The times. [volume] (Richmond, Va.) 1890-1903, 1890-05-21
BANKERS AND sBvKsE5
.ctsO ono CITY OF PORTS
cIOU.UUU MOUTH, VA, .. PEh
CENT. 3O-YEAR BONDS. DATED ,JA,N, =
AIRY 1sr. 1880. INTEREST PAY ABLE
JANUARY AND JULY.

I
JANUARY ANDJU
We control and offer for sale. 40 par and
accrued interest. ana recommend 10 lnNeS-
tors, the above described bonds fesefNiHs
| the right (which will very probably be eXei-
| ciscd) 10 advance the price AT any time VIM
out notice.
Portsmouth is n conservative and growinp
/ city. with population OF 10000. most ai-
vantageously situated on Norfolk ilarOor, op
pOsite the city of Norfolk, Va.
II may now be considered piacucally 'h'
outlet and ocean terminus Of three great itl -
road systems, to-wit: The Seaboard AIT Line.
| the Atlantic Coast Line, and the klchInoni
and DauVilic. the two latter systems IcttH-
| ing the ocean over the Norfolk ana taIull 20
| Railroad completed March, lo3Ol, Whicu
! they Jointly own, extending nom laruoro, y.
c. 10 Portsmouth, distance OF ABOUT lOu
miles
RESIDES these roads. q great addition was
made TO the railroad facilities of the port by
the opening in February. 1890. of the ATTAIN
tic and DanViile railroad from portsmouth
% DanVille which road is now being extend
ed under the charter of another company mo
the rapidly developing mineral region OF
southwest Virginia.
We take the following extracts from a let
ter lust received from Mr.. James IL. Ioomer,
the Common Council Of Portsmouth, who'
un Ter date Of April 18th, $500, writes Us
officially rs follows
'The opening Of the Atlantic and
Danyille Railroad has already done much lof
the city. and We are hoping for an increase
Of business in all lines. PORTSMOUTH
has never repudiated any OF her DEBTS, anu
to-day there is no claim Of amy klnd agains u
the city due and unpaid
me assessed valuation Of taxable property
for 1889 was about siOOOOOO. The true val
uatiOn for that year was cOnserFauNcly tsl-
mated at S6,OOO,OOO. Since the close Oh the
year. new and important railroad lines nave
been opened and other advances IN the
Growth and urO .peritV of the city have taken
place.
The assessment now being made should
show very material increase in values 81 all
kinds.
The city tax rate Of Portsmouth is 81 80, the
same as that OF Norfolk.
The total bonded debt. including this issue
Of bonds. is s59l 300, or about SO per capita.
The per capita debt Of Norfolk, for whose D
per cent. bonds los has been bid, Is $50. The
bonded debt per capita Of Danyille, Va, "a
city but little larger than Portsmouth, ana
whose per cent. bonds also command pre-
MUM, H. Sos. AT par ana interest these
are decidedly the cheapest and most attiac-
tive high grade municipal bonds In the state.
The available assets Of the city are valued
at about $3.50. 900, including One-half interest
in the Norfolk County Ferries, $4,000, and
public buildings valued nj $4,000.
The legality and regularity OF this issue OF
bonds mas been examined into and approved
by our counsel, Messrs. White Gainetl,
leading lawyers of Norfolk, Va.
We especially recommend these bonds 10
savings institutions, llduciaries, and Othsfs TO
whom absolute security is greater object
than a hIeh rate OF instant.
The bonds are redeemablc after 1910 al par,
al the pleasure Of the city.
THOMAS BRANCH & Co.
Bankers. Richmond, Va.
JOHN l.. WILLIAMS * son,
Nav. 1890 Bankers, Richmond, Va.
A full report OF the affairs and finances OF
Portsmouth may be found on pages 81 and
81 of John l.. W llliams x sons Manual OF
Investments for 1890.