The day book. [volume] (Norfolk, Va.) 1857-1867, 1858-02-19
ls~ Circulation equal to all the
other City dailies combined.
City Finances and CITY stock,

ure, and the question has frequently been
asked, why should this be the case? We
propose briefly to give our views thereon,
promising that,in all the figures we make use
Of, we "speak by the card" A prominent
reason why the stock for the last year or two
has been so deprecated, is the fact that the
Norfolk and Petersburg Rail Road, (the city
subscription of $500, 900, to which was made
in Scrip and many OF the contractors who
IN th~ir turn, were paid in this scrip, being
compelled to realize, threw large quantities
uron the market; and in many cases torce9
sales ct whatever figure could be Obtained
To this may be added the general prostration
of all Stocks caused by the late panic. and, in
addition to this, the grumLiing of the enciem
end honorable corps Of CroaL'ers, with which
our city has for so long been infested, and
who, in the last quarter Of a century, have
been predicting the utter ruin Of the com
munity, until they have almost convinced
themselves that they are badly treated be-
cause some earthquake does not come at their
bidding and swallow-up the town-Markct
House and all; OF some food don't wash it
away. Poor old Grannies! little do they
think that their ''reign of terror" has passed
and that instead Of being venerated for their
owl like gravity, they are fast becoming OBJ
jects Of ridicule and dersion-and, like she
bird which so apty represents them amongst
.feGtherc3 bipedS, must soon seek a shelter, in
some lonely forest or ruin.
But the great reason is that our people
will not take the trouble to investigate the
matter for themselves. Were they to do so,
our Stock would be eagerly sought after as
the very best investment far better than the
Stock of this State, because it is equally Sc
cure, and subject, furthermore, to only one
half the taxation, which in this age of mucts,
egal and illegal, is an item well worth count
ing.
Many persons imagine that the City is in
etrievably in debt, and some wiseacres have
even limited at repudiation-a thing which,
by the way, should never be mentioned by
Yirginian, except to condemn it. What is
the true state of the case? The whole debt
Of the City, Registered Stock, Coupons,
Notes due the various Banks, and Notes and
open accounts due individuals, is less than a
million and a quarter Of dollars, while the
value Of taxable property exceeds ten millions
Of doloy&. Does that look like hopeless
bankruptcy, OF suggest reputation? Do
our merchants and our Banks act as though
they SO considered it, in their transactions
Would they be afraid to credit an individual
or firm whose assets amounted te 100000,
while his liabilities only reached the sum of
Twelve Thousand Dollars? the idea is per-
fectly preposterous--and yet this is the rea-
tive position Of things, as applying to the
CITY. Dut, in addition to this, the City is
interested i'll various Rail Road Stocks to the
amount Of seren Aundred thousand dollars-a
part Of which have been paying a six per
cent dividend for years; another (the Sea
boayd and Roanoke) will, we are informed, !
pay seven per cent upon the last years earn
ings, and probably ten per cent pext year,
and we have no doubt that, in few years, |
all Of Our Rail Notwithstanding the Norfolk |,
and Petersburg-wili be paying regular
dividend. Should this be the case, and we |
firmly believe thai it viii, the amount re
ceiyed from these dividends, will p9y coasia-
eroJiy more Mou haIf the Interest Of tic a1o7e
Of ORR City debt.
In Addition to these Stocks, the city owns
real estate to the amount OF at least Two
lluQdred Thousand Dollars, besides personal
property 10 a considerable amount, SO
much, then, for the sovency of the Stock
But some have said ''we admit the city is
aoundantly able to pay al ito claims, and Is
bound in honor so to do, but we doubt wheth-
or or not, she is ie9ally so," Now, we do not
like to judge harshly of any ones motives,
but We cannot for a moment think that apy
person seriously entcrtains such notion, and !
cannot help thinking-as large shareholder |,
recently said-that "such persons have some
private end to scrve," and that this end is to
Brighten timid Stockholders, so that they n,uy
Bug lie ,Stoch at their ocn price. So ridicu-
lous does this seem that we would not men
ton ii seriously were we not cognizant of the
fact that an intelligent gentleman, a stock
holder to very large amount, has been re-
Gently induced by such reports to employ le-
Gal counsel to investigate the matter; and
was assured that 'all and every requirement
Of the Act of the General Assembly author
ling the issue Of Stool, lad been to the letter
fulfilled" 1t is a great pity, by the way,
that the author Of report calculated to do
so much harm, by impeaching the value of
stock in which many persons have their all
invested, cannot be found out, Much as we
are opposed to ,.0dge Lynch, as general