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+30 MARINE REVIEW AND MARINE RECORD. 'conduct and to encourage extended investigation of unsolved problems relating to its marine service. Unless its industrial leaders have acquired a technical and scientific educational foundation, no nation can secure marked ad- vance either in the field of manufactures or in naval construc- tion. The welfare of the technical high schools and scientific laboratories is likewise dependent upon industrial prosperity, for in 'times of financial depression there is a tendency to minimize research and investigation. Now that there is a strong sentiment in favor of carrying on 'naval research, the work should be push- ed so that results can be accomplished which would show its imperative necessity to naval development. : A few dollars spent in well-directed and conscientious experi- ments may result in the saving of hundreds of dollars elsewhere. 'The cost of maintaining a battleship in commission will approxi- mate $1,000 per day, and warships have been tied up for weeks on account of the corrosion of a few hundred dollars' worth of boiler tubes. It will repay the nation for the cost of an experi- mental station if the staff of the laboratory will simply cause increased length of life of both boiler and condenser tubes. NAVAL ENGINEERING PROBLEMS TO BE SOLVED. The field to be covered by experimental research along en- gineering lines is vast. The following are only a few of many urgent problems in the solution of which the navy has a direct interest: t. The value of liquid fuel for various naval purposes. 2. The possibilities of the steam turbine for installation in warships. 3. Efficiency of various forms of propellers. 4. The relative advantages and disadvantages of in-turning and out-turning screws. _5. The reduction of vibration of machinery. 6. Limits of economical increase of steam pressure. 7. 'The development of practical appliances for utilizing the advantages of superheated steam. | - 8. A proper ratio of sizes of cylinders for multiple-expansion engines. '9g. Improved systems of economy in auxiliary machinery of naval vessels. a 10, The value of condensed fuel, such as briquettes, etc. 11. The relative advantages.of straight and of bent-tube types ef boilers for torpedo boats, gunboats, cruisers, and battleships. pie The corrosion and deterioration of boiler and condenser tubes. 13. The relative value of various alloys for machinery pur- poses. ' 14. The types of valve gear most suitable for naval purposes. 15. The endurance of the storage battery and its possible development. 16. The more extensive use of steel castings. 17. The question of lubricants. 18. Calibration of gauges and of instruments necessary for naval engineering purposeg. | : 19. The proportions of centrifugal fans. 20. The most effective systems of forced draft for various classes of warships. ps ae .. 21. Mechanical refrigeration, the present method of cooling magazines being far from satisfactory. _ 22. Testing non-conducting and fire-proofing materials. 23. The determination by actual test of the best proportions of important engine details. 24. The study of the problem of how to secure more com- plete and definite information upon trial trips. __ 25. Reliable form of water-glass gauge that will be applicable Te ore aks conditions as well as when muddy feed water is used. BOND CONVERSION SYNDICATE CALLS FOR CASH, A call for $5,000,000 in cash has been made on the members by the managers of the United States steel bond conversion syn- dicate. This is considered additional proof that the plan which was fought in the courts for nine months has failed and that the syndicate has sustained a heavy loss. In the spring of 1902 the bond conversion plan of the United States Steel Corporation was put out. It provided for issuing $250,000,000 5 per cent. second mortgage bonds for the retirement of $200,000,000 7 per cent. preferred stock and raising $50,000,000 additional working capital for the corporation and its subsidiary companies. The stock- holders received two options--first, to exchange pro rata at par -$200,000,000 preferred stock for new bonds, and, second, to sub- scribe in cash at par for $50,000,000 new bonds. An underwrit- ing syndicate agreed to take at least $100,000,000 of the bonds not taken by stockholders in exchange for $80,000,000 preferred stock and $20,000,000 in cash. For this service the syndicate was to receive a cash commission of 4 per cent. on all bonds issued. This syndicate is composed of principal stockholders of the cor- poration. Considerable mystery has surrounded the operations of the _ syndicate, and it has been impossible to get any of the managers 'to tell anything about its affairs; but it has been no secret that _the syndicate has been greatly disappointed at the failure of the Stockholders generally to convert their holdings into bonds. It is commonly reported that the public converted only about $50,000,- . 000 preferred stock and furnished $10,000,000 cash, or one-fifth } of thé entire amount: It is not known whether stockholders' - offers of 'conversion: are-included..in-this total, but it has been [Sept. yy, accepted that not more than $120,000,000 preferred stock was converted and $30,000,000 cash furnished. Assuming this to hg true, it is interesting to figure the syndicate's losses to date, The syndicate put up $80,000,000 of preferred stock, worth at the market 94. This was converted into bonds. These bonds sold yesterday at about 78. This is a loss of sixteen points, and on $80,000,000 would cause a loss of $12,800,000. In addition the syndicate must furnish $20,000,000 cash to buy a similar amount of bonds at par, which would add another loss of $4,400,000, ora 'total of $17,200,000. From this should be deducted the cash com- mission of 4 per cent. on $150,000,000, or $6,000,000, leaving a net loss of $11,200,000. The syndicate however, probably made money from its operations in the market, so the actual loss to date may be set down at $10,000,000, as was estimated at the time the bond conversion scheme was declared legal. As it was generally supposed the syndicate had paid in all its cash obligations Wall street was surprised at the call for cash Whether this $5,000,000 included the total liabilities of the syndi. cate could not be learned. SUMMARY OF NAVAL CONSTRUCTION. In the constructive race between the battleship Louisiana building at the Newport News yard, and the Connecticut, build. ing at the New York navy yard, the lead continues with the New- port News Company. The Louisiana is 21 per cent. completed as against 15 per cent. for the Connecticut. Following is the summary of naval construction: : Degree of completion, Per Cent. Name. Building at ee Sept. Battleships. Missouri . 4. c.--:s Newport News Co. 96 97 Obie ie 4 .Union Iron Works. : 80 8r Virginia i od. Newport News Co. 40 42 Nebraska ..4..5-> Moran Bros. Co. 22 25 Georgia Jy 3 i.e Bath Iron Works. 33 36 New Jersey)... .+« Fore River S. & E. Co. 41 43 Rhode isiand ...:.fore River 5. & E. Co. 41 44 Connecticut > .... . Navy Yard, New York. 13 15 Louisiana ...... - Newport News Co. 19 aI Vermont 3.00 .. Bore River "S, & "E. Co. O 0 Wea See aks New York S. B. Co. G3 Minnesota, 2-2... Newport News Co. oO I Armored Cruisers. é Pennsylvania ....Cramp and Sons. 54 57 West Virginia ...Newport News Co. 55 57 @altiornial:. 26... -Union Iron Works. 37 - 39 Colorado.) 2.2... Cramp and Sons. coe 60 Maryland @.7...°- Newport News Co. 54 55 . South..Dakota ....Union.Iron..Works. eae 35 Tennessee ....... Cramp and Sons. 3 5 Washington ..... "New York 5. B. Co. 2 4 Protected Cruisers. ' Denver i eie.s ss Neafie & Levy 95 97 Des Womies.. 3... Fore River S. & E. Co. go g2 Chattanooga .... . Lewis Nixon 74 74 walveston ...4....Wm, KR, lrige Co: 7 68 Vacca: cia .Union Iron Works 83 86 Cleveland... ... Bath Iron Works 98 99 Si. Loui 2... Neafie & Levy 23 25 Milwaukee ....... Union Iron Works 27 29 Charleston® 5... Newport News Co. 46 48 Gun Boats. Dubuaue, 2.13. ... Gas Engine & Power Co. oO 3 Fucueahs, 3... Gas Engine & Power Co. o 3 Training Ships. Cumberland ...... Navy Yard, Boston 0 . Titrenia 3. 6. Navy Yard) Mare 'Island 0 o Training Brig. Hoter,.0. 3s... Navy Yard, Portsmouth, N. H. 1 I Torpedo Boats. Stringham 7... Harlan & Hollingsworth 95 95 Goldsborough ....Wolfe & Zwicker 99 99 Blakely 3.2. eo... Geo. Lawley & Son 99 99 Nicholson... |... Lewis Nixon 99 99 Ofiet ges. Lewis Nixon 98 98 Witiwey oe, Columbia Iron Works 96 96 Steel Tugs. Setovomp 2.7.6? Navy Yard, Boston 83 85 Fentucket i... .. Navy Yard, Mare Island - 55 67 Rear Admiral Bowles, the chief constructor of the navy, has recommended that congress be asked to appropriate money for two scout ships of 1,200 tons, to be fitted with turbine et gines capable of producing a speed of 30 knots. This recom- mendation is now being considered by the board on construction, which recently adopted a suggestion of Rear Admiral Melville, then engineer in chief, that the building of two scout ships © 5,000 tons be urged. Signor Marconi has just signed a contract with the Britis' admiralty for the use of his system of wireless telegraphy on all the ships of the British navy.