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18 MARINE REVIEW AND MARINE RECORD. many of the yards partly occupied. New cargo steamers of 6,000 to 7,000 tons deadweight can be built today at about £6 per ton, compared with £8 two years ago, and we do not anticipate any immediate reduction unless builders think fit to take orders at a loss. A surprising fact is the strength with which the tonnage is being held, the number of forced sales having been compara- tively few, especially of modern steamers. The demand for sec- ond-hand tonnage has been very limited, but a certain number of steamers have been sold lately, the prices realized having been from 25 per cent. to 35 per cent. below those of 1900. The prin- cipal recent events in the shipping world have been the new North German Lloyd steamer Kaiser Wilhelm II. commencing her serv- ice in the New York trade, the sale of the Beaver Co.'s fleet to the Canadian Pacific Railway Co., the ordering of the new interme- diate Cunard liner, and the pending contracts for the two 25-knot steamers for the latter company. The results of Mr. Morgan's shipping combine do not appear to have realized the expectations of its founder, for the north Atlantic trade has been most unre- munerative for sotne time past, and were it not for the large pas- senger traffic and the good rates obtained for emigrants, would be even more ruinous than it is at present." PIG IRON PRODUCTION IN UNITED KINGDOM. The annual report for 1902 of Mr. J. Stephen Jeans, secretary of the British Iron. Trade Association, has just made its appear- ance. The production of iron ore in the United Kingdom in 1902 amounted to 13,426,217 gross tons, as against 12,275,198 tons in IQ0I, a gain of 1,151,019 tons. The total imports of iron ore into _ the United Kingdom in 1902 amounted to 6,439,757 tons, of which 5,309,733 tons were received from Spain. 'The total production of pig iron in the United Kingdom in 1902 was 8,517,693 gross tons, against 7,851,830 tons in IQOI, an increase of 665,863 tons. The production of 1t902 was, however, exceeded by that of 1900, which was 8,908,570 tons, and also by that of 1899, which was 9,305,319 tons: The United States made more pig iron in the first half of 1902 than was made by Great Britain in the whole of any of the years mentioned, or in any other year. The total output of Bessemer steel ingots in 1902 was 1,825,- 779 tons, against 1,606,253 tons in 1901, 1,745,004 tons in 1900, and 1,825,074 tons in 1899. 'The increase in 1902 over I90I was 219,526 tons. The total quantity of basic steel produced in 1902 by the basic Bessemer process was 668,399 tons, against 490,268 tons in IGOI,.491,101 tons in 1900, and 517,378 tons in 1899. Six works produced basic steel by the Bessemer process in 1902. ° The production of Bessemer steel rails in t902 amounted to 903,216 tons, against 732,260 tons in IQOI, an increase of 170,956 tons. The production in 1900 was 759,844 tons, and in 1899 it was 838,148 tons. The total production of open-hearth steel ingots in 1902 was 3,083,288 tons, against 3,290,791 tons in I9QOI, 3,156,050 tons in 1900, and 3,030,251 tons in 1899. The production in 1902 was 207,503 tons less than that of 1901. 'The total cutput of basic open-hearth steel in 1902 was 406,780 tons, against 351,177 tons in 1901 ; while the total output of acid open-hearth steel in 1902 was 2,676,508 tons, against 2,939,614 tons in 1901. Mr. Jeans says: 'The most prominent characteristics of the home iron trade of 1902 were the remarkable activity of German manufacturers and merchants in British markets and the com- parative absence of American competition alike in these and in neutral markets. The former condition was attended by an in- crease in our iron imports from Germany of 160,000 tons over those of 1901. The latter condition was attended by a decrease in our imports from the United States to the extent of 114,651 tons as compared with 1901." At the same time there was a great increase in British iron and steel exports to the United States. To this cause may be ascribed much of the increased production of iron and steel in Great Britain in 1902. HISTORY OF THE CARNEGIE STEEL CO. _ . It is quite the fashion lately to publish the history of the great industrials of the country and much back-stairs gossip thereby gets into print.. The latest is a limited edition of a history. of the Carnegie Steel Co., of which a few copies found their way into Wall street and have created a bit of a stir. The author of the. book is James Howard Bridge, who is said to have been at one time secretary to Mr. Carnegie. He is not especially sparing in criticism of his former chief and traces in close detail Carnegie's connection with the steel business from the Keystone Bridge Co. to the United States Steel Corporation. Much space is devoted tc the effort made by Henry C. Frick, Henry Phipps and Judge William H. Moore, in 1899, to arrange for the purchase of the Carnegie-Frick properties, with the view of combining them. Mr. Carnegie asked $1,000,000 for a ninety days' option on his entire interest, at a price of $157,950,000, and afterward raised the option figure to $1,170,000. If the sale had been consummated, Mr. Bridge says, it would have been.on the basis of $250,000,000 for the en- tire property, except the company's holdings of the H. C. Frick Coke Co. and allied interests. The money market disturbance, due to the death of ex-Goy. Flower, however, made it necessary tor Judge Moore and his associates to seek an extension of their option; but this Mr. Carnegie refused to grant, and he also ex- acted payment of the $1,000,000 forfeit, according to the book, _.- When the Carnegie company was sold to the United States Steel Corporation, Mr. Bridge says, if all the stockholders of the former company had been treated alike, the price received would have been $626,267,040 in securities 'of United States Steel, which at the market price would have been worth $447,416,340, or nearly [Aug. 13, double the price at which Judge Moore obtained an option on the ae attempted transfer of Mr. Frick's stock, without his con. sent. under the so-called "ironclad_agreement ;" Mr. Frick's yig. crous resistance and the Atlantic City compromise, and the con- sequences of the threat of Mr. Carnegie to construct a tube plant at Conneaut harbor, cn Lake Erie, are fully treated. The book also contains a letter said to have been written to Mr. Frick on, May 15, 1899, by Charles M. Schwab, who said that England could not make steel rails at a net cost of less than $19 a ton, while the Carnegie Steel Co. could make rails at less than $12 a ton and ship them abroad so as to net $16 at the works for foreign busi- ness. The price of steél rails here at the time was $28.12 a ton, with some contracts running below $20. Mr. Schwab prophesied on the basis of this fact that the Carnegie Steel Co. was going to control the steel business of the world. PHILADELPHIA SHIP BUILDING NEWS, Philadelphia, Aug. 12--The armored cruiser Pennsylvania will be launched at Cramps, Aug. 22. Many officials of the fed- eral and state governments are expected to attend, including Secretary Moody and the governor of Pennsylvania. 'The cruiser will be christened by Miss Quay, daughter of the senator. In- cidentally Secretary Moody will visit the League Island navy yard with a view to determining the necessities for its improve- ment. Repairs to the battleship Maine, which has been at Cramps for over three months, are nearly completed. Her gun mounts have been materially strengthened, and the gun mounts of the battleships of her class are also undergoing strengthening. . The first steamship ever built by John Rozch at Chester, La., was sold last week by James E. Ward & Co. to James Hughes, The steamer, the City of Antonio, will be converted into a barge. She was built for the Mallory Line in 1872. Her dimensions are: Length, 228 ft.; beam, 36.6 ft.; draught, 20.4 ft. At the works of the Harlan & Hollingsworth Co., Wilming- ton, Del., an unusual amount of repair work is under way. Light- ship No. 52, whose station is the Fenwick island shoals, is now in dry dock being overhauled. The company is constructing a sail yacht, to be named Vegemere, for A. C. Bostwick of Boston. She is said to be an exact duplicate of the yacht Meteor, which was built by the Townsend & Downey Ship Building & Repair Co., Shooter's Island, N. Y., for the emperor of: Ger- 'many. The hull of the steamship C. W. Morse, building for the People's New York-Albany Line, has been towed to the works of the W. & A. Fletcher Co., Hoboken, N. J., to receive the engines. The Lord Baltimore, building for the Ericsson Line, is shortly to have her trial trip. She is designed for a speed of 19 knots. The torpedo boat Stringham has left the company's yard | tor her builders' trial. She has been materially strengthened and is expected to exceed her contract speed. The large new pickling shop at the works of the New York Ship Building Co., Camden, N. J., is virtually complete. Work upon the new blacksmith shop will shortly be begun. It will be built on a triangular plot of ground adjoining the receiving shed. The keel of the battleship Kansas will be laid in the building shed where the Pacific Mail liner Manchuria is now undergoing construction. It is expected that the Manchuria will be launched within two months. The dredge Atlanta, which is being con- structed on the open ways south of the main sheds, will be launched in about three weeks. She is being built for the North American Dredging Co. and her dimensions are: Length, 144.6 ft; beam, 30 ft.; draught, 14 ft. : The following officers and directors have been elected for the Pusey & Jones Co., Wilmington, Del:: President, Thomas H. caveny ; vice-president and treasurer, John S: Rossell; secretary, ~. C. Biddle; assistant secretary, Clarence Southerland. The directors are Thomas H. Saveny, James A. Hart, W. R. Brinckle, Samuel A. Biddle and John S. Rossell. ._ In the United States district court at Wilmington last week Thomas F. Bayard, representing the Mercantile Trust Co. of New York, secured permission to file a bill in equity against the United States Ship Building Co., the Harlan & Hollingsworth Co. and James Smith, Jr., receiver. The bill asks permission to foreclose the first mortgage, amounting to $16,000,000, on the plant of the Harlan & Hollingsworth Co., which is held by the "Mercantile Trust Co. On Monday, Sept. 7, the court will decide whether or not to grant the request. The bill of complaint al- leges" that the United States Ship Building Co. defaulted on the interest on the first mortgage bonds which was due July 1, and that about $200,000, which should have been paid into the sinking fund, was not paid. A New York correspondent says: I have seen every contest for the America's cup since 1876, and I am satisfied that no one has as yet a real line on the merits of Reliance and Shamrock HI. From tests to date no one can figure with any degree of satisfaction as to which is the better boat. . Shamrock I. is not the boat she was before she left this shore after her defeat by ne Coluribia four years ago. This is generally admitted. A good reason why Reliance should win is one of the best features Tt racing machines, namely, power to drive the lightest weights. nis _ the defender has by 15 per cent. over the Lipton boat. mean that she is,much lighter in constructive. weights and has more sail power. One 'of the most remarkable 'features of the new defender is h ter. 'She has fooled them all at this game." 1er good steering with the wind over the quaf-