tring of manufacture in a single, or a few, great plants
carries the additional and chief advantage to Great Britain and the
Allies, that no efforts of Germany can now cut off their ammunition
supply. The stoppage of this supply has been one of Germany's chief
concerns since the war began, and by embargo propaganda here and by
the attempt to create sentiment she has tried to cut down the supplies
reaching the Allies from this country.

Well-founded gossip in Wall Street has had it that early rises in the
stocks of munition-making concerns were occasioned not so much by the
acquisition of war orders as by efforts of German agents quietly to
buy up control of these companies in the open market. These devices
failing, it is said, orders for ammunition and other supplies have
been placed by Germany with no hope of receiving the goods, but merely
to clog the channels against the Allies. With the General Electric and
other co-operating companies pledged to the Allies this danger will
cease to exist.

The concerns selected to join with the General Electric for what will
thus amount practically to a combination of resources for rapid
manufacture will be those whose equipment, with a few alterations, can
be adapted to the new work.

The General Electric Company, according to a Director, is in a
position to begin turning out shells at a high daily rate, and, under
present plans, the company will not sublet any of the $100,000,000
order. There are facilities available in the plants at Schenectady,
Lynn, Harrison, Pittsfield, and Fort Wayne to carry on the work
rapidly and without interfering with the ordinary electrical
manufacture now being conducted.

Wall Street offered one of the first evidences that things of moment
were occurring in the war supply situation. Bethlehem Steel shot
forward 10 points, to 165, a new high record, although Mr. Schwab's
company was not mentioned in connection with fresh contracts.

It is believed that when the proposed concentration of munition making
occurs the Bethlehem Steel Corporation and other companies which
already have booked sufficient contracts to keep them busy for some
time will not be included.

Stock of the Studebaker Corporation was in large demand as the result
of reports that about $7,000,000 of additional war orders had been
taken for artillery wheels, motor trucks, and harness. Tennessee
Copper shares were strong after it became known definitely that the
concern had arran