The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-12-25

Central Pacific Railroad First
Mortgage Bonds.
It Ia commonly known that the General Gov.
ernmOnt for wise purposes, has given its ald
and announcement to the construction OF one
MAIN THROUGH LINE OF RAILROAD nom tne ~
with the various Eastern branshes Of the IA
cific Railroad system, and which will form the
GRAND TRUNK ROUTE to the Far West,
upon which the mighty trans-continental trafhe
will concentrate.
The CENTRAL PACIFIC RAILROAD
are carrying it forward with
greater energy and persistence than was ever
shown In any sip,ilar work in ancient or modern
times-will buiIn, 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 conti-
nent.
The Act of Congress confers upon the Corpo-
rations, besides the right Of way across tho Ter
ritories, gift Of IL 500 acres OF the public lands
per mile, contiguous 70 thus line ana 10 an SPRr1-
LIONS in PER CENT. BONDS, delivered AZ the
work progresses; or half the estimated cost OF
the Through Limo and Branches These Sub
sidy bonds the company may cancel In course
of years BY the Transportation services OF the
Roads. md small per centage OF their net earn.
ings hey, therefore, constitute an element Of
great strength TO tho corporations. 100
The Act further authorizes them to issue an
canal amount of their own First Mortgage
Bonds of corresponding denominations, tchich
shall be the first claim upon the tohote railroad prop
erty, and 20 tohieh the lien Of ne Government sAda
be subordinate, as means Of more readily secur.
ing the remaining half Of the capital for the con.
struction; the equipments, 60, being provided
out of the capital stock subscriptions and other
sources.
The great CENTRAL PACIFIC RAILROAD Is there
fore, In An important sense, SESn-NATIoAAL
Work, aided and commended by the people, the
Legislative power, and the Executive officers,
though its management is administered pith al
the care aud JoretRough Of the most eminent pirate
corporations. Being under the constant super
vision of the Government-who, being the prin'
cipal creditor accepts subordinate and contin-
gent lien-with so largo 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 to conn.
dence and market value except those OF the
Government.
Under these favoring auspices very gratifying
progress has been made in extending the pailIlad
trtfie IMAM Line and converging 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
~
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 to 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 than
iustifying the estimates Of its pIojectors-that
the immense traffic between the ports Of Cali.
fOrnia and the mining regions Of the inter OF
would sustain first-class railroad lima. 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 tho 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 centered upon the CENTRAL ROAD, tho gen
eral prosperity of the company will be without
parallel, and its securities appreciated CORES
pondingly The CENTRAL PACIFIC RAILROAD
COMPANY offer for sale theirFIRST MORTGAGE
THIRTY-YEAR SIX PER CENT. GOLD
BONDS, and submit to Investors the
following, among other obvious considera-
tons; and invite the comparison with themeIits
and excellencies Of any class Of Corporate sc.
eurities
/. 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.
from is remarkably large and profitable, and
must constantly increase.
built and the remainder will be rapidly carrie
forward ever the Salt Lake Plains.
". The greatest part Of the meana necessary
to build the road Is provided by the U. $. Gov.
eminent upon a subordinate lien.
v. The State and chief cities Of California
have contributed upward Of 100000 TO the
enterprise without lien.
vi. The grant Of land is destined at an early
day to 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 gol
and silver.producing regions, apd Its revenues
are received in coin.
e VIII. The management Of thlsscompany has
been in the highest degree prudent and frugal
and the whole surplus Atsr payment OF expense
and interest, Is devoted to construction purpe-
ses.
TX. The interest liabilities Of the company
are even now less than third the net earnings
upon the road pledged.
X. Both Principal and IatsreN are paydbk u
Gold under special provisions Of both NatiOnA
and State enactment.
The bonds arc in sums Of siOOo each, with
semi-annual gold coupons attached, and are Of.
fered for sale at IS per cent. Of their par vsus,
and accrued interest from Jan. ], ADDED, In cur.
rency.
TBe back interest Is charged at SKIP cent
in currency, though repaid In full in gid. A
this time they yield nearly
NINE PER CENT. UPON THE INVEST
NEET
These bonds bid fair . attain the most prom
inent position among the nonsPeculative IN
Of the country, and viii DO astiyely
dealt in at the msney-ceDtres in Europe.
Holders Of Government securities have an op-
portunity Of exchanging them for Central Pa
cihc Bonds bearing an equal rate Of interest
with the principal well secured, and Of
4 PROFIT or TEN TO ZIP