The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-01-07
Central Pacific Railroad First
Mortgage Bonds.

1t is commonly known that the General Gov
eminent, for wise purposes, has given its aiS
and encouragement TO the construction Of on,
MAIN THROUGH LINE OF RAILROAD from the Pa
ciio Ocean across the Territories 70 connect
with the various Eastern branches Of the Pa
citic Railroad system, and which will form the
GRAND TRUNK ROUTE TO the Ear West,
upon which the mighty trans-continental traffic
viii concentrate.
The CENTRAL PACIFIC RAILROAD
C0MPANY-who are carrying il forward with
greater energy and persistence than was ever
shown il any siP,ilar work in ancient or modern
times-will buiIr, 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.
ritores, gift Of u 500 acres OF the public lands
per mile, contiguous to this line, and an appro.
priation from the National credit Of SIXTY MI.
LIONS in 6 PKR 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 csntage Of their net earn.
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, 'ohieh
shall be the first claim upon the Iohos railroad prop
erty, and 20 iehieh the lien Of The Government SHAH
be subordinate "a a means Of more readily secur.
ing the remaining half of the capital for the
struction; the equipments, &c, being provided
out of the capital stock subscriptions and other
sources.
The treat CENTRAL Pacific RAILROAD Is there.
fore in an important sense, n SEAnNATfoNAL
WORK aided and commended by the people, the
Legislative power, and the Executive ohcersl
though its management u. administered Ulus az
~ care aud JorethOug Of the most eminent pirate
corporations. Being under the constant super
yiaion of the Government-who, being the pTin-
cipal creditor, accepts subordinate ind contin.
gent lien-with 80 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 20 conf.
dence and market value except those of the
Government.
Under these iavoring auspices very gratifying
progress has been made in extending the milroad
track from both directions. Nearly 1000 miles
of the Main Line and converging Branches bo-
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
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 F1C RAILROAD Ia the remarkably
large and profitable Local Business which II de.
velOped upon the completed portion more than
iustifying the estimates Of its pIojectOrs-thnt
the immense traffic between the ports Of Cali
fOrnia and the mining regions Of the int,I or
would sustain a tirst-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 tar, reaches nearly two
millions in gold; and this ratio will he 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 arc increased;
40 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
The CENTRAL PACIFIC RAILROAD
CoMPASY offer for sale theirFIhST MORTGAGE
SIX PER CENT GOLD
and submit 10 Investors tho
following among other obvious cOnsdera.
tons; and invite the comparison with the merits
and excelleucies Of any class Of Corporate 80.
ourities:
I. These Bonds are based upon the most vital
and valuable part of the Grand National Pacific
Railroad, soon 10 become tho main channel Of
on the continent.
IL The local settlement and business there.
from is remarkably large and profitable, and
must constantly increase.
III. The hardest part Of the road Ii now
built and tho remainder will be rapidly carrie d
forward ever the Salt Lake Plains.
". The greatest part Of the means necessary
TO build the road Ia provided by the U. ). Gov.
erDment upon a subordinate lien.
V. The State and chief cities Of California
have contributed upward Of S3,0OJ,OD0 10 the
enterprise without lien.
VI. The grant Of land Is destined at an early
day 20 prove Of far greater market yaluo than
the total Of the first mortgage bonds issued
upon the road and equipments.
VII This road lies altogether among the gol d
and silver producing regions and IL revenues
are received IN coin.
VIII. The management Of this company has
bSen in the highest degree prudent and frugal,
and the whole surplus, after payment OF expense
and interest, is devoted TO construction purpo-
ses
TX. The interest liabilities Of the company
are even now less than q third the net earnings
upon the road pledged.
X. Both Principal and THterssi are pdyabb u
Gold, under special provisions Of both Nations
and State enactment.
The bonds arc in sums Of 5000 each, with
ssmi-sunud gold coupons attached. and are Of.
ferod for sale a. 95 per cent Of their par vsius,
and accrued interest from Jan. ], AIDED. In cur
rency.
The 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 TIE IgTBST
AEET
These bonds bid fair 10 attain the most p IN
inent position among the nonageedlatiye in
vestments Of the country. and vill b astTeU
dealt In At the msney-oeBtres In Europe.
Holders Of Government securities have az n
portunitJ Of exchanging them for Csntr1
cihe B0ads bearing an equal rate Of insei
with the principal vel secured- and Of