The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-05-28

Central Pacific Railroad First
Mortgage Bonds.
1t is commonly known that tho General Gov.
eTnmsut, for wise purposes, has given its aid
and encouragement 10 the construction OF one
MAIN THROUGH LINE OF RAILROAD from the Pa
cihc Ocean across the Territories 70 connect
with the various Eastern Branshes Of the Pa
cihc Railroad system, and which viii form the
GRAND TRUNK ROUTE 10 the Far West,
upon which the mighty trans-coutinentM trathe
will concentrate.
The CENTRAL PACIFIC RAILROAD
are carrying IL forward with
greater energy and persistence than was ever
shown In any siP'ilar work In ancient or modern
hull, 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 IS 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.
ritorles gift OF T. sou acres OF the public lands
per mile contiguous TO this line, aud En apprO-
priatiOR from the National credit OF SIXTY NIL
LIONS in PER CENT; BONDS, deilVeIsd Is the
work progresses; OF half the estimated cost Of
the Through Line and Branches. These sub
sidy bonds the company may cancel in course
of years by tine Transportation services OF 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 20 issue an
equal amount of their own First Mortgage
Bonds of corresponding denominations, triich
shall be he first claim upon The t0h0te railroad prop
ert and TO lCtich tc lien u The Government shdH
be subordinate, rs means OF more readily secuf'
ing the remaining half Of the capital for the con,
structiOn; the equipments, &c, beng PROVIDED
out of the capital stock subscriptions and other
sources
The great CENTRAL Pacific RAILROAD is there
fore in an important sense, q SENI-NAToNAL
Work, aided and commended by the people. the
Legislative power, and the Executive officers
though its management is administered tth al
corporations. Being under the constant super
yiGiOn of the GOvemment-who, being the prin
cipal creditor, accepts subordinate and contln-
gent lien-with 50 large an amount oil addition
al capital also invested In the property pledged
il is believed that no securities now offered IN
the market possess the sane claims 20 couh
dsncc and market value, except those at the
Government
Under these favoring auspices very gratifying
progress has been made In extending the railroad
track from both directions Nearly 1000 miles
81 HI.Fa la
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
Stem Line from the steamboat navigation oil the
Pacific To the summit of the Sierra Nevada aua
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 elected in l-7u
amount almost to certainty.
The prominent feature in the progress of the
CENTRAL Pacific RAILROAD Is the remarkably
large and profitable Local Business which Ia de
veUped upOH the completed portion, more than
rstllyinC the estimates of its pr9iectOrs--th1t
cue Immense tralhc between the ports OF Can
iorna and the mining regions Of the int, OF
would sustain n frst-Class railroad line, even II
the overland connections were not built. The
net profit upon operating tho link OF less than
one hundred miles, thus far, rcashes nearly two
m lions in gold; and this ratio viii bc doubled
during the coming season, when the entire
transit Is made by the locomotive
With every extension Ot the track the business
and profits Of the completed part are lncTrIHed
so that when the overland Though traillc shall
bo conferred upon the CENTRAL Roam, the gen.
cTal prosperity Of tho company will be- without
parallel aud its securities appreciated cones.
The CENTRAL PACIFIC RAILROAD
COMPANY offer FOR sale thcirF list MORTGAGE
YEAR SIX PER CENT GOLD
BON DS and submit 10 Investors I've
among other obvious COnslGera-
tons; and invite the comparison with the merits
and eVCellencit- Of sny class Of Corporate -.
auritios:
!. These Bends are basel upon the most vital
and valuable part Of the Grand National PaCibc
Railroad soon 10 become the main channel OF
communication on the continent
H. The local settlement and business there.
from is remarkably large and profitable, and
must constantly increase
III. The hardest part Of tbs road II now
built, and the remainder will bo rapidly carried
forward over the salt Lake Plains.
". The greatest part Of tho means necessary
TO build the road j. provided d. the 4. S. GOV.
eminent upoH q subordinate len.
V. Tie State and chief cities Of California
have contributed upward ~ 5000 40 ~ thu
enterprise without lien.
VI. The giant Of land IL de-tised at az early
day to prove Of f4g greater market value than
the total OF the first mortgage bonds issued
upon the rusd snd equipments.
VII. This road LES altogether among the gold
and silverproducing regions, and ~ revenues
are received in coin.
VIII The management Of this company has
been in the highest degree prudent and fru gal
and the whole surplus, after payment Of expense
and interest il devoted 70 construction purpo.
sea.
IX. The interest liabilities Of the company
are even now less than third the net esrnings
upon the rad pledged.
X. Both PiJ,eipaI aud IEtsrea arc payaJIe IN
God, under special provisions q 10th National
and State enactment,
The bonds are in SONS Of tlDO9 each, with
serni-snnual gold coupons attached. and are Of
fered for sale a. IS per cent Of their par value
and accrued interest from Jan. !, adSel, in cur
rency.
The back interest Is charged AZ siz Der cent
In currency, though repaid In ft1ll So gold A
this time thsy yield nearly