The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-28
A GOOD YEAR FOR
NEWPORT news
1t Has Stood the 1e Of a Sc
fious Shipyaro Strike.
REAL ESTATE VALUES FIRM
No important Failures for the Y ear
Industrial Investments Aggregating
100000 Were Secured Dur
ing the Past Year.
Especial Dispatch to The rimes.>


NEWPORT NEWS. VA, Dec. 27.-The
year 1902 did not altogether fulfill its
business promise in Newport News. There
were several reasons. prominent among
them being the Inevitable decline of ship
ping contingent upon the coal and grain
business. and the after effects of the
strike Of the machinists during the pre-
vious year at the shipyard.
The effects Of this shipyard strike were
felt far more severely after its close than
during its continuance. Owing to the
failure of the corn crop and the suspen-
sion OF coal shipments. the business OF
the port and. consequently, the business
of the merchants here. was seriously af
fected, but the depression was, Of course,
temporary and the close Of the year finds
the business of the city in q splendid con.
dition: better, perhaps than ever before.
Not only this. but there was never the
slightest decline in real estate values, nor
were there any important failures durios
the year.
The year was notable one. moreover.
IN one respect. it has been the best in
the history of the city. During the year
Industrial investments agEregating over
$500, coo were secured. These include .,
silk mill. shoe factory. a brewery and
a mantel and CRATE plant. to say nothing
Of several other minor plants.
AT THE SHlPYARD.
Apart from the above encoura sirg
facts. the shipyard has had more work on
tand than ever before and more than any
other yard in this country mas ever had
before at one time. There were two bat
t'eships, lncludingthat Of the battleship
Missouri. which went off the ways De-
cemher 2Sth last. The monitor Arkansas
wa completed and put into commission.
Work was started on the protected cruis-
er Charlston the battleships Virginia and
I.ouis.anan. for the Government, and on
the old steamer for the Saginaw Steel
Steamship Company. the Francis H.
Icggett lumber steamer and the Old Do
mlron stea mer Monroe. The two If NJ
!on Pacific Mall Liners Korea and Siberia
were turned over to thsir owners COM
pieted Considerable repair work was
cruiser Vineta, the steambsrs Sarah "
and Harry Luckenbach and the Morgan
Liner Ell Mar.
The company IS figuring on several new
contracts for the coming year. including
one OF the armored cruisers to be award
ed in January. During the next twelve
months the following vessels will b~
launched In probably this order: steamer
Francis H Leggett. armored cruiser
West Virginia. arnored cruiser Mary
lard. protected cruiser Charleston. oil
steamer (unnamed). battlesh!p Virginia.
These six Vessels repre sent contract
cost Of about SIS 900. The total amount
OF work under contract at the yard is in
the ne!ghborhood Of s25.N)0.crO. During
the year costly improvements have besn
made. including the building Of new Off
tos and additions to the machine and
io'ner shops. A new Ealvanizing plant is
now under construction.
ANOTHER BANK.
During the year. the Jefferson Avenue
Bank was established, making the ce.
entsl In city with a population of about
twenty-five thousand peorle: about two
miles Of improved pavement was lid
work on costly new Bant,st Church
was started. many handsome new -cs'
dences and store buildings were COM
pleted the sewer system was eStenSed
q new electric lire was built trave's n"
many streets Of the city ard connecti 6
with Hamilton and Old Point. and num-
erous other notable improvements wee
made or started.
The coming year. speaking co-serva-
lively. should be by far the les. IN the
city's history. The sFin-yard VIII con-
tinue TO increase It's force until ma~i-
mum : of about nine thousand men e
reached. the new five hEndreH-thOI'S ga NJ
dollar brewery will! Re put into or~r1-
ton. the silk mill will be built ard will
begin operations with over two hundred
employees tie shoe factory VIII bog'n
work with about one hundred en1-lovnS,
the mantel and CRATE factory will sal
with about sixty and increase the fer G
as ra,'d,v as POSSIBLE. one or more Ia re
canning factories will he built. ard. be-
vond doubt several important rev In
dustrial plants will be secured. IN sew
oval instances. indeed negotiations In
this direction are ALMOST closed. Thee
things moan a considerable increase II
the population Of the city and CORE
spending icnreasa In business.