The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-06
Central Pacific Railroad First
Mortgage Bonds.

1t Is commonly known that the General Gov
ernmOnt, for wise purposes, has given its aiC
and encouragement TO the construction OF one
MAIN THROUGH LINE or RAILROAD from the Pa
cifc Ocean across the Territories 10 connect
with the various Eastern Branshes OF the Pa
citc Railroad system, and which will form the
GRAND TRUNK ROUTE to the Far West
upon which the mighty trans-continentai trafhC
will concentrate.
The CENTRAL PACIFIC RAILROA
COMPANE-whO are carrying IL forward WIZ
greater energy and persistence than was ever
shown in any similar work in ancient OF 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 conCers upon the COrpo.
rations, besides the right of way across the Ter
ritories gift of - 500 acres OF the public lands
per mile, contiguous to this line; and en- appro'
priation from the National credit Of sixty NIL
LIONS in FER CENT. RoNps, delivered as the
work progresses; or half the 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 small per centage Of their net carr.
isgs; 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, tchich
shall be The first claim upon the trhOts railroad prop,
eTty and 10 iCIich the lien Of the Government ShdA
Of maj
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 is there.
fore, in an important sense, q SBMI'NATIONAL
WORK aided and commended by the people the
Legislative power. and the Executive officers,
though its management Is administered Nth oil
the care aud JOrsthOUJh Of the most eminent pirate
corporations. Being under the constant super
vision of the GOvernment-whO, being the pTin'
cipal creditor, accepts subordinate and contin.
gent lien-with 40 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 CONT
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 COuvergiug 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
Step Line from the steamboat navigation OF the
Pacific to the summit of the Sierra Nevada, and
into tho Great Salt Lake Basin east Of the Cali.
fOrnia line. Having overcome by far the most
difficult and expensive portion of the whole
-. fba hall Of Ia oh
with the Eastern lines being effected in 1870
amount almost to certainty
The prominent feature in the progress of the
CENTRAL Pacific RAILROAD ia the remarkably
large and profitable Local Business which is de.
velOped upon the completed portion, more than
iustifying the estimates Of its pTOieCtors-that
the immense traffic between the ports Of Cali
fOrnis and the mining regions of the int,I or
would sustain n frst-class 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 be doubled
during the coming season, when tho entire
mountaiR transit is made by the locomotive
With every extension Of the track, the business
and profits Of the completed part are increased
so that when the overland through traffic shall
be Centered upon the CENTRAL ROAD, the gen.
eral prosperity of the company will be without
parallel, ana It's SECURITIES appTtClath COIltN
pondhgly. The CENTRAL Pacific RAILROAD
COMPANY offer for sale theirFIhST MORTGAGE
THIRTY.YEAR SIX PER CENT. GOLD
BON DS, and submit to Investors the
following, among other obvious cOEsidera-
tons; and invite the comparison with the merits
and eIcellencies of any class OF Corporate Sc
curities:
J. These Bonds are based upSn 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 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 carried
forward over the Salt Lake Plains.
". The greatest part Of the means necessary
to build the road is provided hy the U. ). Gov
eminent upon subordinate lien.
V. The State and chief cities Of California
have contributed upward OF s3OOOOOO to the
enterprise without lien.
VI. The grant of land Ia destiaed az an early
uaN 10 prove OF laT greater mAIktl Nalue lAau
the total of the first mortgage bonds issued
upon the road and equipments.
VII. This road lies altogether among the gold
and Silver.producing regions, and its 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 to construction purpO.
ses
TX. The interest liabilities Of the company
are even now less than a third the net earnings
upon the road pledged.
X. Both Principal and Il,STea are payable IN
Gold, under special provisions Of both National
and State enactment.
The bonds are in sums Of $1,000 each. with
ssmi-annual gold coupons attached. and are Of.
fered for sale At 95 per cent. Of their par value
and accrued interest from Jan. ], added, in cur.
rency.
The back interest IL charged at six per cent
in currency, though repaid In full In goLd At
this time they yield nearly
NINE PER CENT UPON THE INVEST.
MEyT.
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