The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-03-02
Central Pacific Railroad First
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
MIN THROUGH LINE OF RAILROAD from the Pa
cifc Ocean across the Territories 70 connect
with the various Eastern Branches 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
COMPANY-who are carrying it forward with
greater energy and persistence than was ever
shown In any sip'ilar work in ancient or modern
times-will buiiu, 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-
eThe Act Of Congress confers upon the Corpo-
rations besides the right of way across the Ter
ritories gift Of IL 500 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 Line and Branches. These Sub
sidy bonds the company may cancel in O course
Of years by the Transportation services of the
Roads and small per csntags of their net earn
ings; they, therefore, constitute an element of
great strength TO the corporations.
Tho Act further authorizes them TO issue an
equal amount Of their own First Mortgage
Bonds Of corresponding denominations, Uhich
shall be the first claim upon the tChole railroad prop
erty and 10 tohieh the lien Of the Government shall
be subordinate, rs q means OF more 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
foro In an important sense, a SEMI-NATIoNAL
WORK, aided and commended by the people, the
Legislative power, and the Executive officers,
though its management is administered Nth al
the and Jorethotght Of The most eminent private
corporations. Being under the constant super
vision Of the Government-who, being the prin' |
cipal creditor acceptsa 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
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 |
also stsadlIy 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 elected in 1870
amount almost to certainty.
The prominent feature in the progress Of the
large and profitable Local Business which il do |
velOped upon the completed portion, more than
ustitying the estimates Of its pfUlectOrs-that !
the Immense traffic between the purts OF Cali |
tornia and the mining regions of the int, or !
would sustain hTst-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;
80 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 theirFIhST MORTGAGE
THIRTY.YEAR SIX PER CENT. GOLD
BIO N D s, and submit to Investors the
following among other obvious 'consiaera-
tons; and invite the comparison with the merits
and excellencies of any class of Corporate Sc
Gurities:
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 over the Salt Lake Plains
". The greatest part of the means necessary
to build the road is provided by the U. >. Gov
eminent upon a subordinate Lien.
V. The State and chief cities of California
have contributed upward OF SJ,OOOOOO 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 bonds issued
upon the 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, is devoted to construction purpe
ses
*. The interest liabilities Of the company
are even now less than third the net earnings
upon the road pledged.
x. Both Principal and Intersst are payable IN
Gold, under special provisions Of both National
and State enactment.
The bonds are In sums OF $1,000 each, with
semi-aunual gold coupons attached, and are Of.
fered for sale at a5 per cent OF their par value,
and accrued interest from Jan. l. added, In cur
rency.
The back interest Is charged at sixy cent
in currency, though repaid In full In gid. A
this time they yield nearly
NINE PER CENT. UPON THE INVEST.
MR5T