The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-02-18
Central Pacific Railroad First
Mortgage Bonds.

Mortgage Bonds.
1t Is commonly known that the General Gov.
eminent, for wise purposes, has given its aid
MAIN THROUGH LINZ OF RAILROAD from the Pa
cifc Ocean across the Territories 10 connect
with the various Eastern Branshes OF the Pa.
cifc Railroad system, and which will fern the
GRAND TRUNK ROUTE to tho Far West
upon which the mighty trans-continental traffic
win concentrate.
The CENTRAL PACIFIC RAILROAD
| COMPANY-who are carrying IL forward with
greater energy and persistence than was ever
shown In any siRlilar work in ancient or modern
times-will buila, 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.
nent.
The Act of Congress confers 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 10 this line and an appro-
priation from the National credit SIXTY NIL
LIONS in PR 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 q course
of years by the Transportation services Of the
Roads and q 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, tchich
SHAH be the first claim upon the whole railroad prop
eTty, and 20 iChich the lien Of The Government shdA
be subordinate as q means of more readily secur-
ing the remaining half Of the capital for the con.
stTuctiOn; the equipments, &c, being provided
out of the capital stock subscriptions and other
sources
The great CENTRAL Pacific RAILROAD Is thero,
fore In an important sense, q SEMI-NATIONAL
WORK aided and commended by the people, the
Legislative power, aad the Executive officers,
though its management Is administered rltI az
he care and Jorethough QCtte most eminent pirate
corpoTdtionS Being under the constant super
yiBion of the Government-who, being tho prtn'
cipal creditor, accepts subordinate and contin.
gent lien-with 50 large 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 10 cont.
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 cOnvergng Branches be
! tween the Missouri River and tho base of the
Rocky Mountains have been built within three
years. The CENTRAL PACIFIC RAILROAD has
also steadiIy and successfully carried the Main
Stem Line from the steamboat navigation of tho
Pacific to tho summit of tho 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 tho Eastern lines being effected in 1870
amount almost to certainty.
The prominent feature in tho progress Of the
CENTRAL PA IFIC RAILROAD IL tho remarkably
large and profitable Local business which Is do
velOped upon the completed portion, more than
iustifying the estimates of its pToicCtOrs-that
the immense traffic between the ports Of Cali
fonia and the mining regions Of the inter OF
would sustain frst-Class railroad line, oven II
the overland connections were not built The
net profit upon operating tho 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, whom the entire
mountaip transit IA made by the locomotive.
With every extension Of the track, the business
and profits Of the completed part arc increased
so that when the overland through traffic shall
be- centered upon the CENTRAL ROAD, the gen
eral prosperity Of the company will be without
parallel, and its securities appreciated cores
pondingly. The CENTRAL Pacific RAILROAD
COMPANY offer for sale theirFIkST MORTGAGE
THIRTY YEAR SIX PER CENT. GOLD
BONDS, and submit 10 Investors the
following, among other obvious consiaera-
tons; and invite the comparison with the merits
and excellcncies Of any class Of Corporate So
curities;
J. These Bonds arc based upon tho 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 there.
from is remarkably large and profitable, and
must constantly increase.
Ill The hardest part of the road IL now
built, and the remainder will be rapidly carrie
forward over the Salt Lake Plains
". The greatest part Of the means necessary
TO build the road il provided by the I. >. Gov
eminent upon a subOr dinate Hen.
V. The State and chief cities Of CaliiorniS
have contributed upward Of SJ,OOO,OO 70 tho
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 frat mortgage bonds ssued
upon tho 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 has
been In the highest degree prudent and frugal
and the whole surplus after payment OF expense
and interest, IL devoted 70 construction purpS-
ses-
TX. The interest liabilities Of the company
are even now less than third the net earrings
upon the road pledged
K. Both Principal and TntSrest are payabk IN
Gold, under special provisions Of both SatiOnf
and State enactment.
The bonds are In sums Of 1900 each, with
semi-aunual gold coupons attached and are Of
fered for sale at 95 per cent. Of their par yaiue
and accrued interest from Jan. !, ADDED, In cur.
rency.
The back interest Is charged at siry cent
in currency, though repaid 10 full In ga. A
this time they yield nearly
NINE PER OEST. UPON THE INVEST
XEET.