A German Sachsen Class Battleship in 1895-1898.
One of the four sisters either: SACHSEN (1877-1919), BAYERN (1878-1919), WURTTEMBERG (1878-1920) or BADEN (1880-1940) ships in home waters were painted gray in 1895; these 4 ships were modified beginning in 1896 to a new appearance with one funnel. Note the flag aloft, either the Kaiser's or Kronprinz's, and the apparent arrival of dignitaries by small boat alongside. This photo might have been made during the ceremonies at the opening of the Kiel Canal.
Naval History and Heritage Command