FINANCIAL CONDITION OF THE CITY.
The financial condition of Fredericksburg is good, and her credit is undoubted. It is true that the debt of the city is large, but for every bond issued there is something substantial standing for it, except nearly $120,000 of ante-bellum bonds, issued by our forefathers in an honest and earnest endeavor to secure for our people improvements of a permanent and profitable character. But the improvements proved worthless to the town. Those who voted for them have passed over the river of death, leaving this indebtedness as a legacy to their descendants, and we take great pleasure in providing for it. The other bonds were issued for improvements the town needed and was compelled to have. They are all in use at present, successfully operated, and are valued far in advance of the price paid for them by the city, and it is only a question of private or corporation ownership, as to whether it was a wise policy for the city to erect and operate them. The City Council thinks it acted for the best interests of the town and the people back it up in that opinion. Nearly all of the bonds issued by the city bear four per cent., were sold at or above par and purchased mostly by our own citizens. This, it would appear, is a strong indication that our financial affairs are in a satisfactory condition.
PRESENT COMMERCIAL CONDITION.
The commercial prosperity of the town is probably far in advance of what it ever was before. We have now about one hundred and fifteen wholesale and retail stores, each one doing a thriving business. In these stores the customer will be able to find any article of merchandise he may need and at as low price as he could find it in the larger cities. In the last few years there has been a spirit of improvement in business houses, and at present there are to be found store-houses that would be a credit to a city of larger pretentions. So changed is the business portion of Main street by reason of this enlargement and ornamentation that citizens of the town have often had to inquire for the places they wished to visit. In addition to this, our manufactures have increased and are still increasing, and in them hundreds of persons find employment at living wages. Among the manufacturing institutions may be mentioned two large flouring mills, one woolen mill, one pants factory, one silk mill, two sumac mills, three excelsior mills, one mattress factory, two pickle factories, one canning factory, one shoe factory, one shirt factory, one spoke factory and six repair shops. The assessed taxable value of property in town is, personal property $703,782, real estate $1,676,133, making a total of $2,379,915. Besides this, our several banks, in their periodical statements, made to the Government, show largely over a million dollars on deposit, subject to individual checks. In view of these facts truly it may be said that Fredericksburg is in a prosperous commercial condition and is rapidly adding to that prosperity.
LINES OF TRANSPORTATION.
The lines of transportation running to and from Fredericksburg are sufficient for all the requirements of the town, both as to freight and passenger travel, yet our citizens would not object to the construction of another road, starting at some deep water point on the coast, crossing the Rappahannock river at this place and connecting north of us with the great trunk lines, traversing this extensive country in all directions. But for this important improvement we must patiently wait.
The great line of travel and traffic through Fredericksburg, north and south, at present, is the Richmond, Fredericksburg and Potomac railroad. This road is probably one of the best conducted roads in the country and seldom has an accident. Not until a few years ago did it share its track with any other road, but now three or more companies are running their cars over this line and the carrying business is immense. This large increase in business necessitated a double track of the entire line—from Richmond to Washington—which was done with great rapidity. The present service on this road that passes through town is nine passenger trains north and ten south each twenty-four hours. In addition to this, the increase in freight has also increased the number of freight trains, and so we now have fifty to pass through in a day and night, and yet it is more than probable that this large number will soon be further increased. This road has a new iron bridge spanning the Rappahannock river at this point.
The Piedmont, Fredericksburg and Potomac railroad—Narrow Gauge—runs daily from Fredericksburg to Orange, a distance of forty miles. It connects Fredericksburg and intermediate points, with that great trunk line, the Southern, at that point, which is an accommodation to the travelling public along its entire line. Although a narrow gauge road, it does quite a large business and it has been rumored that it may be extended beyond the mountains some day, in which event it will become a line of greater importance than at present.
The Office of the Fredericksburg Water Power Company.
(See [page 330])