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1901. MARINE REVIEW. : 27 BALANCE SHEET OF THE STEEL CORPORATION. The United States Steel Corporation has never given the public a balance sheet, though at the end of the first six months of its corporate existence it gave out a Statement of earnings by months for the period. The United States Investor prints a balance sheet, as of June 30, which it claims is official. It is as follows: ASSETS. (Gost of stocks' owned) .0 3. a ee $1,158,446,560.10 @arnesic bonds Owned <2...) Ge eo ee. 157,066,000.00 Oicanization Expenses (6.00 es, 753,791.28 iubwicdbe. and MXtures. 6 ll ee 6,979.25 je Pb: Morgan & Co,, interest accGumtes.) 6... 125,000.00 Sundries. 5s a ee ee 859.54 Cashes ee ee a 26,392,751.47 Bederal Steel dividends due... 253... 2 798,471.00 National: J ube dividends duec.. \ 42, 698,390.00 Garnepie S Co. interest account: 615 1,473,815.60 J. P. Morgan & Co. interest and bomd account........... 675,000.00 Motels ee a i $1 ,346,487,618.24 LIABILITIES. Common stock issued and to be issued.................. $506,111,596.20 Preferred stock issued and. to. be issued...../.....0:..... 608,337,963.90 Bonded debt os.. 250 08 ee 301,066,000.00 Wouchers payable 42052). 3 ao oe i ee, 36,688.84 mecorieca interest 4..<. 22.150. e re 8,763,325.00 Amcctued sittking: fund ..2,:.5... 0803 6 ae 253,333.82 Prott aha loss SUIpIUS <9.) ot te ee 26,868,710.98 POU ee ee BL BO AB L618. 04 Surpliiss 5p ee a he eta 26,868,710.97 Dividends] 6666s es a eer as a, 13,957,028.25 Balance: oe a ie es ee $12,911,687.72 TORPEDO BOATS ARE NOT IN FAVOR. It will be noted that for the first time in twelve years the naval board of construction has omitted, in its recommendations for naval increase, all provision for the further construction of torpedo boats, torpedo boat destroyers or vessels of the like class. Navy officers say that this is a very significant fact, showing, as it does, the belief on the part of the prominent advisers of the secretary of the navy that craft of this type are no longer ** Seaboard Steel Castings."' MANUFACTURERS OF A GUARANTEE OF QUALITY. "THE ADMIRAL" ANCHOR. OPEN-HEARTH STEEL CASTINGS -- OF THE HIGHEST GRADE. THE LATEST AND BEST FACILITIES FOR CASTINGS UP TO STOCKLESS ANCHOR. 80,000 POUNDS WEIGHT. APPROVED BY LLoyo's. MACHINE WORK AND PATTERNS oe . ae FURNISHED WHEN REQUIRED. AND TESTED sae a 8 RAIL OR WATER DELIVERIES. ORDER, OR STOCK ORDERS PROMPTLY FILLED. CAPACITY, 1500 TONS PER MONTH Seaboard Steel Casting Co., CHESTER, PA. BENEDICT-NICKEL" Seamless Condenser Tubes resist Electrolysis. BENEDICT & BURNHAM MFG. CO. WATERBURY, CONN. New York, Boston, 253 Broadway. 172 High St. " regarded as essential to a modern-navy.: Rear-Admiral Melville, a-member of the board of construction for many years and chief of the bureau of steam engineering, says that few officers now in the navy believe in the efficiency of the torpedo boat, and points to the experience of the Spanish war when so much was expected of the type, and when it aécomplished little or nothing for either side. The navy of this country has now a larg: fleet of torpedo boats and destroyers which give the officials more concern" than all the vessels of the larger classes. The little craft are continually getting out of order and are costing the government more to keep them in commission than they could possibly be worth. There is no question, according to officers of the navy department, that the torpedo boat type is fast becoming obsolete as far as construction' along present lines is concerned. As far back as six years ago, when the other naval powers of the world were increasing their navies with torpedo boats and destroyers, the board of construction unanimously opposed the building by this country of such a large fleet of the vessels; but yielding to the desires of the younger members of the navy, the secretary recommended their construc- tion. Since then there has been a radical change of opinion among officers who originally favored the type, and now the only question to be solved relates to the utility of the submarine torpedo boat. It is understood at the navy department, where the submarine boat at its present stage of de- velopment is strenuously opposed, that the Holland Torpedo Boat Co. intends to bring its new boat, the Ftilton, to the Potomac river near Washington, so that it may be exhibited this winter to the members of the senate and house committees on naval affairs. A few of the members of these committees are in favor of appropriating money this year for the construction of fifty additional boats of this type, but the navy department will recommend that no action of this nature be taken, pending the com- pletion and test_of the new tvne of submarine hoat, which is now building at Bridgeport, Conn., and which is known as the Lake submarine boat. Wanted--First Class Marine Engine and Boiler Draftsman. A competitive examina- tion will be held at the Naval Academy, Jan- uary 10, 1902, for a first class marine engine and boiler draftsman at $6.00 per diem. For application and further information apply to Superintendent, Naval Academy, Annapolis, Md. i Dec. 5. 4 INVESTIGATION "S166 S nips will prove beyond all doubt that Garlock Packings are the best investment for progressive THEIR CONSTRUCTION AND MAINTENANCE." ENGINEERS. Our packings are A valuable work, just from the press, POPULAR by THOMAS WALTON : : . Author ot now Your Onn Ship." pees they are the best in the market. ee 4.4| MECESSARY Not highly technical, but well, suited pacino thie'yleyipe thietere wieattel to Ship Superintendents, Marine factory results. Engineers, and Students of ship} EVOURING ' because they are made for long construction. aeEviCg. Send for catalogue and samples to our nearest office. THE GARLOCK PACKING CO. Introduction deals with steel from its crude state in ore to finished product in ship material. Then fol- lows chapters dealing with principal: structural features and alternative modes in which a vessel may be built. : Largest section of the book treats in NONE detail of the construction and combi- GENUINE nation generally of the various parts which go to make up the whole ship structure--framing, plating, stern WITHOUT IT. Philadelphia. St. Louis. frames and rudders, riveting, pump- New York. ing and ventilation, and includes also Boston, Pittsburg. Denver. remarks upon launching. Chicago. Cleveland. San Francisco. Price $5.50. THE MARINE REVIEW PUB CO, CLEVELAND, O. MAIN OFFICES AND FACTORIES: PALMYRA, N. Y.;) ROME, GA. » Angle Bending Rolls. bending angles. thing up to the heaviest angles. A THE CLEVELAND PUNCH & SHEAR WORKS CO.,, ctevetanp, 0., u.s. a. The Cleveland -- We believe we are building the most. successful machine for The rolls are adjustable for any size angles, and will bend any- Let us tell you more about this machine. s