The Portland daily press., 1868-05-06
NV THE UNION
Pacific Railroad
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
$1,000 to $4,000 per mile, for which 1t takes Sc
cond lien as security, and receives payment to q
large, If not to the ul extent OF its claim in services
These Bonds are issued each twenty mile section
is finished, and after it has been examined by United
States Commissioners and pronounced to be in all
respects first class road, thoroughly supplied with
depots, shops, stations, and all the necessary
HoIing stock and other equipments.
The United states also makes a donation of 300
acres of land along the line to the mile, which win 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 OF the Government and no more Hon. E. D.
Morgan and Hon. Cakes Ames are Trustees for the
Bondholders, and deliver the Bonds to the Company
only as the woik 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-half 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 difficult noun
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
quisite rong-stock, to amount that shall not be
less than $500 per mile.
1t is expected that when the road is completed
the through traffic of the only line connecting the
Atlantic and ba ha1,o
cedent, and, there will be no competition it can
always be d ne at profitable rates, and
The Earnings from Local or Way usiness
are now Three Times the Int st
on their Bonds.
1t will be noticed that the Union Pacific Railroad
is, in fact, A GOVERNMENT WORK, built under
the supervision OF Government officers and to largo
extent with Government money, and that its bonds
are issued under Government direction. 1t is be-
heved that similar security is so 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 TO
run, and bear annual interest. payable on the first
days OF January and July at the Company's ONCE
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 an
nual income on their cost of
NEARLY NINE PER CENT,
And IL 10 believed that they will soen be
at n Premium.
The Company have but very limited supply of
heir Bonds remaining on hand-but it Is expected
that the first instalment of the New Bonds to be Is
sued that portion of the road to be completed this
year, will be ready in May.
Any subscriptions accepted to a greater amour
than can be filed from Bonds now in the Companys
possession, will be supplied from the New Bonds I'm
the order in which they are received.
The Company the right to advance the price
of their bonds to rate above par at any time and
will not fill any orders or receive any subscriptions
ON which the money has not been actually paid at
the Companys Office before the time ofsuch advance.
Parties subscribing will remit the par value of the
bonds and the accrued nteret in at the rate
OF six per cent per annum, from the date on which
the tcoupon was paid Subscriptions will be re-
ceived in Portandby
Swan g. Barrett, rs Exchange ST.,
And in New York
Al the Compnny's once, No 90 Nassau 81,
AND BY
John J. Cisco q Son, Bankers, 59Wnus a,
And by the Company's advertised To through
out the United States.
Remitaness should be made in drafts or other .nd,
par in Ne0 York, and the Bonds tCiH Be sent ree or
charge by return express. Parties subscribing
through lOcslagents, ,ci look to them for their ,a.
delivery.
PAMPHLET AND MAP FOR 1865 has Just
oeen published by the Company giving fuller infOr
nation thans possible in an advertisement, respect
ing the Progress OF the Work, the Resources of thu
Country trayersed by the Road the Means Tor Con
struction, and the Value Of the Bonds, which will b
sent free on application at the Company's Office o.
to any Of the advertised agents.
JOHN J. cisco, Treasurer, New York
April 10, 1868. apr2O-eod&wlm