The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-07-20

Centrai Pacific Railroad First
Mortgage Bonds.
ernmsnt for wise purposes, has given its aid
and encouragement 70 the construction of one
MAIN THROUGH LINE OF RAILROAD from the Pa.
cine Ocean across the Territories 10 connect
with the various Eastern Branches Of the Pa
| citc Railroad system, and which will form the
GRAND TRUNK ROUTE 10 the Far West
upon which the mighty transcontinental traffic
will concentrate.
| The CENTRAL PACIFIC RAILROAD
! C0MPANY-who are carrying IL forward with
greater energy and persistence than was ever
shown in any sip,ilar work in ancient or modern
times-will bui'a, equip own and control the
Western Hah Of this Through Line. the most
prod uctlve, 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 confers 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 TN appro-
priation from the National credit OF Sixty NIL
LIONS in FER CENT. BONDS, delivered d 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 a small per csntage Of their net earn.
ings; they, therefore, consulate an element Of
great strength 70 the corporations.
The Act further authorizes them to issue an
equal amount of their own First Mortgage
Bonds of corresponding denominations, ichieh
shall be the first claim upon The Ch0Ie railroad prop
eTty, and 10 lohich the lien Of the Government SHAH
be subordinate, as means OF more readily secur.
ing the remaining half Of the capital for the con.
| struction; the equipuaQpts, &C, being provided
ont of the capital stock subscriptions and other
sources.
The great CENTRAL Pacific RAILROAD is there
| fore In an important sense, q SRSn NATIONAL
| WoRK aided and commended by the people, the
| Legislative power, and tho Executive officers,
though its management Is administered wth al
the cdy and forethoght Of s most eminent private
corporations. Being under the constant super
viGion of the Government-who being the prin'
! cipal creditor accepts subordinate and cOntin.
gent lien-with 80 large an amount of addition.
| al capital also invested In the property pledged
| it is believed that no securities now offered in
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 c0nverglug 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 steadiiJ and successfully carried the Main
Stem Line from the steamboat navigation Of the
Pacific TO the summit Of the Sierra Nevada, and
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 effected in 1870
amount almost 10 certainty.
The prominent feature in the progress of the
CENTRAL Pa IFIC RAILROAD Is the remarkably
large and profitable Local Business which Is de
veloped upon the completed portion, more thar
justifying the estimates of its professionalism
the immense traffic between the ports Of Cali
fornia and the mining regions of the int,I OF
would sustain q frst-class railroad line, even n
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 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 centere6 upon the CENTRAL ROAD, the gen
eral prosperity Of the company will be without
| parallel and its securities appreciated cOrrcs
pondingly. The CENTRAL Pacific RAILR9AD
COMPANY offer for sale theirFIkST MORTGAGE
! THIRTY YEAR SIX PER CENT. GOLD
BONDS and submit TO Investors the
following among other obvious considera-
lions; and invite the comparison with the merits
and eIcellencies Of any class OF Corporate &C.
eurities:
I. These Bonds are based upon 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 Their e
, from is remarkably large and profitable, Az
must constantly increase.
Ill The hardest part Of the road Is now
built and the remainder will be rapidly carrie
forward ever the Salt Lake Plains.
". The greatest part Of the means necessary
TO build the road il provided by the z. s. Gov
eminent upon a subordinate Hen.
V. The State and chief cities Of Califorui'
have contributed upward Of s3,OOOmO 20 tbs
enterprise without lien
! VI. The grant Of land il destined AZ an early
day 20 prove Of far greater market value than
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 bai
been in the highest degree prudent and frugal
and the whole surplus after payment Of eIpens'
and interest Ia devoted to construction purpo
ses
TX. The interest liabilities Of the eonpan'
q are even now less than third the net ear1iing
! upon the rad pledged.
X. Both Principal and IntSreH are pdydbk i
Gold under special provisions Of both Nations
and state enactment
The bonds are in sums Of 1900 each, wit
seml-aunual gold coupons attached, and are o
fered for sale At IS per cent Of their par valui
and accrued interest from Jan. !, Edaed, IN GU
Tency.
The back interest is charged At SIX per cen
in currency, though repaid In full Ia gold. 4
this time they yield nearly