The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-03-20

Central Pacific Railroad First
Mortgage Bonds.
1t il commonly known that the General Gov.
ernmont, for wise purposes, has given its aid
| and encouragement 10 the construction OF one
MAIN THROUGH LINZ OF RAILROAD from the Pa
eiic Ocean across tho Territories 70 connect
with the various Eastern branshes Of NC Pa
cihc Railroad system, and which will form the
| GRAND TRUNK ROUTE TO the Far West,
upon which the mighty transcontinental traffic
! will concentrate.
The CENTRAL PACIFIC RAILROAD
| C0MPANY-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, ewn 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 conters upon the COrpO-
ratiOns besides the right Of way across the Tor
ritories gift Of H. 500 acres OF the public lands
per mile contiguous to this line and appro-
priatiOn from the National credit of sixty MIL.
| LIONS in 6 PER CENT. BONDS delivered ~ the
work progresses; or half the estimated cost OF
the Through Line and Branches. These Sub
sidy bonds the company may cancel in canrse
| of wears by the Transportation services OF the
Roads, and a 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
equal amount of their own First Mortgage
Bonds of corresponding denominations, iohieh
shall be the first claim upon he Thole railroad prop.
| erty and % irhich the hen Of The Government &hdH
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 and other
sources.
The great CENTRAL PACIFIC RAILROAD il there.
| fore, in an important sense, a SEhTNAIIoNAL
| WORK, aided and commended by the people, the
| Legislative power, and the Executive OIhcera,
though its management Is GdminiSterod Nth al
the care and JorethOuJh Of The most cHtnent pirate
! cOrpOrdtiORs Being under the constant super
vinion of the GOvernment-who, being the prin'
| cipal creditor, accepts subordinate and cOntin'
1
| al capital also invested in the property pledged
| il is believed that no securities now offered in
| the market possess the sane claims To conf.
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 Line and cOnyerging Branches be
| tween the Missouri River and the base OF tue
! Rocky Mountains have been built within three
| wears. Tho CENTRAL PACIFIC RAILROAD has
| also steadily and successfully carried tho Main
| Stem Line from the steamboat navigation OF the
| Pacific to the summit of the Sierra Nevada, ana
| 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 being effected In 1910
amount almost 10 certainty.
The prominent feature in the progress Of the
CENTRAL Pacific RAILROAD IL the remarkably
| large and profitable Local Business which Ii dc.
| yeloped upon the completed portion, more than
! instffying the estimates of its pIojectOrs-that
! the immense traffic between the ports of Cali
/ fOTnia and the mining regions OF the into or
would sustain n frstClass 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 reaches nearly two
millions in gold; and this ratio will be doubled
during the coming season, when the entire
mountain transit Il made by the locomotive.
| With every extension of the track, the business
and profits of the completed part arc increased
80 that when the overland through traffic shall
| be conferred upon the CENTRAL ROAD, the gen.
cral prosperity Of the company will he without
parallel, aud its securities appreciated CORES.
| pOndingly The CENTRAL PACIFIC llAiLKOAD
! CoNPANY offer for sale theiTFIhST MORTGAGE
! THIRTY YEAR SIX PER CENT. GOLD
BONDS, and submit TO Investors TIE
/ following among other obvious cOnsidera-
tons; and invite the comparison with the merits
and exCelencies Of any class OF Corporate Sc
CuHties:
! /. These Bonds are based upon the most vital
| and valuable part Of the Grand National Pacific
I Railroad soon Ia become the main channel Of
communication 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 the read il now
| built and the remainder will be- rapidly carried
! forward over the Salt Lake Plains.
! ". The greatest part Of the means necessary
10 build the road is provided by the U. 5. Gov
eminent upon a subordinate lien.
V. Tie State and chief cities of California
have contributed upward Of sJ,ODO,mO Ia the
enterprise without lien.
VI. The giant Of land Is destined at an early
day 20 prove of FAR greater market yalne than
the total Of the first mortgage bonds issncd
upon the road and equipments.
VII This road lies altogether among the gold
and silverproducing regions, and it, revenues
are received in coin.
VIII. The management Of this company ha,
been in the highest degree prudent and frugal
and the whole surplua, after payment " e1penN
and interest, Is devoted TO construction purpo
ses.
! TX. The interest liabilities Of the company
are even now less than third the net earning
upUn the road pledged.
Y Both Principal and Tntereh are pdyaJJ, q
, Gold, under special provisions Of both Nationa
and State enactment.
The bonds are in sums Of 1900 each, wit
semi-annual gold coupons attached, and are oil
fered for sale at % per cent Of their par value
and accrued interest from Jan. !, ADDED, In cur
reBcy.
The back interest Is charged at SIX per cent
in currency, though repaid IN full In goId A
this time they yield nearly
, NINE PER CENT. UPON THE TyTg57
MEST.
These bonds bid fair 20 attain the MOTT prOu
! ibent position among the nonspeeulatlVe II
, vestments Of the country. and viii be astiVel
dealt In az the msney-centres in Europe.
e Holders Of Government securities have an ~
0 p0rtGnity OF exchanging them for Central n
5 eihs Bonds bearing an equal rate 81 intsres
with the principal well secured, and Of
/ REALIzIS6 A PROFIT or TEN 10 IN