The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-02-26
Central Pacific Railroad First
Mortgage Bonds.

I u
Mortgage Bonds.
| 1t Is commonly known that the General Gov.
ernment for wise purposes, has given its aid
| and encouragement to the construction of one
MAIN THROUGH LINE OF RAILROAD from the Pa
cihc Ocean across the Territories TO connect
with the various Eastern Branehes Of the Pa
cifc Railroad system, and which will form the
GRAND TRUNK ROUTE to the Far West
upon which the mighty trans-continental traffic
will concentrate.
The CENTRAL PACIFIC RAILROAD
C0MPANY-who are carrying 1t forward with
greater energy and persistence than was ever
shown in any sip'ilar work in ancient or modern
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
tories, gift of II 800 acres of the public lands
per mile contiguous to this line and an appro.
priation from the National credit of SIXTY MIL
LIONS in PER CENT. BONDS, delivered as the
work progresses; or half the estimated cost Of
the Through Limo and Branches. These Sub
sidy bonds the company may cancel in a course
Of years by the Transportation services of the
Roads, and small per centage 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
do Ofc inat I'll. IL
shall be the first claim upon the phole railroad prop
erty, and 10 IOhieh the lien Of the Government shan
be subordinate, as a means of moro readily secur.
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, q SESI-NATIoNAL
WORK, aided and commended by the people, the
Legislative power, and the Executive officers,
though its management is administered Nth al
the care and JoTethouJh Of the most eminent pirate
corporations. Being under the constant super
vision of the Government-who, being the prin'
cipal creditor, accepts q subordinate and 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 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
t,-sSk f-or, hnt. Airactions Nos-ly 1000 rs,ils.
of the Main 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 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, 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 |
CESTRAL PA IFTC RAILROAD Ia the remarkably |
large and profitable Local Business which ia de- |
veloped upon the completed portion, more than !
iustifying the estimates of its pTOieCtOrs-that !
the immense traffic between the ports Of Cali
fornia and the mining regions of the inter or
would sustain frst-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 be 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;
so that when the overland through traffic shall
be conferred upon the CENTRAL ROAD, the gen.
eTal prosperity OF Jn6 company Will DC WITHOUT
parallel, and its securities appreciated cores
pondingly. The CENTRAL PACIFIC RAILROAD
COMPANY offer for sale theirFIkST MORTGAGE
THIRTY-YEAR SIX PER CENT. GOLD
B ON IS, and submit to Investors the
following, among other obvious cOnsidera-
and excellencios Of any class of Corporate Sc
aurites:
J. 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 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 .. 5. Gov.
eminent upon a subordinate lien.
V. The State and chief cities Of California
have contributed upward OF S5,OOO'O"0 10 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 ponds 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.
VII The management of this company has
been in the highest degree prudent and frugal,
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 a third the net earnings
upon the road pledged.
x Both Principal and Interest are pdyG5k in
Gold, under special provisions Of b'Ith National
and State enactment.
The bonds are In sums Of $1,000 each, with
semiaunual gold coupons attached, and are OF.
fered for sale at 95 per cent. of their par value
and accrued interest from Jan. l, 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
NINE PER CENT. UPON THE INVEST.
AENT
These bonds bid fair to attain the most prom.
,ueut position among the n0n1Peculative in
vegtments OF the country, and viii be astively
Sealt in Al the msney -ceDtres in Europe.
Holders Of Government securities have an op-
portunity OF exchanging them for Central Pa
eifc Bonds bearing an equal rate Of interest
With the principal wen secured, and Of
REALIZING 4 PROFIT OF TEN TO FIJI
TEEN PER CENT IN ADDITION