Evening star., 1939-12-20
50th Anniversary
Is Celebrated by
Stone & Webster
Firm Founded in 1889
Has Been Pioneer
In Many Fields
ment groups
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, Dec. 2O.-Stone 6
Webster, Inc, today is celebrating
its 50th anniversary.
Founded in 1889 by Charles A.
Stone and Edwin S. Webster, two
M. I. T. graduates, who set them
selves up as consulting electrical
engineers, this pioneering partner
ship has expanded into national
organization whose services today
include engineering and construction
for all types of industry the under.
writing and distribution Of securi-
ties and the supervision of electric,
gas and transportation properties.
Both Mr.. Stone and Mr.. Webster
have been with the business con-
tinuously for the entire 50-year peri
cd, serving today as chairman and
vice chairman, respectively, OF the
company they founded.
Stone & Webster in its half CEN
tury of business has completed con-
struction work costing we'll in ex-
cess of S1OOO,ooOO0O and has ap-
praised properties having total
valuation of approximately $l2,000,-
100000 In addition, it has partici-
pated in many billions of dollars of
security underwriting and is now
supervising utilities whose annual
gross earnings are more than $685.
100000.
Concern Is Pioneer.
From the beginning Stone & Web
ster's work was of pioneering type.
In 1890, for example. its initial con-
struction job was the installation OF
one of the country's earliest COM
mercial hydroelectric plants for the
S. D. Warren Co. at Saccarappa, Me.
Although the power developed was
only 400 horsepower and the trans
mission distance about mile, the
installation proved the commercial
possibility of electrical transmission
of power.
The fexibility of Stone g. Web
ster was shown during the World
War, when its engineers constructed
the 50way Hog Island (PaD Ship
yard, assembled fabricated ships and
built modern city for 35 900 work.
ers. Ten and a half months after
constitution of the yard was begun
the first of 122 steel ships was
launched. The City of Flint is one
Of these ships.
tn 1000 Cto,,o O., oo,,,
pleted the Conowingo (Md) devel-
opment on the Susquehanna River.
With seven water wheels of $4,000
horsepower each, this project pro-
duced the greatest horsepower de-
veloped in single step up to that
time. In 1880 and 1881 Stone &
Webster built the great Usage Dam
in the center of Missouri, creating
an inland lake 129 miles long, to
furnish st. Louis with power.
Big Factories Built.
A large portion of the construc-
ton work during recent years has
been the building of plants for in
dustrial companies. For example,
Stone & Webster were the builders
of large plant for the Mathieson
Alkali Works, Inc, at Lake Charles.
La, for making soda ash, caustic
soda and other chemicals, one of
the largest industrial undertakings
of recent years. 1t also built one
of the most modern plants in the
country for making soap and edible
products at Hammond, Ind, for
Lever Bros. Co.
Other work recently completed
has been for the Scott Paper Co.,
Bridgeport Brass Co., Victor Chem
ical Works Brunswick Pulp e. Paper
Co. and Johns-Manville Corp.
The entry of Stone e. Webster
into the field of underwriting and
distribution of securities came in
1902 in response to the growing
needs of utilities for long time and
equity capital. The firm shared
largely in the early development of
this business and gradually broad
ened its operations until they en-
braced the entire range of invest
ment banking activities.
Today Stone & Webster & Blod-
get, Inc, formed in 1927 through
the combination of this division of
the business with Blodget & Co.,
is recognized as one of the leading
national investment banking or
ganizations. 1t now engages in the
underwriting and distribution of cor
porate, Government and municipal
bonds and preferred and common
stocks, heading a number of under