The Washington times., 1924-02-22
LEASING
PROTESTS
FAILED
Some Shipping Board Mem
beTs Fought DeaI-Huge
Profits Made.
Continued from First PageJ

Continued from First Page)
equal amount of storage space.
This plant itself IL Of great i'm.
portance In the port Of New York
where practically 90 per cent Of
incoming and outgoing cargo IL
In Boston the doclsaee wharf.
age storage facilities are enor.
nous.
The Boston pier provides 5000
lineal feet Of .doclxage space, offer
ing berths for nine vessels Of ordi.
nary length, while the area Of the
wharf space covers more than
S65, 900 square feet.
This space Is divided between
three buildings, one 1854 feet by
100 feet. and the other two $50 fest
by 100 feet.
All buildings are modern and Of
crete and steel construction.
Are Second TO None.
The Boston terminal is on the
line Of New York. New Haven and
Hartford road with switching ar.
rangements to the Boston and AL.
bany and the Boston and Maine
railroads.
The Philadelphia plant embraces
three piers and fifteen of the
largest ocean cargo carriers can be
berthed and worked at the same
time.
Pier A is 100 feet long, with
three railroad tracks running the
entire length of the dock. Pier B
provides 1000, 900 square feet of
storage space and four railroad
tracks extend the entire length
OF the pier.
Pier c is 1900 feet long and is
equipped with four railroad tracks.
The three foregoing described
mammoth terminal properties are
second to none on either the Pa
cific or the Atlantic coasts, and
were especially designed and plan
ned by the War Department to
serve the merchant marine as well
as shippers and consigneeS Of ex.
port and import cargoes, and con-
tain facilities never before attempt.
"a by any government In terminal
property operation.
These three water tide terminals
aside from the advantages Of pro.
Viding waterside storage, which
eliminates one or two landings,
with the resultant reduction OF haz-
ard and expense, the storage areas
are served from the lower deck by
a number Of electric elevators,
giving further assurance of safe
handling which is not provided
where conveyers. chutes and other
mechanical devices are employed.
Due to the concrete and steel
constructions Of all terminal build.
ings the insurance rates on the
covered piers range from a mini.
mum OF IA cents to a maximum Of
38 cents per 800 per annum.
The first and original proposition
made to the Government by the
Atlantic Tidewater Terminal Com
pany for the foregoing named prop
erty was this:
Shipping Board Split.
The Government was to deliver
to the company all the piers, docks
and warehouses in perfect condition
so the company would be at no
expense for repairs, etc.
The company was to get, after
all salaries and expenses were
paid, $4,000 Of the net profits, or
10 per cent on the capital stock
OF @oUU,VVV.
The next $4,000 Of the net earn.
ings beyond this was to be divided
fifty.fifty; one-half going to the
Government and one-haf to the
company.
This proposition was considered
by the shipping board and there
was sharp difference Of opinion of
opinion among its members about
accepting it, or Of modifying 1t.
However. the Directing members
of the Shipping Board were soon
overwhelmed by those who dorni.
mated that official body, and, as a
result, terms were finally agreed
upon. and in effect, as follows:
For the properties in New York,
Boston, and Philadelphia the com.
pany is to pay the government
$4,000 a year. After that
amount the company gets $50 900
a year from the net profits, and
after that the Government gets
SO 2.S per cent Of the net profits
and the company gets 50 1.S per
cent.
It IL estimated that the company.
under its lease, Is certain 20 pay
net dividends Of fully 80 Der cent
per annum ON its capital stock Of
500. 900. This estimate IL based on
the earnings Of the properties last
year Q923).