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four great ships of this class before the new Getman vessels can be launched. This is for the. first time possible because the plans are ready, being practically the same plans that are serving for the Delaware and North Dakota. The future of the United States is very largely in the 'hands of the navy | of the United States, as, necessarily, in our international relations we are of more importance as a naval pow- er than as a military power. STEEL CORPORATION RE- PORT. The United States Steel corpora- tion has declared the regular quarter- -- ly dividend of 134 per cent on its pre- ferred and half of 1 per cent on its common stock. os The United States Steel curporation re- ports for the quarter ended June 30 last earnings of $20,265,756, as compared with $18,229,005 for the quarter ended March 31 last, and $45,503,705 for the corres- ponding quarter a year ago. The surplus for the June quarter, after all charges and dividends on both stocks, was $195,595, contrasted with $7,865 for the quarter ended March 31 last and $3,497,080 in the 'corresponding quarter a year ago. The unfilled orders on the books of the cor- poration on June 30 were 3,313,876 tons, against 3,765,343 tons on March 31, and 7,603,878 tons for June quarter, 1907. Ac- companying the statement of earnings the corporation gave out the following: "The average daily bookings for the first 24 days of July was in excess of 26,- 000 tons a day, equivalent to 72 per cent of full capacity. This tonnage is well dis- tributed, being composed of all grades of finished steel with the single exception of Tae Marine REVIEW 18 , 1907 13,200 rails. of which up to the 24th inst. there their _trade with Latin America 'i Poeaer er 13,200 has beet no material increase in sales." also increasing. By the time our Mii Fs sites 1908 a STATEMENT QF EARNINGS... Isthmian... a al is completed, | each will EOtal 04434. .5- tober teases ke 276,166, ik The statement lof' earnings a aS fol- have a tra e there of very large Pro- For the momentiGermany's resis Ss: Of 20eportions. Even now they, with their completed battleship--the Nassau--is 'OWS: pf oiditonaeobui as ¢ <n 8 i ced alll ae genie AE eam six largest--16,000 tons each. ta ond ert gee ona eee 7,482,797 eS are Total earnings oT ess all re eae a ideo e ) ions, including those for ordinary r Ersatz Wurtemburg ....+--+++++srr+e seen ae and interest on bonds and fixed charges of the sub- : Mireate. BAGG ii ii Ci ales Vice. 19000 sidiary companieS .++-+-++++eeeeee ee a ob ae : a. re '§ ,265,756 Be PAE i nee tt pees 500 ++ Less charges and appropriations for the following purposes, viz: MOTAGISEATL 0 0 66 0 bees w 2 000 6 0 alee ees 6 0 8 08, 08 94 > 2 ids ns ee subsidiary companies...............8- ; Schelseir : 2 200 Sinking fu bonds of subsid companies , . | 605 Schleswig-Holstein ...-+...-e+eeeeeees , Depreciation and reserve fundS ...-i++ssseereerse eters esasencens ,300,161 aot Total tonnage building ..... et eeeee 23,400 _ 391,766 "A significant feature in the com- ee ee parison," oe The Nautical Gazette, seas Interest for the quarter on U. S. Steel Corporation bonds out- $3 oh a i i y 'or- HOTU Oi NIL 6 SITIO co hele tee obs eco a's cue wigre sem eee mie iete cies ; i ee Sinking finds for the quarter on U. S, Steel Corpora- eign experts regard as obsolete only tion bande ic eee i hi TnstalimentS a7... ore ee bs ee ld es Gee 012, Se ee paniddugse™ - Snieieat on bonds in sinking funds.............. 326,965 Indiana, Massachusetts and Oregon, 1,339,465 -- while four in the German navy are 311, ary dike tthe Palonces, ..0., Bowie ode ES. od Wee bhs LiGso.< hs -m SO eee $ 9,042,027 - wena S . : Dividends for the quarter on stocks of the United States Steel Cor- three Americans, are the first units of poration, 'viz.: ae avy." ican Breferred; 134. per cent: 25ers cls. gales rio shee: epg eeees 304, Oe oe -- SR GE aS ee i ee 2,541,513 20,000 (Dreadnoughts) authorized this 8,846,432 on, be begun ee ee Burplie for: the QUAND. 3. 6 cscs 6 ces nis 6 eo oosce ore wine cate te $ 195,595 W. J. FILBERT, Comptroller, which PLUS CANAL BUT MINUS SHIPS. BY WALTER J. BALLARD. Consul Kellogg, of Colon, Panama, reports that American merchant ves- sels are conspicuous 'by their absence at that port, now so much used in American interests. With the excep- tion of a little freight carried by five passenger, steamers, all the ma- terial and supplies used in construct- ing the Isthmian canal and the Pana- ma railroad are received in foreign bottoms, The number of tramps or cargo steamers arriving at Colon, and at the adjacent American port of Cris- tobal, with cargoes from the United States for the canal and -the railroad showed 'an increase during 1907 of about 12 per cent over the arrivals of 1906, which were 104 vessels, of a total tonnage of 232,409. Of these vessels about 80 per cent were Nor- wegian and the remainder British, American freight vessels being entire- ly absent. The only American line of steamships connecting Colon with the outside world is the Panama Rail- road Steamship line of five steamers arrive and depart from the American port of Cristobal, canal zone. Eight separate foreign steamship lines trade at Colon, with mostly weekly sailings. This demonstrates the size and value of the trade of that port, and is another striking evi- dence of the necessity of an Ameri- can merchant marine, : While Germany and England are increasing their merchant marine, ships, are profiting out of our canal expenditures. The American Panama canal is aimed to give us commercial suprem- acy, but how can that most desirable object be attained without American ships? William Abbott & Co. Milford, Del., recently completed the schooner Calhoun E. Ross. She was built for the general coating trade by a syn- dicate of Seaford and Milford busi- ness men. Charles L. Rohde & Sons, Balti- more, Md., are soon to begin the con- struction of a 100-ft. open scow for Louis Grebb and they also have a covered lighter nearly completed for iB, Adams & Go. W. L. Bean, Camden, Me., has been awarded contract to build a_ three- masted schooner of about 750 tons for Capt. W. S. Theall, of Chelsea, Mass. She is to be completed next winter. L. D. Shaffner, of Bridgetown, Annapolis, Nova Scotia, has launched the three-masted schooner C. D. Pickles of 450 tons register. She is the twen- ty-first vessel to be 'built by Mr. Shaffner, The Richmond Locomotive Works, Richmond, Va., which was formerly the Trigg yard, is building a dipper suction dredge for operation on the Nile, in Egypt. The dredge was de+ signed by W. A. Robinson.