The times. [volume] (Richmond, Va.) 1890-1903, 1890-06-07
4saAEaS Aso shonlKs.
G1SO 0OO CITY OF PORTS
'DIOU. OOO MOUTH, VA, PER
CE 3O-YEAR BONDS, DATED JANU-
AIRY 1sr 1890. INTEREST PAY BILE
JANUARY AND JULY.

SlOU. UUU M0uTH, VA, > PR
! CENT. 3O-YEAR BONDS, DATED JANU-
AIRY 1sr. 1890. INTEREST PAY BILE
JANUARY ANDJULf.
| We control and offer for sale. at par and
accrued interest. ana recommend 10 hives.
tors, the above described bonds. rescrying
! the right (Which VIII very PROBABLY hc eNcr-
cisedl toadyance tie price az any time with-
out notice.
Portsmouth IL . conservative and growing
city with a population of l2,COO, most adj
yauiagcCusly situated on Norfolk ilarbOr. Op-
posite the city OF Norfolk. VA.
N may nOW he considered practically the
outlet and ocean terminus OF three great rail-
road systems, lO-wll he Seab )ard Air Line,
the 4 Milan ic Coast Line. and the Richmond
and Danyllo, The TWO latter systems rcach-
ing the ocean over the Norfolk and Carolina
Railroad completed March, 1900. which
they jointly own, extending from IarnorO, y.
c.. 10 Portsmouth, distance OF about 100
miles.
Besides thee roads, great addition was
made 10 tire railroad facilities of the port by
the opening IN February, 1890, of The allan
tic and DanNille Railroad from Portsmouth
TO Danvilie, which road ~ now being extend
ed under the charter of another company into
the rapidly developing mineral region OF
southwest Virginia.
We take the following extracts from let
ter inst received from Mr.. James III. TOOmcr,
the chairman OF the Finance Committee OF
the Common Council Of Portsmouth. who.
I'm Ter date OF Aprl 2sth, 1880, writes Us
officially rs follows:
- .lhe opening OF the Atlantic and
Danyille 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 or any kind against
the city due and unTaid
The assessed valuation Of taxable property
for 1889 WAS about lODJ,OOo. The true Vol
uatiOn for that year WAS cOn.cryatlyely esti-
~ Of &
year. new and important railroad lines have
been opened and other advances i'm the
growth and pro petty Of the city have taken
place.
show a very material increase in values OF all
kinds.
The city tax rate Of Portsmouth Is 81 so, the
same as that of Norfolk.
The total bonded debt, including this issue
OF bonds, is Sj91 300, or about si5 per capita.
The per capita debt of Norfolk, for whose 5
per cent. bonds lOS has been bid, Is $50. The
bonded debt per capita OF Danviiie, Va,
city but little larger Than Portsmouth, and
whose 5 per ceGt bonds also command a pre-
MUM, H. S0s. At par and interest these
are decidedly the cheapest and most attrac-
tive high grade municipal bonds in the state.
The available assets Of the city are valued
at about S360. 900, including one-haif interest
in the Norfolk County Ferries, $4,000. and
public buildings valued at $4,000.
The legality and regularity OF this issue Of
bonds ms been examined Into ana approved
by our counsel, Messrs. White * Garrett,
leading lawyers OF Norfolk, Va.
We especially recommend these bonds 10
savings Institutions, ilducaries. aud others TO
whom absolute security is a greater object
than high rate of instant
The bonds are releemable after 1910 at par,
at the pleasure of the city.
THOMAS BRANCH & CO.
Bankers, Richmond, Va.
JOHN L. WILLIAMS q son.
May, 1890. Bankers, Richmond, Va.
A full report OF the affairs and finances OF
Portsmouth may be found on pages 81 and
50 OF John l.. Williams K Sons Manual of
InV.a fmenfs for Ism