The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-03-07

Central Pacific Railroad First
Mortgage Bonds.
1t Is commonly known that the General Gov:
eminent, for wise purposes has gwen ITS AID
and announcement 70 the construction OF one
MAIN THROUGH LINE OF RAILROAD from the Pa.
cihc Ocean across the Territories 10 connect
with the various Eastern branshes OF the IA
cifc Railroad system, and which VIII form IN tne
GRAND TRUNK ROUTE 70 the Far West,
npon which the mighty transcontinental traihc
will concentrate.
The CENTRAL PACIFIC RAILROAD
COMPANY-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, own and control the
Western half of this Through Limo, 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 Ter
ritories gift Of II 500 acres OF the public lands
per mile contiguous to this line, and en- appro.
priation from the National credit of Sixty MIL
LIONS in PER CENT. BoNDs, 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 oil the
Roads and a small per Centage Of their net earn.
ings; they, therefore,, constitute an element OF
great strength 10 the corporations.
The Act further authorizes them 10 issue an
equal amount of their own First Mortgage
Bonds of corresponding denominations, lrhieA
shall be the EFst claim upon the trho6 rdilrodd prop
erty and 10 Irhich tie lien Of uie Government shdH
be Stfbordindtc as n means of more readily secur.
ing the remaining half Of the capital for the con,
stTuction, the equipments 80, being provided
out of tie capital stock subscriptions and other
sources
The great CENTRAL PACIFIC RAILROAD is there.
fore, in an important sense, a SRM'NAIioNAL
WORK. aided aud commended by the people, the
Legislative power, and the Executive officers,
though its management is ddmtnlsteTed Htu' dH
the care and JOrethOtght Of Tie most eBlt'Ht pTlrdH
corporations. Being under the constant super
yiGion of the Government-who being the prin'
cipal creditor, accepts subordinate and contin'
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 III
the market possess the sane claims ID conn
dence and market value, except those Of the
Government.
Under these fayoring auspices very gratifying
progress has been made in extending the railroad
track from both directions. Nearly 1000 miles
of the Main Line and cOnverging Branches be-
tween the Missouri River and the base of the
Do, peain no mi within three
years The CENTRAL PACIFIC RAILROAD has
also steadily and successfully carried tho Main
Stem Line from the steamboat navigation OF the
Pacific 10 the summit of the Sierra Nevada, aud
into the Great Salt Lake Basin east Of the Call.
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 1870
amount almost to certainty.
The prominent feature in the progress of the
CENTRAL PACIFIC RAILROAD is 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 Call
fOTnia and the mining regions OF the lnt'' OF
would sustain tirst-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, reaches nearly two
millions in gold and this ratio will be doubled
during the coming season, when the entire
mountain transit IL mado by tho locomotive.
With every extension of the track, the business
and profits of the completed part are Increased
40 that when the overland through traffic shall
he centered upon the CENTRAL ROAD, the gen.
eral prosperity of the company viii be without
parallel and its securities appreciated CORES
pondingly. The CENTRAL PACIFIC RAILROAD
COMPANY offer for sale theirFIhST MORTGAGE
THIRTY.YEAR SIX PER CENT. GOLD
BONDS, and submit TO Investors tao
following, among other obvious, consideTa-
tons: and invite the comparison with the merits
and excellencics Of any class OF Corporate se.
curities;
I. These Bonds are based upon the most vital
and valuable part Of the Grand National Pacibc
Railroad. soon to become the main channel Of
communication ON the continent.
III. The local settlement and business there.
from ia remarkably large and profitable, and
must constantly increase.
III The hardest part Of tho road Ia now
built and the remainder will be rapidly earned
forward over the Salt Lake Plains.
". The greatest part Of the means necessary
TO build the road Is provided by the U. ). Gov.
eminent upon a subordinate lien.
V. Tie State and chief cities Of California
have contributed upward Of DOOOOO 10 the
enterprise without lien.
VI. The giant Of land Is destined At an early
day 20 prove of far greater market valne than
the total Of the first mortgage bonds issued
upon the road and equipments.
VII. This road lies altogether among the gold
and silverproducing regions, and its revenues
are received in coin.
VIII. The management 81 this company has
been In the highest degree prudent and frugal,
and the whole surplus, after payment OF expense
and interest, is devoted 70 construction purpo-
ses.
TX. The interest liabilities o. the company
are even now less than third the net earnings
upon the road pledged.
Y. Both Principal and IntereH are payable IN
Gold, under special provisions Of both National
and State enactment
The bonds are in sums Of 5000 each, with
semi-annual gold coupons attached, and are Of.
fered for sale at 95 per cent. Of their par vAlus
and accrued interest from Jan. !, added, In eur
rency.
The back interest is charged at six per cent.
in currency. though repaid In full IN goid At
this time they yield nearly
NINE PER CENT UPON THE INVEST
MEM
These bonds bid fair 10 attain the most SrUm.
inent position among the nOnspscalAtiVe In
vestments Of the country, and VIII be actively
dealt in at the msDey centres in Europe.
Holders Of Government securities have an OPP
-