The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-06-18
CeHIral Pacific Railroad First
Mortgage Bonds.

Central Pacific Railroad First
Mortgage Bonds.
II ia commonly known that the General Gov.
eminent, for wise purposes, has given its aid
and encouragement TO the eonstrnetlon o. one
MAIN THROUGH LINE OF RAILROAD nom the Pa
cifo Ocean across the Territories 70 conuec!
with the various Eastern branches OF the Pa
cifc Railroad system, and which will form the
GRAND TRUNK ROUTE 10 the Far West,
upon which the mighty traRs-continental traffic
will concentrate.
The CENTRAL PACIFIC RAILROAD
are carrying IL forward with
greater energy and persistence than was ever
shown in any siV,ilar work in ancient or modern
build, equip own and control the
Western Half Of this Through Line. the most
productive, favored, and valuable portion Of the
the richest franchise ever granted on this CONT.
nent.
The Act of Congress confers upon the CorpO-
rations besides the right of way across the Ter.
ritories gift of - 800 acres Of the public lands
per mile, contiguous to this line, and en- appro-
priatiOn from the National credit of Sixty MIL
LIONS in 6 PER CENT. BONDS, delivered ~ the
work progresses; or half tho estimated cost OF
the Through Line and Branches. These Sub
sidy bonds the company may cancel in course
Of years by the Transportation services of the
Roads, and q small per csntage of their net earn.
ings; they, therefore, constitute an element OF
great strength 10 the corporations.
The Act further authorizes them TO issue an
equal amount Of their own First Mortgage
Bonds Of corresponding denominations, 'chieh
shdQ be the first claim upon the rhOs railroad prop
srty, uRd 70 ichieh he hen Of the Government shall
be subordinate, as a 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
sOurceA
The great CENTRAL PACIFIC RAILROAD il there
fore, In an important sense, SEM NATIONAL.
Work, aided and commended by the people the
Legislative power, and the Executive officers,
though its management IL administered Rth at
ne care and Joret0ught Of The most eminent PTlrath
Being under the constant super
yiHion Of the GOverRment-who. being the prtn'
creditor, accepts n subordinate and cOutln.
gent lien-with so 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 10 conn.
dence 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 1000 miles
Of the Main Limo and c0nverging Branches be-
tween the Missouri River and the base Of the
Rocky Mountains have been built within three
years The CENTRAL PACIFIC RAILROAD has
also steadily and successfully carried the Main
stS-a Line from the steamboat navigation oil 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 mosi
difficult and expensive portion Of the whole
line, the probabilities Of the through connection
with the Eastern lines being effected in 1870
o'-"-- Almost to certainty.
The prominent feature In the progress Of the
CENTRAL PA IFIc RAILROAD Is the remarkably
large and profitable Local Business which Ii de
yeloped upOB the completed portion, more than
iustifying the estimates Of Its pIoiectOrs-that
the immense traffic between the ports of Cali
fornia and the mining regions Of the int,' OI
would sustain frst-class railroad line, even II
the overland connections were not built The
net profit upon operating the link of less than
one hundred miles, thus far, roashes nearly two
millions in gold; and this ratio will be doubled
during the coming season, when the entire
mountain transit Ia made by the locomotive
With every extension Of the track, the business
and profits Of the completed part are increased
20 that when the overland through traffic shall
be conferred upon the CESTRAL ROAD the gen
eral prosperity Of the company will be without
parallel, and its securities appreciated cOrres
pOndingfy. The CENTRAL PAcIFIC RAuRsAT
COMPANY offer for sale theirFlkST MORTGAGE
THIRTY.YEAR SIX PR CENT. GOLD
BONDS, and submit 70 Investor. ta'
following, among other obvious conSidera
tiOns; and invite the comparison With the merits
and excelleneies of any class Of Corporate 80
surities:
/. These Bends are based upon the most vita
and valuable part Of the Grand National PaciB'
Railroad. soon to become the main channel o.
communication on the continent.
II. The local settlement and business. ther Q
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 carrie
forward ever the Salt Lake Plains.
~. The greatest part Of the means necessary
to build the road u provided by the |. =. Gov
eminent upon subordinate Hen.
V. The State and chief cities Of CalilorDi.
have contributed upward 81 @Ns0O 90 20 thu
enterprise without lien. G..se,,,r
VI. The grant Of land Ia destined at an early
day to prove Of far greater market value than
the total Of the frst mortgage bonds issued
upon the road and equipments.
VII. This road lies altogether among the gold
and silvsr.Produoing regions ADet' revenues
VIII. The management Of this company bai
been in the highest degree prudent and frugal
and the whole surplus, after payment OF eIpenS'
and interest, il devoted 10 construction purps
sss
TX. The interest liabilities Of the company
are even now less than = third the net earning
upVn the road pledged.
Z. Both Principal and Inter.st are pdyabl> u
God, under special provisions Of both NatiOna
and State enactment.
The bonds are In sums u 5000 each witt
semizunual gold coupons attached, and are Of
fered for sale &C IS per cent. Of their par value
and accrued interest from Jan. !. adAed, In cur
rency.
The hack interest IL charged at six per cen
In currency, though repaid IN full in gold. A
this time they yield nearly
NINE PER CENT. UPON THE ISyES1
HPyT
Tbese bonds bid fair TO attain the most prom
ihent position among the nOn-sPeculAtive u
Vestmsnts Of ths country, and viii be sstiyei
dealt In at The msney-eebtres in Europe.
Holders Of Government securities have AZ 81
portunity 81 exchanging them for Central
cihe Bonda bearing an equal nate Of intsre-
with the principal well secured, and Of
REA LIZTgG 4 PROFIT up TEN TO ri
TEEN PER CENT ~ ADDITION