase.
w. The hardest part of the road is now
buiit. and the remainder will be rapidly carried
forward over the Salt Lake Plains.
". The greatest part Of the means necessary
to buld the road is provided by the Q. $. Gov
eminent upon subordinate lien.
Y. TNe State and chief cities Of California
have contributed upward Of % VJJGnJ to the
enterprise without lien
VI. The giant of land is 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 silycr.produCing regions, and It's revenues
are received in coin.
VIII. 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 70 construction purpo-
ses.
TX. The interest liabilities Of the company
are even now lcss than a third the net earnings
upon the road pledged.
X. Both Principal and Interest are payable in
and State enactment.
The bonds are in sums Of 1900 each, with
semi-annual gold coupons attached, and are Of
fered for sale at % per cent. OF their par value,
and accrued interest from Jan. l, added, in cur
rency.
The back interest is charged at six per cent.
in currency, though repaid in full in gold. At
this time they yield nearly
yIyE PER CENT. UPON THE INVEST.
HETT.
These bonds bid fair 10 attain the most prom.
ineut position among the BOu-speculatiVe in
vestrnents Of the country, and viii be aatiyely
dealt in at the msDey' centres in Europe.
Holders Of Government securities have en- OPP
porturity of exchanging them for Central Pa
cidc Bonds bearing an equal rate Of interest.
with the principal well secured, and Of
REALIZING 4 PROFIT or TIN TO FIF.
TEEN PER CENT IN ADDITION.