The times. [volume] (Richmond, Va.) 1890-1903, 1890-05-30
BANKERS AND BROKERS.
ctSO OOO CITY OF PORTS
SlCU.VUV MOUTH, VA. 3 PER
CENT. 3O,YEAR BONDS, DATED IANu-
AIRY ISL. 1890 INTEREST PAYABLE
JANUARY AND JULY.

We control and offer for sale. at par and
accrued interest anB recommend to inves-
tors, the above described bonds, resefviDg
the right (Which Will very probably be exer-
csed) 10 advance the price az any time With
out notice.
Portsmouth is conservative and growing
city. with population of 12,O0n, most adj
yantageOusly situated on Norfolk iiarbor, OPP
poslte the city OF Norfolk, Va.
II may now be considered practically the
outlet ana ocean terminus of three great rai'-
road systems, to- wit he Scaboard Air Line,
the Atlantic Coast Line. and the Richmond
and Danylle. the two latter systems reach
ing the ocean over the Norfolk aud Carolina
railroad completed March, 1890. which
they Jointly own, extending IRON TarbOro, ".
9. 10 Portsmouth, distance OF about 100
miles.
prsldes thee roads a great addition was
made 10 the railroad facilities OF the port by
the opening in February, 1890, Of The allan
tic and DanVille Iailroad from Portsmouth
10 Danville. which road II now being eAtend-
ed under the charter OF another company into
the rapidly developing mineral region of
southwest Virginia.
We lake the following extracts from let
ter Just received from Mr.. James III. Ioomer,
the chairman OF the Finance Committee Of
the Common Council Of Portsmouth, who.
un Ter date OF April 2Sth. 1890, writes us
officially as follows:
1.-The opening or the Atlantic and
panyille Railroad has already done much for
~ tnsiness In 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 assessed valuation OF taxable property
for 1889 was about cf.OOO,Oo0. The true vsl-
uatlon for that year was con,eryaiiveiy esfi-
MA ted at S0yOcDOOO. since the close OF the
year, new aud important railroad lines have
been opened and other advances In the
growth and pro peIity of the city have taken
place.
show a very material increase In values OF ell
kinds. .
The city tax rate OF Portsmouth is 81 80. tho
same ms that OF Norfolk.
The total bonded debt, including this issue
OF bonds, Is s50l 100, or about si5 per capita.
The per capita debt Of Norfolk. for whose B
per cent. bonds lOs has been bid, IN 49,. The
bonded debt per capita OF D3Dyille, Va.
city but little larger than Portsmouth, and
whose per cent. bonds also command pre-
mium II SSs. At par and interest these
are decidedly the cheapest and most attfacs
tive high grade municipal bonds In The state:
The available assets Of the city are valued
at about s31O.OOO. incluring one-half interest
| in the Norfolk County Ferries, $1,000. and
public buildings valued at $4,000
The legality and regularity OF this Issue %
bonds has been examined into and approved
by our counsel Messrs. White & Oarnet's
leading LAWYERS of Norfolk. Va
! We especially recommend these bonds 70
| savings institutions, fiduc,aries, AMI others 10
Than a high rate Of instant.
The bonds are redeemable after 1910 IT par,
at the pleasure Of the city.
THOMAS BRANCH & CO..
Bankers. Richmond. Va.
JOHN l.. WILLIAMS a Sun,
| May, 1890. Bankers, Richmond. Va.
A full report OF the affairs aud finances Of
Portsmouth may be found ON page, ~ and
81 Of John l.. W illiams & Sons Manual Of
/ Investments for 1880.