Our flagship Philadelphia, of the White Squadron, was on the right, with her high white hull, and her two yellow smokestacks. The trim despatch vessel Dolphin followed in her wake, and the long, low, dynamite projector VesHvins, looking like a torpedo boat enlarged, brought up the rear. The place of honor in the centre was given to the French flagship Arcthiisc, the largest of the foreign contingent, with her triple row of portholes and towering masts, effective for display, and behind her came her mate, the rakish white Hnzzard. The Italian flagship, Baitsaii, is a big, black, stately ship of modern type, which was regarded on all sides with special admiration. The little Spanish cruiser Infanta Isabel proudly carried the colors of Columbus. On the left was the United States monitor Miantononioli, our coast defender, which looks very much like a floating derrick, and bears promise of deadly work if it should be called into use. She was followed by the graceful Atlanta, one of our earliest group of steel vessels, and the little yacht-like Blake. Behind this majestic craft came the immense flotilla of merchant vessels, steamers, yachts, excursion boats, and fire-boats that lent spectacular interest to the scene by spouting great streams of water into the air as they sailed -- streams that have force enough to knock down brick walls. From the start to the finish tliere was no place where the pageant made such an impressive display as between the shores of the incomparable Hudson. It was a picture of the civilization of the nineteenth century, too vast for a painter and inexpressible in words. From the vessels in the procession the spectacle was even more remarkable. Xo other city in the world has such a stretch of water-front as New York, and the space was all taken.