The times. [volume] (Richmond, Va.) 1890-1903, 1890-06-14

|lDO. OUO NdirTH, Va, rTH
CFNT. 30-YEAR BONDS, DATED JAM .
AIRY lsr. 1890. INTEREST PAYABLE
JANUARY ANDJuLN.
We control and offer for sale. 100 par and
accrued interest. and recommend % inNes-
tors, the above described bonds, resefNlhs
the right (Which III very probably he eNti-
cised 10 advance the price at any time WIN
out notice.
Portsmouth is % conservative and growing
city. with population of l2,'Op. most nd-
yartageousiv situated on NoriplK lltibor' OPP
posife the city OF Norl0lk, Va.
% may noW Doe considered practically The
outlet and ocean terminus oi three great RAJ
road systems, iO-wit The Scab)1ld Ar Line,
the 4 flnn ic Coast Line. and ine Richmond
and pauylic, the two latter systems reach
ing the ocean over fho roffoik and Caroliua
Railroad c0mplcted March, lNyp'. Whlcn
they Jointly own, extending ltom IafboiO, y.
e.. TO Portsmouth, a. distance OF about 100
miles.
besides these roads. n great addition was
made To- the uiirCad facilities Of the port hy
the opening I'D February, 1880, Of ihe tan
tic and DauNille railroad nom portsmouth
t. Uanvlle, which road Is now being extend
cd under the charter 0f another company INTO
the rapidly developing mineral region OF
southwest virginia.
We talle the following extracts from let
ter lust received from Mr.. James II. IOomci,
Tie chairman OF the Finance Committee Oh
the Common Council OF Portsmouth,, who,
I'm Ter date OF April 25th, $500, writes as
officially as follows:
s.ihe opening OF the Atlantic and
nanyille Railroad has already done much Tor
tine city. and We are hoping for AN Increase
Of business iu an lines. foftsiuoutn
has never rcpudiatcd any OF her debts. and
to-day there is no claim OF any kind against
the city due and unpaid
The aSse ssrd valuation OF taxable property
for 1850 was about s. 100000. The true vel
uation for mat year was cOn-ervatlNely esii-
mated at $500 900. Since the close OF The
year, new and important railroad lines nave
been opened aud other advances IN the
growth and pro perity OF the city have taken
place.
me assessment now being made should
show very material increase inYalues ORAL
kinds.
The city tex rate OF Portsmouth Is sl.SO, TIC
same as that Oi Norfolk.
the total bonded debt including this issue
of bonds, is so0l 300, or about ID per capita.
The per capita debt OF Noriolk, for whose
per cent. bonds lOS has been bid, Is So. The
bonded debt per capita OF Danyille, Va, a
city but little larger than Portsmouth, and
whose D per cent bonds also command pee
MUM. II ,tiS. AZ par and interest these
are oeeiicdly the cheapest and most attrac-
tive high grade municipal bonds ia the State.
The available assets Of the city are valued
al about $500 OOO nclu1ing onc-haii interest
IA the Norfolk County Ferries, sliO,COO, and
public buildings valued m $4,000.
The legality AND regularity Of this issue Of
bonds has been examined into and approved
Oy cur counsel, MessrS Whltc GufncN,
leading law Els OF Norfolk, Va
We especially recommend these bonds 10
saving Institutions fiduciarics, and Others TO
whom absolute security is greater object
than hlgh rate Of instant.
The bonds are reteemahle after 1910 at par,
u the pleasure OF The city.
THOMAS BRANCH & co.
Bankers. Richmond, Va.
JOHN l.. WILLIAMS 4 son.
Nay, 1890. Bankers, Richmond, Va.
A fun report Of tile affairs and finances Of
Portsmouth may be found Oh pages 81 ana
50 Of John l.. Williams * sons Manual OF
lnVcs tmeuts for 1890.