An excerpt, if you like, from Jacqueline Pollard's ELIOT NOTES:  

//In his “Letter,” Eliot initially stresses aesthetics, claiming that while the churches fail to attract tourist hordes, they give the Square Mile “a beauty which its hideous banks and commercial houses have not quite defaced [. . .] the least precious redeems some vulgar street, like the plain little church of All Hallows at the end of London Wall. Some, like St. Michael Paternoster Royal are of great beauty”.// (emphasis mine)

You'll mark Eliot's use of certain pejorative words to describe an aspect of London. It is 
in this light that I observe the ghastly hill of Cannon Street".


From: Chokh Raj <[log in to unmask]>
To: [log in to unmask]
Sent: Friday, October 4, 2013 10:01 AM
Subject: Re: Tiresias

for your kind perusal 


“This music crept beside me on the waters”

And along the Strand, and up the ghastly hill of Cannon Street,

Fading at last, behind by flying feet,

There where the tower was traced against the night

Of Michael Paternoster Royal, red and white 
  (189-93) (TWLF 35).

(Since I have quoted the lines from a link below, you'll excuse me for any errors.)

If we peruse a couple of paragraphs at p.164 of 'TS Eliot: An Imperfect Life' beginning "In the summer of 1918 ..." at the following link, we shall find that there is a context that lends a meaningful perspective to certain words in the lines I've quoted from the Draft version of TWL:

And Jacqueline Pollard's very illuminating ELIOT NOTES at