J.P. Morgan & Co., fiscal agents for Great Britain and France in the matter of war supplies, then entered the field. Charles Steele, a partner in the banking house, is a Director of the General Electric Company and negotiations went forward rapidly. These were conducted with a secrecy which exceeded that even of the German interests with the other arms and ammunition companies, but there are several factors which, it is known, were of prime importance in effecting the General Electric's change of policy. In the past much valuable time has been lost in the distribution of orders among a score or so of concerns which have had facilities for making shells, ordnance, and so forth. Competitive bidding for parts of contracts has held back the finished product and successful bidders have frequently been handicapped by inability to obtain necessary machinery. Now plans for accelerating manufacture in all war lines have been launched by David Lloyd George, the new British Minister of Munitions, and in the shadow of his influence J.P. Morgan & Co. have practically brought to a conclusion plans to centre future war orders in a few great companies, with the General Electric Company as the dominant unit. The extent to which the banking house used its tremendous influence is problematical, but it is history that Mr. Lloyd George has been bringing all pressure to bear to increase England's supplies, and with them the supplies of the remaining allies, since British purchasing agents are, to a large extent, looking after the interests of France and Russia, and it may be inferred that the Morgan firm has been as active as possible in carrying out the wishes of the European nations. Persons in touch with the progress being made in war orders state that the British authorities have become greatly concerned over their supplies of ammunition at hand and in process of manufacture. While orders aggregating many hundreds of millions of dollars have been placed in this country and Canada, deliveries have been disappointing. Canadian plants got to work early in the war, but the delay in ordering supplies in the United States and other neutral countries has seriously affected the efficiency of the allied armies in France and Poland, it is said. The experience of the American Locomotive Company is typical of the situation. After negotiations which covered several weeks, the company procured a contract which is said to amount to approximately $65,000,000 for shells. During the discussion of terms, and even before, the Locomotive officials were busy buying the necessary lathes and other machinery, but installation of equipment and the training of men could not be done in a few days. The contract was definitely closed six weeks ago, but the company has only begun to turn out the shells at its Richmond plant, and it was said in authoritative quarters that several weeks more would pass before anything like a substantial output would be possible.