According to the authority already mentioned, the Bethlehem Steel Company is the only plant in the United States that can turn out shrapnel shell complete. Most of the contracts that have been given here have been taken for various parts of the ammunition by different firms. One thing necessary for the turning out of shrapnel and shells is a twelve-mile proving ground, and the only privately owned range of the kind in this country is that of the Bethlehem Company. Mr. Schwab has insisted to his friends who have questioned him about the rise in Bethlehem stock that the only valid reason, aside from whatever might be the intrinsic value of the property, is the tremendous war orders that have been obtained. On this account, as well as on account of his knowledge that the majority of the stock was safe in his possession, he was able to enjoy his trip to the Pacific Coast regardless of rumors at one time prevalent that a big market operator, who was supposed to retain an ancient grudge against him, was trying to wrest from him the control of the company he had built up. [Illustration] A League for Preparedness By Theodore Roosevelt, ex-President of the United States, and George L. von Meyer, ex-Secretary of the Navy. It was ascertained in Washington on June 1, 1915, that the Atlantic battleship fleet would remain in Atlantic Ocean waters indefinitely. The plan to send the fleet through the canal in July for participation in the Panama-Pacific Exposition at San Francisco had been abandoned, and Admiral Fletcher's ships would not cross the Isthmus this year. The decision to hold the fleet in Atlantic waters is predicated on two principle factors. These are: First, there undoubtedly will be another great slide in Culebra Cut in the Panama Canal some time this Summer, and it would be considered highly undesirable to have the fleet on the Pacific Coast with such a slide interposed between Admiral Fletcher's vessels and the Atlantic waters. Second, the general situation of American foreign affairs growing out of relations with Germany is such that it is considered unwise to send the fleet to the west coast and leave the Atlantic Coast unguarded. This is the extent, at present, of national preparation against war. The Peace and Preparation Conference, called in the name of the National Security League to discuss the military needs of the nation, began on the evening of June 14, 1915, with the opening to the public of the Army and Navy Exhibit in the Hotel Astor, where there were to be seen numerous placards which gave in figures and words information as to the situation of the United States so far as military preparedness is concerned.