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14 MARINE REVIEW. [November 28, SEVEN-MASTED STEEL SCHOONER. « Modern ship building demands quick work which shall be at the same time economical and careful, and such work can only be done when the equipment of the ship yard includes all the latest improvements of ma- chinery and method that marine engineering has made available. An illustration of this point is to be found in the seven-masted steel schooner now being built by the Fore River Ship & Engine Co. at Quincy, Mass., the keel of which was laid on Noy. 1. The principal dimensions of this first seven-master, which will be the largest sailing vessel ever built, are as follows: Length over all, 403 ft.; length on water line, 368 ft.; molded beam, 50 ft.; molded depth, 34 ft. 5 in.; load draught, 26 ft. 6 in.; gross tonnage, about 6,000 tons; displacement at load draught about 10,000 tons. This schooner is being built for a syndicate headed by Capt. J. G. Crowley, a veteran schooner manager. She is the first schooner to be built at the Fore River yard, which has also under way two of the new battleships, the New Jersey and Rhode Island, the cruiser Des Moines, and the torpedo boat destroyers Law- rence and Macdonough. The Fore River yard is the newest ship yard in the country and its equipment is consequently of the latest design. The vessel will be built on a foundation of Quincy granite obtained from the neighborhood and laid ona beach of hard gravel. The keel blocks were landed from a schooner, and put in place in two days. Within a week the keel was laid, having been drilled by gangs of six drills working simul- taneously, and in two weeks the framing for the inner bottom was in place. There will be a space 4 ft. between the inner and outer skin and about 1,200 tons of water ballast can be carried. The double bottom is of cellular construction, the floor plates being perforated by means of a man NAVAL ARCHITECTS AND MARINE ENGINEERS. The banquet of the Society of Naval Architects and Marine Engin- eers at Delmonico's, New York, as the concluding feature of their annual meeting was, as usual, a brilliant affair. Mr. Lewis Nixon presided. The principal address of the evening, an impromptu affair, was made by Mr. Charles M. Schwab, president of the United States Steel Corporation. Mr. Schwab said that if he could have told his hosts fifteen years ago, when the making of plates for warships had just begun in the United States, what he thought of some of the specifications they had sent to Pittsburg, he probably wouldn't have been invited to the banquet. 'But the high standard the credit of American steel has reached," he said, "'is due to the rigid specifications of the naval architects of that time." Mr. Schwab said that something like 1,200 plates were made for the Vesu- vius before enough of the right kind were produced. Referring to the Steel Corporation, he said: "I want to tell you this, that when it comes to building ships the United States Steel Corporation will make the prices to you as low as it is necessary to get the business.'"' He predicted that ships would be built to carry across the ocean at half the cost of the present day, at a profit to the ship owner. : "America," said Mr. Schwab, "will monopolize the commercial trade of the world. It costs more now to carry a ton of steel across the ocean than it does to make that ton out of pig iron. Why shouldn't we be interested in the manufacture of ships? We want you to use as much ae 2 you can.in making them and to pay as much for it as, you can afford. Following is the list of guests at the banquet: Hon. C. M. Fowler, M. C., Hon. iL. M. Goldfogle, M.'C., Hon. Frederick Storm, M. C., Hon. SEVEN-MASTED STEEL SCHOONER TWO WEEKS AFTER THE KEEL WAS LAID. Building at the yards of the Fore River Ship & Engine Co., Quincy, Mass. hole punch which is probably the largest now in use. The steel ship building structure under which the schooner, as well as the two battle- ships will be built, will support eight traveling electric cranes, each of 5 tons capacity. The plating will be on the "joggle" system, a joggling machine makes the use of liners unnecessary, and having a capacity for working a 34-in. plate. This schooner will have steel lower masts 135 ft. from step to cap with 60-ft. pine topmasts. These masts will be stepped by means of a 75-ton folding gantry crane, which travels along a 900-ft, outfitting dock and takes the place of shears. The vessel will be equipped with steam steering gear and modern steam hoisting engines, winches, capstans and pumps. It is expected that the new schooner will be ready for launching within 4 months and that she will be used in competition with steamers in the foreign carrying trade. Her first cost is about $250,000, and she will be extremely economical in operation, requiring a crew of only sixteen men although carrying a cargo of about 8,000 tons. Mr. Carnegie has said that the iron industry is either a prince or a beggar. It either makes money fast or loses it fast. This tendency of the iron trade is well illustrated by the following history of Jefferson Furnace in Jackson county, O., which was built in 1854 and is again in the active list: The ee was started das paid no dividends for the first seven years of its existence. Then the following payments wer : 1861, 10 per cent.; 1862, 20 per cent.; 1863, 30 per Poi 1ReL 100 aks 1865, 150 per cent.; 1866, 200 per cent.; 1867, 100 per cent.; 1868, 100 per cent.; 1869, 100 per cent.; 1870, 100 per cent.; 1871, 100 per cent.; 1872, 100 per cent.; 1873, 100 per cent.; 1874, no dividend; 1875, no dividend: 1876 no dividend; 1877, no dividend; 1878, no dividend; 1879, 30 per cent.: 1880, 200 per cent.; 1881, 100 per cent.; 1882, 100 per cent.: 1883, 70 per 'cent.: 1884, 60 per cent.; 1885, 50 per cent.; 1886, 30 per cent. ; 1887, 20 per cent. : 1888, 20 per cent.; 1889, 25 per cent.; 1890-91-92-93-94-95-96 and 1897 no dividends; 1898-99, not operated; 1900, no dividend. In the forty-four years the furnace was operated it paid in dividends $957,500, an' annual average of slightly over 43% per cent.--Bulletin of American Iron and Steel Association. Clarkson. Job E. Hedges, Rear Admiral P. C. Asserson, U. S. N., Rear Admiral HT. Bowles, U: S. N., Lewis.Nixon,. Capt. J. W. Miller, Harvey i) Goulder, Oberlin Smith, W. M, McFarland, W. W. Ackerman and party of thirteen, John Fritz, John S. Hyde, F. J. Sprague, A. G. Smith and guest, R. C. Veit and guests, V. S. Cottman, Philip Ruprecht, J. W. O'Bannon, W. P. Howe, W. G. LeBoutillier, Macomb G. Foster, Percy A. Rockefeller, Naval Constructor John F. Hanscom, Naval Constructor W. L. Capps, Naval Constructor Lloyd Bankson, Naval Constructor D. W. Taylor, John F. Meigs, Carroll S. Smith and guests, Charles H. Cramp, Edwin S$. Cramp, Colonel Tchernigosky, Chief Eneineer Franz- kevitch, Colonel Petroff, Lieut. Makedonsky, Wm. A. Dobson, Horace See, J. W. Shackford, Leopold Katzenstein, J. Katzenstein, Cr. Klack, A. R. Smith, S$. N. Robinson, E. Platt Stratton, F. Marion Wheeler Capt. Wright, Miers Coryell, Prof. C. H. Peabody, Darwin Almy, George H. Barrus, J. W. Kellogg, B. F. O'Connor, Julius Jonson, W. Irving Babcock, H. E. Grieshaber, Louis Eckert, E. B, Schoek, Wm H. Deming, Charles B. Rowland, Stevenson Taylor and party of nine, Thomas F. Rowland, Sr., and guest, Thomas F. Rowland, Jr., and guest, F. P. Palen, George N. Gardner, Sr., George N. Gardner, Jr., Samuel fe Moore, Mason H. Chase, D. G. Moore, Lieut. A. P. Niblack, Howard Higgins, Mr. Hague, John Lloyd, Wm. Gordon, Mr. Lindsay, Joseph Barre, Wm. H.. Bailey, Wm. Rowland, H. A. Magoun, W. D. Forbes Mr. Sutliff, Assistant Naval Constructor J. W. Powell, Assistant Naval Constructor D.C. Nutting, Assistant Naval Constructor Henry Williams Mr. Pelyve C.J. Wentz, J. Jc. Meek, 8. WooBeinap, @ to yanehal J R. Andrews, C. M. Wales, C. I. Earl, H. Konitzky, H. P. Elwell. FO. Wellington, Charles Ward, Prof. W. F. Durand, L. H. McMurtie. H C: Guiler, A. A. Thresher, Naval Constructor Robert Stocker Ao Pe Rob- inson, Wm. F. Palmer, C. D. Mosher, H. L. Fulemeder. © -cis._ The founder's day exercises of: the Thomas S. C School of Technology, Potsdam, N. Y., will be held oo. this week. This institution was founded in 1895 Thomas S. Clarkson of Potsdam, N. Y., by Memorial vening of as a memorial to the late his sisters, the Misses