The Portland daily press., 1880-11-15
THE GRAND TRUNK.
Proposed Plans for the New
Wharves and Elevator.
SUGGESTIONS FOR THEIR coNsTRUc-
TON.
Offers Made for the Purchase of the Og-
densburg.

! the Grand Trunk road, connecting Portland
with Chicago, has been constructed the amour
OF freight accommodating for transportation owe
that road has been immense, and it will re-
quire all the facilities that can possibly b.
afforded TO enable the road to take care of i
at its termini on the Atlantic seaboard Late
ly arrangements were made with the Vermont
Central, by which large portion of the Grand
Trunk freight is shipped to Boston and thence
to Europe. The amount of traffic via Port
land will also be enormously increased, and a
short time ago the PRESS Published an article
showing the necessity for additional wharf
facilities and another elevator for the com.
| pany.
| 1t has lately come to the knowledge of the
PRESS that Manager Hickson of the Grand
| Trunk was DESTROYS of having talk with our
business men and seeing what could be done
| to procure the above mentioned facilities In
fact, in former PRESS article, it was stated
| that Mr. dickson hoped soon to visit our city
| and address our people on this important sub
| Ject. That gentleman was, however, called
away to Europe, but en- his return will, we UNI
derstsnd, fulfill his original intention.
1t will, perhaps, not be out of place here to
say that at recent meeting of the city gov
ernment a proposition was received from the
Grand Trunk to pay the $7S7, OOO-due the city
seven years hence by the road-now, thus
wiping out their indebtedness to Portland.
This proposition was not received favorably
by the city, ON the ground that this
uou ey was drawing interest at the rate
oil six per cent. per annum, and it
seemed the height of absurdity to accept the
payment of the debt now and reinvest the cap
ltal at per cent, thus losing two per cent for
seven years, or some $4,000.
Soon after this meeting of the city govern
ment it is reported that number of our lead
ing business men AID capitalists held private
meeting, at which our business interests were
pretty thoroughly talked over and the views
of each and all taken as to what should be
done in regard to the Grand Trunk aud other
roads. 1t seemed apparent to all that every
effort looking towards building up of the city
should be made, but as far as the making of any
further expenditures by the city, in its corpor-
ate capacity, was concerned, that was totally
out OF the question. Tbs Legislature ad
liked the limit beyond which the city could
not 20 and Portland had reached that limit
There seemed to oe no question that more
wharf room for the Grand Trunk was needed
here and also another elevator. 1t also seemed
evident, at least to the majority, that both
wharves and elevator should be built by the
Grand Trunk road itself. If the Grand Trunk
found its funds insufficient for the purpose.
then 1t could obtain all it might desire at a low
rate OF interest by building the wharves and
elevator on unincumbered property. If, how
ever, the company preferred its own property
as the site of the proposed improvements, the
following scheme seemed feasible:
In the first pace to build out the whar YES
beyond the Harbor Commissioners line it
would be necessary to obtain authority from
the Commissioners or from the Leg slature
SUCH authority could not BE- obtained unless it
was shown that no injury theIefron would
result to the harbor. We understand that the
building out of the Grand Trunk wharves to
the middle ground would not impair the har-
Dor in the least Where injury would result
would be the damming of the harbor at Port
land Bridge and vicinity, thus cutting off the
cob and How of the tide that passes into Fore
river. 1t is at this point that Gen. Taon has
been so decided in his opinions.
In the second place as to the payment for
these improvements. The road could take
the S1o!,0oo which it desires 10 pay the city.
aud with the money build the wharves and
elevator. AT the time when the debt to the
city falls due proposals could be advertised for
100000, or $4,000 to take up the bonds of
the Atlantic q st. Lawrence Railroad now
nv Atxrs1 81,
ponds III return at the then market rate of in
terest which, as now appears, would be at much
less rate than at present. In fact it is said
there is great wish in New York to-day for
government four per cents because it is thought
Sherman will keep his seat in Garfeld's Cab
net, and is in favor of a 81 per cent. bond, and
Gladstone, on the other side of the water will
press reduction OF consols to d per cent
The Grand Trunk could have it understood
that their debt would be continued five, ten.
or Twenty years. as desired at the then low rate
OF interest. By 5his arrangement the railroad
would have its wharves and elevator and not
be pressed for funds for their construction.
The Grand Trunk, it is said, have proposed
two plans for wharves and an elevator. The
first contemplates the building out wharf
from just below the coal-shed (wheie the fire
took place two years ago., 500 feet in length BY
800 feet wide, thus enabling three steamships
each 500 feet long, to lie on each side and at
the end at the same time. On this wharf an
elevator would Do constructed Of about 100000
bushels capacity. The other plan embraces
wharf OF less size. The first plan can be carri-
cd out for $4,000. The wharf would be solid
1t is reported that one gentleman in Portland
offered to put up an elevator of 1,000,000 bush
els IT the road would build it on his property
aad lease it TO them for ninety-nine years.
Another matter that, it is also reported came
up, was the purchase of the Port md & Og-
densburg Railroad. 1t is said that party OF
capitalists in this city will pay 100000 for the
citys interest in the road in five annual INSTALL
ments OF $4,000 year, The money to go towards
the reduction of the city debt. 1t is also re-
ported that the holders of the so-called Hard
Ing bonds. who reside in New YORK, are very
anxious to get possession of the property, and
will pay heavy sum for it, The Eastern and
Boston u Maine look upon it with covetous
eyes, and 1t is rumored that the Grand Trunk
have asked the square question, "What will
you take for that railroad?r The possible ad-
vantages of the road are obvious, and at this
time, when every facility to bring the great
stores of grain from the West is needed, it can
be seen how these capitalists and corporations
could utilize the road. 1t is said the Eastern
and BOSTON, & Maine would give half million
quickly. Some of the gentlemen at the meet
ing, it is reported, thought million at least
should be- obtained, and one cautious, far-see-
Ing merchant believed it was worth fully TWO
millions. 1t is well known the showing made
by the road at its last animal meeting was very
hattering, and exhibited large increase in
profits. 1t is certain tn At before the Oydeus-
burg is sold if it should be, the city will take
care that her interests shall not be sacrificed.
Portland already has two lines of large
steamers sailing from this port every season to
Europe. These steamers leave more money in
the port than the ALIAS ever begun to. With
increased facilities for shipment other lines