The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1868-01-31
520 MILES OF THE
UNION PACIFIC RAILROAD
RUNNING WEST FROM OMAHA
ACROSS THE CONTINENT,
ARE NOW COMPLETED.

This brings the line to the eastern base of the
Rocky Mountains and it is expected that the track
will be laid thirty miles further, to Evans Pass,
the highest point on the road, by January. The
maximum grade from the foot of the mountains to
the summit is but eighty feet to the mile, while
| that of many eastern roads is over one hundred.
Work in the rock cuttings on the western slope
will continue through the winter, and tn ere is now
no reason TO doubt that the entire grand line to
the Pacific will be open for business in 1870.
The means provided for the construction of this
Great National Work ample. The United
States grants its Six Per Cent Bonds at the rate of
from SIG 900 to 900 per mile for which it takes
second lien as security, and receives payment to
large if not to the full extent of its claim in serv
ices These Bonds are issued each twenty
mile section is finished and after it has been ex-
amined by United States Commissioners and pro-
nounced to be in all respects frst-class road,
thoroughly supplied with depots, repair-shops,
stations, and all necessary rolling stock and other
equipments.
The United States also makes donation of II,
800 acres of land to the mile, which will be a
source of large revenue to the Company. Much
of this land in the Platte Valley is among the most
fertile in the world and other large portions are
covered with heavy pine forests and abound in
coal of the best quality.
The Company is also authorized to issue its own
First Mortgage Bonds to an amount equal to the
issue of the Government and no more. Hon. Il.
D. Morgan and Hon. Oakes Ames are Trustees for
the Bondholders and deliver the Bonds to the
Company only as the work progresses, so that
they always represent an actual and productive
value.
The authorized capital of the Company is One
Hundred Million Dollars, of which over FIVE mil
lions have been paid in upon the work already
done
EARNINGS OF THE COMPANY.
At present, the profits of the Company de-
rived only from its local traffic, but this is already
much more than sufficient to pay the interest on
all the Bonds the Company issue, if not an
other mile were built. 1t is not doubted that
when the road is completed the through traffic of
the only line connecting the Atlantic and Pacific
States will be large beyond precedent, and, as
there will be no competition it can always be done
at profitable rates.
1t will be noticed that the Union Pacific Rail-
road is, in fact a Government Work, built under
large extent with Government money, and that its
bonds are issued under Government direction. 1t
is believed that similar security is carefully
guarded, and certainly other is based upon a
larger more valuable property. As the Compa-
ny's
FIRST MORTGAGE BONDS
are offered for the present at 80 CENTS on THE
DOLLAR, they are the cheapest security in the
market, being more than 10 per cent lower than
U. s. Stocks. They pay
SIX PER CENT. IN GOLD,
over NINE PER CENT. upon the investment.
Subscriptions will be received in Bedford by
RUPP & SHANNON, and in New York at the
Company's Office No. 20 Nassau street, and by
CONTINENTAL NATIONAL BANK, No Mas
sau st., CLARK, DODGE & CO., Bankers, No. 81,
Wall st., JOHN j. CISCO & son, Bankers, No.
SO Wall ST., and by the Cempany's advertised A
gents throughout the United States. Remittan-
ces should be made in drafts or other funds par in
New York and the bonds will be sent free OF
charge by return express. Parties subscribing
through local agents, will look TO them tor their
safe delivery.
A NEW PAMPHLET AND MAP, showing the
Progress of the Work, Resources for Construc ton,
and Value of Bonds, may be obtained at the
Company's Offices or its advertised Agents, or
will be sent free on application.
JOHN J. CISCO, Treasurer, New York.
Jan3m1