The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-05-14
Central Pacific Railroad First
Mortgage Bonds.


Mortgage Bonds.
It is commonly known that tho General Gov;
ernmsnt, for wise purposes mas GvSn ne aiu
and encouragement to the construction OF one
MAIN THROUGH LINE OF RAILROAD from the Pa
ciac Ocean across the Territories 70 connect
with the various Eastern Branches of the Pa.
cifc Railroad system, and which viii form the
GRAND TRUNK ROUTE TO the Far West,
upon which the mighty trans'continental traffic
will concentrate.
The CENTRAL PACIFIC RAILROAD
are carrying it forward with
greater energy and persistence than was ever
shown IN any siUilar work in ancient OF modern
times-will bui!u, 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 possessing
the richest franchise ever granted On this CONT
nent.
The Act of Congress eonfers upon the Corpo-
rations, besides the right of way across the Ter.
ritories gift of IL, $40 acres Of the public lands
per mile, contiguous ts this line, and an apprO.
LIONS in6 PER 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 a small per centage Of their net earn.
ings; they, therefore, constitute an element Of
great strength to the corporations.
The act further authorizes them 10 issue an
equal amount of their own First Mortgage
Bonds of corresponding denominations, IUhich
shall be the first claim upon The l0hOLe railroad prop
erty and 10 Which The lien Of The Government shaa
be subordinate, as a means of more readily secuT.
ing the remaining half of the capital for 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, SENI.NATI0NAL
WORK, aided and commended by the people, the
Legislative power, and the Executive officers,
though its management is administered totth al
the care and oretROtLght Of The most eminent private
corporations. Being under the constant super
yision of the Government-whO, being the prin'
cipal creditor, accepts subordinaJe and contin'
gent lien-with so large an amount of addition
al capital also invested in the property pledged,
it is believed that no securities now offered in
the market possess the same claims to conf.
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 cOnyerging Branches DO
tween the Missouri River and the base Of the
Rocky Mountains have been built within three
years. The CENTRAL PACIFIC RAILROAD has
also steadlIy 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 tho 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 tho remarkably
large and profitable Local Business which il de.
veloped upon the completed portion, more than
iustifying the estimates of its projectOrs-that
the immense traffic between the ports of Cali.
fornia and the mining regions of the inter or
would sustain trst-Class railroad line, even II
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 DO 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;
80 that when the overland through traffic shall
be conferred 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 theirFlkST MORTGAGE
THIRTY.YEAR SIX PER CENT. GOLD
BONDS and submit to Investors the
following, among other obvious cOnsidera-
tions; and invite the comparison with the merits
and eIcellencies of any class Of Corporate Sc
surites:
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 there.
from Is remarkably large and profitable, and
must constantly increase.
III. The hardest part Of the road is now
built, and the remainder will be rapidly carrie d
forward ever the Salt Lake Plains.
". The greatest part Of the means necessary
to build the road is provided by the U. 5. Gov.
eminent upon a subordinate lien.
V. The State and chief cities Of California
have contributed upward Of g 900 900 20 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 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 frugai
and the whole surplus, after 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 Interest are payable in
Gold, under special provisions OF both National
and State enactment
The bends are in sums Of tIesO each, with
sem annual gold coupons attached and are Of.
fered for sale at % per cent Of their par value,
and accraed interest from Jan. /, added, in cur.
rency.
The back interest is charged at six, cent
in currency, though repaid in full IN gid. A
this time they yield nearly
ELyE PEE CEEf. UPOH The INVEST.
MEXT
These bonds bid fair 10 attain the most prom
inent position among the bOn-speculative in
vestmeuts Of the country, and viii Do aEavelv
dealt in at the msney-centres In Europe.