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28 MARINE REVIEW. [July 3 GERMAN AGREEMENT WITH THE MORGAN COMBINATION. The North German Lloyd Steamship Co. has issued a circular to its stockholders explaining the agreement which has been entered into with Mr. J. Pierpont Morgan and the Atlantic combination. While it contains nothing new the translation may be of interest. The circular reads: "In the report submitted to the general meeting held on April 19 last, mention was made of negotiations which we had entered into with the English and American steamship companies holding friendly relations with us with the object of establishing a certain community of interests 1m order to secure for a long period fixed rates in the North Atlantic traffic, and at the same time to protect the individual companies in the business hitherto transacted by them against the competition of the other com- panies. The negotiations conducted with the same objects between the greater number of the American and English companies engaged in the North Atlantic trade have, in the meantime, led to the formation of an organized combination of these companies which sets up a complete com- munity of interests among themselves. For the German companies, whose competition with the English and American lines is for the most part limited to the first-class passenger trade, there could be no induce- ment to join this new organization; the question of any adhesion of the kind has, consequently, never been the subject of the negotiations carried on by us in conjunction with the Hamburg-American line. Neither have we been able to recognize in the creation of this new combination--which substitutes a compactly organized body for the extraordinarily incon- venient many-headedness (Vielkdpfigkeit) of the Anglo-American group of interests--or in any of the accompanying circumstances, any danger for the existence or independence of the German steamship lines, so that no considerations in this direction have had any influence on the decisions we have formed. The negotiations, which proceeded on the basis of a reciprocal recognition of complete independence and self-dependence, have had for their sole object the regulation of mutual business connections by means of conventional agreements in so far as they should appear calcu- lated to obviate the danger of a more acute competition, and to secure a close co-operation in the future. The main point of the conventions con- cluded is the settlement of the mutual spheres of interest in the traffic across the North Atlantic in such a manner as to correspond with the degree of development to which this traffic has attained, while, as regards the other points, nothing has been agreed to which could lead to any limi- tation in.the future development of our lines. Arrangements have also been made with reference to pool-partnerships, and to a limited participa- tion by the Anglo-American group of interests in the profits earned by our company amounting to the ownership of shares of'the value of 20,- 000,000 marks, while, in return, the syndicate undertakes to pay to the German companies 6 per cent, interest upon a like amount of capital. Lastly, a committee of four is to be formed for the purpose of settling all important matters in common consultation and by unanimous voting, so that, neither as regards ordinary business questions, nor to questions of tariff-policy, will our independence be jeopardized. A Chicago dispatch says: Appraisers have fixed the value of the wrecked steamer Hadley, as she lay on the beach at Duluth, after her re- lease following collision with the steamer Wilson, at $23,127, exclusive of $13,000 for wrecking expenses and $1,000 for cargo and incidentals. Report of the finding has been received in Chicago by Attorney C. E. Kremer, from Howard T. Abbott, one of the appraisers. Under the lim- ited liability act the owners of the $100,000 whaleback steamer Thomas Wilson, sunk by the Hadley, can get judgment only for the appraised value of the Hadley in case suit is brought, as is expected. As facilities for repairing wooden boats at Superior are not good, the Hadley has been ordered to Milwaukee for repairs. The clause in the naval appropriation bill providing for a_ battleship to be built in a government yard makes clear the intention of the navy department that the battleship shall be built at the yard where it can be constructed with the greatest rapidity and facility. Boston, New York, Norfolk and Mare Island are the yards best equipped at present, and from which selection will be made. Secretary Moody already has set about the selection of the commission which will make an inspection to enable the department to locate the training station on the great lakes and prob- ably will announce its personnel in a day or two. Partially as a result of the acquisition of the Bethlehem Steel Co., the capital stock of the United States Ship Building Co. will be increased from $20,000,000 to $45,000,000. The 'capitalization will be divided into $20,000,000 preferred and $25,000,000 common stock. The original issue provided for $10,000,000 preferred and a similar amount of common stock. PNEUMATIC TOOLS HAMMERS HAND RIVETERS YOKE RIVETERS DRILLS HOISTS ALL KINDS OF PNEUMATIC TOOLS FOR SHIP YARD MACHINE SHOPS. METAL SAWING MACHINERY. The Q & C Co., Western Union Bldg., CHICAGO 114 Liberty St.. NEW YORK. BELLEVILLE GENERATORS Grand Prix 1889 Originated 1849 Hors Concours 1900 Latest Patents 1902 Number of Nautical Miles made each year by Steamships of the Messageries Maritimes Co., Provided with Belleville Generators--Since their Adoption in the Service. Year Australien | Polynésien sn ya . ag al Chili Cordillére Laos Indus Tonkin Annam | Atlantique (g60 67,728 2,460 a, 68,247 | 68,331 204 1808 os. 68,247 | 68,403 | 69,822 | 23,259 (as 68,379 | 68,343| 68,286] 68,247 eA 4c 68,439 | 68,367| 68.574] 68,439] 37,701 o6 68,673 | 68,766| 68,739] 68,808] 40,887] 28,713 1606... 69,534 | 92,718| 69,696] 69,549] 62,205] 63,153] 40,716 (aay)... 68,250 | 69,606| 92,736] 69,555| 62,235] 76,110] 63,357] 43,146 nae... 70,938 | 69,534] 69,552] 69,597| 62,526] 63,240] 63,240] 62,553] 63,954] 22,707 rao0. 69,534 | 69,615 | 67,431] 90,405| 60,246] 62,778] 62,868] 52,344| 54,855] 44,007] 22,884 a 69,534 | 67,494] 69,744] 69,564] 61,719| 62,382] 62,502] 51,471 | 53,373] 62,016] 63,066 | 52,140 $906.38. 44,220 | 69,627] 69,594| 66,948| 51,057|- 62,460| 62,490] 61,743] 62,688] 43,866] 62,466 | 63,126 Total.......:, 801,723 | 783,264 | 714,378 | 664,371 | 438,576 | 418,836 | 355,173 | 271,257 | 234,870 | 172,596 | 148,416 | 115,266 ATELIERS ET CHANTIERS DE L'ERMITAGE, A ST. DENIS (SEINE), FRANCE. WORKS AND YARDS OF L'ERMITAGE AT ST. DENIS (SEINE), FRANCE. TELEGRAPHIC ADDRESS: BELLEVILLE, SAINT-DENIS-SUR-SEINE.