The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-29

Central Pacific Railroad First
Mortgage Bonds.
1t is commonly known that the General Gov:
ernmOut for wise purposes, has given It's ALL
and encouragement TO the construction OF one
MAIN THROUGH LINE OF RAILROAD IRON the IA
cific Ocean across the Territories 70 connect
with the various Eastern branshes OF the "a
citic Railroad system and when wiz ior Wl INC
! GRAND TRUNK ROUTE to the Far West,
upon which the mighty trans'continentai tramc
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 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
l nent.
The Act Of Congress confers upon the COrPo-
rations besides the right Of way across the Ter
ritOries gift of IL SOO acres OF the public lands
per mile, contiguous to this line, ana sn appIo'
priation from the National credit OF Sixty MIL
! LIONS in 6 FER 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 wears by the Transportation services oil the
Roads, and small per centage Of their net earr
| ings; they therefore, constitute an element OF
great strength TO the corporations.
! The Act further authorizes them to issue an
| equal amount of their own First Mortgage
Bonds of corresponding denominations, ichlch
shall be the first claim upon the tphoFe Taurodd prop
| erin and 10 trtieh the lien Of the Government shat
| be subordinate as a means OF more readily secur
ing the remaining half of the capital Tor 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 SEMINAIloNAL
WORK aided and commended by the people, the
! Legislative power, and the Executive officers,
though its management Ia administered uth az
the care aud orethoght Of the most eminent pirate
corporations. Being under the constant super
! vision Of the Government-whO, being TIE pm
cipal creditor accepts subordinate ana contlh'
| gent lien-with so large an amount oil ADDITION
nj capital also invested in the property pledged
il is believed that no securities now offered in
the market possess the sane claims to conf
dencc and market value, except those OF the
Government.
Under these favoring auspices very gratifying
| progress hasbeen 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
Rocky Mountains have been built within three
wears The CENTRAL Pacific RAILROAD has
| all ata ly md carried
Stem Line from the steamboat navigation OF the
Pacific 10 the summit of the Sierra Nevada and
! 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 tho 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 IA do
velOped upon the completed portion more than
! ustifying the estimates OF its pIojectors-that
! the immense traffic between the ports Of Cali
| fornia and the mining regions of the int or
would sustain hrst-clas5 railroad line, even II
! 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
mountain transit Is made by the locomotive.
With every extension of the track, the business
and profits of the completed part are increasedi
40 that when the overland through traffic shall
be conferred upon the CENTRAL ROAD, the gen
eral prosperity of the company will be without
parallel, aud its securities appreciated cores
! pondingly. The CENTRAL PACIFIC RAILROAD
| COMPANY offer for sale theirFItLST MORTGAGE
! THIRTY.YEAR SIX PER CENT. GOLD
b q S, and submit to Investors TIE
following, among other obvious cOnsdera-
tiOns; and invite the comparison with the merits
/ and eNrrllenCits of any class of Corporate &C.
curities:
( ]. These Bonds are based upon the most vital
! and valuable part of the Grand National Pacific
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 the road Ia 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 by the Z. 5. Gov
eminent upon q subordinate lien.
have contributed upward Of s. 0OO,0OO 10 the
enterprise without lien.
VI. The grant Of land Is destined at an early
day to 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 silyerproducing regions, and its revenues
are received in coin
VIII. The management Of this company has
been in the highest degree prudent and frugal,
and interest, ia devoted TO construction purpo-
ses.
TX. The interest liabilities OF the company
| are even now less than a third the net earnings
upUn the road pledged.
X. Both Principal and IntSrsA 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 value
and accrued interest from Jan. I, ADDED, in cur
repcy.
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. UPOY TIE INVEST.
NEWT
These bonds bid fair t. attain the most prom
/ inent position among the nOn-sRecnlatiVe in
vestments Of the country, and VIII be astively
| dealt in at the money -eentTes in Europe
! Holdsra OF Government securities have an Op-
/ pOrtunity OF exchanging them for Central Pa