The times. [volume] (Richmond, Va.) 1890-1903, 1890-06-05
pAHzBRs AND ARoAHRa
GtSO OOO CITY OF PORTS
DlcVsVUO MOUTH. VA, PER
CT II. 3O-YEAR BONDS, DATED JANU-
AIRY lsr. 1890. INTEREST PAY ABLE
JANUARY AND JULY.

AIRY Isr. 1890. INTEREST PAYABLE
JANUARY AND JULY.
We control ana Offer for sale. at par and
accrued interest, ana recommend 10 inycs-
tors. the above described bonds. reserying
The right (Which will very pr0nably be exer-
cl-ed) to advance the price al any time With
out notice.
Portsmouth is q conservative and growing
city with population Of 1900. most adj
yantaCeOugly situated on Norfolk HarbOr, op-
poslte the city Of Norfolk. Va.
70 may now be considered practically the
outlet and ocean terminus of three great rail-
road systems, io-wit: The SeabDard Air Line,
the Allan ic Coast Line. and the Richmond
and Danyilio. the two latter systems rench-
| ing the ocean over the NOrfOlk ana Carolina
| Railroad completed March, $500. which
| they Jointly own, extending nom larooro, y.
c. 10 Portsmouth, distance OF about 100
miles.
! Resides these roads. q great addition was
made to the railroad facilities OF tine pori by
| the opening i'm February, 1890, of The attain
| tic and DanVillo railroad nom portsmouth
! O. Danville. which road is now being extend
| ed under the charter of another company into
the rapidly developing mineral region OF
| southwest Virginia.
We iake the following extracts from let
! ter just received from MI. James II. loomef,
| tho chairman OF the Finance committee or
| the Common Council Of Portsmouth, VINO.
un Ter date Of April 2Sth. $780, writes us
| officially rs follows:
| "lhc opening OF inc AtaIlf anu
| lanville Railroad has already done much for
the city. and we are hoping for an increase
| Of business i'm all lines. Portsmouth,
has never repudiated any OF her debts. and
to-day there is no claim OF any kind against
| the city due and unpaid
| The asscssed valuation of taxable property
for 1889 WAS about si.OOO.OOO. The true val
| uatiOn for that year was cOn-crNatNeiN esl-
mated at s6oODoOO since the close OF we
year, new and important railroad lines nave
! been opened and other advances IN the
growth and pro perity of the city nave taken
place.
the assessment now being made should
show very material increase inValues OF al
| kinds.
The city tax rate OF Portsmouth is $50, the
same As that OF Norfolk.
| The total bonded debt, including this Issue
| OF bonds is SJ9f 300, or about 10 per capita.
| The per capita debt of Norfolk, for whose D
| per cent. bonds 1OS has been bid, is So. The
; bonded debt per capita Of pnNlue, va, q
/ city but little larger tnau Portsmouth, ana
| whose 3 per cent. bonds also cOinNnl pre-
miUm, il sGs. At par and interest these
| are oeci eddy the cheapest ana most attrAc-
| tive high grade municipal bonds nm the STATE:
| The available assets Of the city ate valued
| 40 about $3.50 coo, including One-hait interest
! IN The Norfolk County Ferries, $4,000, and
public buildings valued at $4,000.
| The legality and regularity OF THIS issue az
! bonds ms been examined into ana approved
| by our counsel, Messrs. White & Gatneti,
| leading LAWYERS Of Norfolk, Va.
/ We especially recommend these bonds 90
saving institutions, fducarics, and others %
| whom absolute security Is greater OBJECT
| than a hlph rate OF instant
The bonds are redccmable ait 1910 AT par,
AT the pleasure OF the city.
THOMAS BRANCH Il co,
Bankers. Richmond, Va.
JOHN L. WILLIAMS q son,
May, 1890. Bankers, kcnmond' va.
A full report of the affairs and finances Of
/ Portsmouth may be found ON pages 81 and
| 50 of John l.. W iliiams & sons Manual Of
| live. tmcnts for 1890