FORM 11 - K/A
SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
[NO FEE REQUIRED]
For the transition period from.......to.......
Commission file number 001-01228
Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries
(Full title of the Plan)
Stone & Webster, Incorporated
250 West 34th Street, New York, N.Y. 10119
(212) 290-7500
(Name of issuer of the securities held pursuant to the
Plan and the address of its principal executive office)
<PAGE>
Form 11-K/A for the year ended Employee Investment Plan of
December 31, 1994 Stone & Webster, Incorporated
and Participating Subsidiaries
REQUIRED INFORMATION
The balance sheet with fund information of the
Plan as of December 31, 1994 and 1993, and the related
statement of income and changes in plan equity with fund
information and supplemental schedules for the year ended
December 31, 1994, together with the Report and Consent of
Independent Accountants, are attached and filed herewith.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Committee under the Plan, which administers
the Plan, has duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER,
INCORPORATED AND PARTICIPATING SUBSIDIARIES
By /s/ PETER F. DURNING
Peter F. Durning
Secretary of the Committee under the Plan
Date: July 7, 1995
<PAGE>
Form 11-K/A for the year ended Employee Investment Plan of
December 31, 1994 Stone & Webster, Incorporated
and Participating Subsidiaries
EMPLOYEE INVESTMENT PLAN
of STONE & WEBSTER,INCORPORATED
and PARTICIPATING SUBSIDIARIES
INDEX OF FINANCIAL STATEMENTS
and SUPPLEMENTAL SCHEDULES
Pages
Report of Independent Accountants 4-5
Consent of Independent Accountants 6
Financial Statements:
Statement of income and changes in plan equity
with fund information for the year
ended December 31, 1994 7
Balance sheet with fund information
as of December 31, 1994 8
Balance sheet with fund information
as of December 31, 1993 9
Notes to financial statements 10-15
2
Supplemental Schedules:
Schedule of assets held for
investment purposes at
December 31, 1994 (Form 5500, Item 27a) 16-35
Schedule of reportable transactions
for the year ended December 31, 1994
(Form 5500, Item 27d) 36
COOPERS & LYBRAND L.L.P.
certified public accountants
REPORT OF INDEPENDENT ACCOUNTANTS
________
To the Committee under the
Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries:
We have audited the balance sheet with fund information of the
Employee Investment Plan of Stone & Webster, Incorporated and
Participating Subsidiaries as of December 31, 1994 and 1993,
and the related statement of income and changes in plan equity
with fund information for the year ended December 31, 1994.
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of the Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries as of December 31,
1994 and 1993, and the results of its operations and changes in
its plan equity for the year ended December 31, 1994, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules listed in the accompanying index on page
3
3 are presented for purposes of additional analysis and are not
a required part of the basic financial statements but are
supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The Fund
Information in the balance sheet with fund information and the
statement of income and changes in plan equity with fund
information is presented for purposes of additional analysis
rather than to present the balance sheet with fund information
and the statement of income and changes in plan equity with
fund information of each fund. The supplemental schedules and
<PAGE>
Fund Information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in
our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
May 12, 1995
<PAGE>
COOPERS & LYBRAND L.L.P.
certified public accountants
CONSENT OF INDEPENDENT ACCOUNTANTS
________
We consent to the incorporation by reference in the
Registration Statement of Stone & Webster, Incorporated and
Participating Subsidiaries on Form S-8 (File No. 33-23594) of
our report dated May 12, 1995, on our audits of the balance
sheet with fund information of the Employee Investment Plan of
Stone & Webster, Incorporated and Participating Subsidiaries as
of December 31, 1994 and 1993, and the related statement of
income and changes in plan equity with fund information and
supplemental schedules for the year ended December 31, 1994,
which report is included in this Annual Report on Form 11-K for
the year ended December 31, 1994.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
June 29, 1995
4
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
STATEMENT OF INCOME AND CHANGES IN PLAN EQUITY WITH FUND INFORMATION
For the Year Ended December 31, 1994
(All dollar amounts are in thousands.)
<TABLE>
<CAPTION>
Non-
Participant
Participant-Directed Directed
---------------------------------------------------------- ---------------
Stone & Value Assured Stone &
Webster Equity Short Term Equity Interest Loans Webster
Stock Fund Fund Fund Fund Fund Account Stock Fund Total
---------- ------- ---------- ------- ------- ------- --------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Employees (Notes 3 and 4)............ $ 1,859 $ 5,183 $ 975 $ 6,012 $5,023 $ 19,052
Employer (Notes 3 and 4)............. $ 2,534 2,534
------- ------ ------- ------ ------- ------ ------
1,859 5,183 975 6,012 5,023 2,534 21,586
Inter-Fund Transfers................... (1,044) 387 (684) 2,189 (1,534 ) $ 686 --
Income From Investments:
Dividends............................ 456 681 200 718 2,055
Interest............................. 27 465 858 1,377 5,360 47 8,134
------- ------ ------- ------ ------- ------ ------
483 1,146 858 1,577 5,360 765 10,189
Net Appreciation (Depreciation) in Fair
Value of Investments................. 4,035 (2,456) (303) (2,863) 6,999 5,412
------- ------- ------- ------- ------- ------ ------
Total Additions................ 5,333 4,260 846 6,915 8,849 686 10,298 37,187
Distributions to Participants.......... 3,027 8,576 2,213 7,468 12,252 793 5,403 39,732
------- ------- ------- ------- ------- ------ ------
Net Change in Plan Equity.............. 2,306 (4,316) (1,367) (553) (3,403 ) (107 ) 4,895 (2,545)
Plan Equity--December 31, 1993......... 20,836 64,701 16,163 54,426 89,172 6,532 35,204 287,034
------- ------- ------- ------- ------- ------ ------
Plan Equity--December 31, 1994......... $ 23,142 $60,385 $ 14,796 $53,873 $85,769 $6,425 $40,099 $284,489
======= ======= ======= ======= ======= ====== =======
See Notes to Financial Statements
</TABLE>
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
BALANCE SHEET WITH FUND INFORMATION
December 31, 1994
(All dollar amounts are in thousands.)
ASSETS
<TABLE>
<CAPTION> Non-
Participant
Participant-Directed Directed
---------------------------------------------------------- ---------------
Stone & Value Assured Stone &
Webster Equity Short Term Equity Interest Loans Webster
Stock Fund Fund Fund Fund Fund Account Stock Fund Total
---------- ------- ---------- ------- ------- ------- --------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments at Market Value (Note 2):
Stone & Webster, Incorporated Common
Stock (1,885,634 shares, cost
$49,075)............................ $ 22,927 $39,770 $ 62,697
Participation in The Chase Manhattan
Bank, N.A. pooled trust funds for
employee benefit plans:
Medium Capitalization Equity Fund
(cost $1,950)..................... $ 3,982 3,982
Small Capitalization Growth Fund
(cost $678)....................... 1,584 1,584
Short Intermediate Maturity Fund
(cost $4,866)..................... $ 4,551 4,551
Temporary Investment Fund (cost
$51,513).......................... 88 11,407 10,197 $29,668 153 51,513
Domestic Liquidity Fund
(cost $6,524)..................... $ 6,524 6,524
Common Stock (cost $55,019)........... 42,717 23,105 65,822
Guaranteed Interest Contracts (cost
$78,732) (Note 5)................... 78,732 78,732
U.S. Treasury Bills (cost $1,082)..... 1,097 1,097
Cash.................................... 6 2 2 10
Contributions Receivable:
Employees............................. 6 18 3 20 15 62
Employer.............................. 13 13
Dividends Receivable.................... 104 82 10 179 375
Interest Receivable..................... 29 400 429
Loans Receivable (Note 6)............... $6,425 6,425 6,425
Inter-Fund Receivable (Payable)......... (6) (77) 16 (29) 96 --
Stock Purchases Receivable.............. 23 666 39 728
-------- ------- --------- ------- ------- ------- ------- --------
Total Assets.................... $ 23,142 $60,385 $ 14,796 $53,873 $85,769 $6,425 $40,154 $284,544
======== ======= ========= ======= ======= ====== ======= ========
LIABILITIES AND PLAN EQUITY
Forfeiture Credits...................... $ 55 $ 55
Plan Equity (Notes 2 and 9)............. $ 23,142 $60,385 $ 14,796 $53,873 $85,769 $6,425 40,099 284,489
-------- ------- --------- ------- ------- ------ ------- --------
Total Liabilities and Plan
Equity........................ $ 23,142 $60,385 $ 14,796 $53,873 $85,769 $6,425 $40,154 $284,544
======== ======= ========= ======= ======= ====== ======= ========
See Notes to Financial Statements
</TABLE>
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
BALANCE SHEET WITH FUND INFORMATION
December 31, 1993
(All dollar amounts are in thousands.)
ASSETS
<TABLE>
<CAPTION> Non-
Participant
Participant-Directed Directed
------------------------------------------------------------------ -------
Stone & Stone &
Webster Short Value Assured Webster
Stock Equity Term Equity Interest Loans Stock
Fund Fund Fund Fund Fund Account Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments at Market Value
(Note 2):
Stone & Webster,
Incorporated Common Stock
(2,014,888 shares, cost
$51,277).................. $20,704 $34,957 $ 55,661
Participation in The Chase
Manhattan Bank, N.A.
pooled trust funds for
employee benefit plans:
Medium Capitalization
Equity Fund
(cost $1,900)........... $ 4,164 4,164
Small Capitalization
Growth Fund
(cost $670)............. 1,730 1,730
Short Intermediate
Maturity Fund
(cost $4,516)........... $ 4,505 4,505
Temporary Investment Fund
(cost $18,382).......... 46 469 11,642 $ 6,147 78 18,382
Domestic Liquidity Fund
(cost $7,644)........... $ 7,644 7,644
Common Stock (cost
$61,230).................. 58,147 29,943 88,090
Guaranteed Interest
Contracts (cost $81,388)
(Note 5).................. 81,388 81,388
U.S. Treasury Bills (cost
$18,007).................. 18,082 18,082
U.S. Government Agencies
(cost $13)................ 13 13
Cash......................... 1 3 4
Contributions Receivable:
Employees................... 5 10 2 12 12 41
Employer.................... 8 8
Dividends Receivable......... 112 50 9 190 361
Interest Receivable.......... 32 426 458
Loans Receivable (Note 6).... $6,532 6,532
Inter-Fund Receivable
(Payable)................... (32) 131 (18) 230 (311) --
------- ------- ------- ------- -------- ------ ------- --------
Total Assets.......... $20,836 $64,701 $16,163 $54,426 $89,172 $6,532 $35,233 $287,063
======== ======== ======= ======= ======== ====== ======== ========
LIABILITIES AND PLAN EQUITY
Forfeiture Credits........... $ 29 $ 29
Plan Equity (Notes 2 and
9).......................... $20,836 $64,701 $16,163 $54,426 $89,172 $6,532 35,204 287,034
------- ------- ------- ------- ------- ------ ------- --------
Total Liabilities and
Plan Equity......... $20,836 $64,701 $16,163 $54,426 $89,172 $6,532 $35,233 $287,063
======== ======== ======== ======== ======== ======= ======== ========
See Notes to Financial Statements
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
(1) Plan Description:
The Employee Savings Plan of Stone & Webster, Incorporated and
Participating Subsidiaries (the "Original Plan") was created by action
of the Board of Directors of Stone & Webster, Incorporated on September
17, 1969 and by the Boards of Directors of certain subsidiaries of Stone
& Webster, Incorporated (the "Participating Subsidiaries") on various
dates subsequent thereto. Stone & Webster, Incorporated and the
Participating Subsidiaries are collectively referred to herein as the
"Participating Companies". The Original Plan became effective January 1,
1970. The Original Plan was approved by the stockholders of Stone &
Webster, Incorporated (the "Company") at the annual meeting of
stockholders of the Company held on May 14, 1970 and subsequent thereto
has been amended from time to time.
As of July 1, 1983, the Original Plan was amended and restated and the
name was changed to the Employee Investment Plan of Stone & Webster,
Incorporated and Participating Subsidiaries (the "Plan"). In general,
the Plan permits employees to make contributions on an after-tax basis
and, by entering into salary reduction agreements with their employers,
to have before-tax contributions made on their behalf. Under the
Internal Revenue Code, before-tax contributions to qualified cash or
deferred arrangements are not included in the employee's gross income
for that year. The employee's liability for income tax on such
contributions is deferred until such contributions are withdrawn from
the Plan.
Employees are always fully vested in their before-tax and after-tax
investment accounts and in the Company matching contributions on the
first 1% of their investments. The Company matching contributions on the
next 4% of employee investments vest upon completion of five years of
service, or earlier upon death, disability or attainment of age 65. Upon
termination of employment for any reason, employees are entitled to
receive the value of their vested accounts as of the valuation date
coinciding with or next following their date of termination.
Distributions may be deferred by a participant to a quarterly date which
is not later than the end of the year in which the participant attains
age 70. Terminating employees may elect to receive a lump-sum
distribution or to receive distribution in installments over a period
not to exceed 10 years. Prior to termination of service, employees may
make withdrawals from their after-tax investment accounts. Employees who
have attained age 59 1/2 may make withdrawals from their before-tax
investment accounts. A member who has not yet attained age 59 1/2 may
make withdrawals from his before-tax investment accounts only for
reasons of hardship. Withdrawals may be made as of any quarterly
valuation date on 30 days notice.
There were approximately 3,500 employee participants at December 31,
1994 and approximately 4,100 employee participants at December 31, 1993.
The objectives of the Plan are (1) to enable employees to accumulate
income and capital by means of their own regular savings augmented by
contributions by the Participating Companies, (2) to encourage ownership
by employees of the common stock of the Company, thereby strengthening
their interest in its progress and (3) to attract and retain capable
personnel.
The Trustee under the Plan is The Chase Manhattan Bank, N.A., Chase
MetroTech Center, Brooklyn, New York 11245 (the "Trustee").
<PAGE>
(2) Summary of Significant Accounting Policies:
Investments Valuation
Investments, exclusive of temporary investments and guaranteed interest
contracts, are valued at the closing market prices on the last business
day of the year. Temporary investments are valued at cost, which
approximates market, and guaranteed interest contracts, which are fully
benefit responsive, are valued at principal plus reinvested interest, at
the contract rates, which is in accordance with Statement of Position
94-4 "Reporting of Investment Contracts held by Health and Welfare
Benefit Plans and Defined Contribution Pension Plans."
Expenses
Expenses of the Plan, other than investment management fees which are
being paid from the Trust assets, are borne by the Participating
Companies.
Other
Purchases and sales of securities are reflected on a trade-date basis
except for the related party transactions described in Note 7. Gain or
loss on sales of securities is determined on an average-cost basis.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
The Plan presents in the statement of income and changes in plan equity
the net appreciation or depreciation in the fair value of its
investments which consists of the realized gains or losses and the
unrealized appreciation or depreciation on those investments.
(3) Contributions:
An employee who elects to participate in the Plan may have contributed
on his behalf an amount equal to up to 10% of his compensation received
from a Participating Company for qualified employment, including
payments made to him under any established plan providing for contingent
compensation, but excluding special or extra compensation and bonuses,
on a before-tax basis as a salary reduction investment contribution
under Section 401(k) of the Internal Revenue Code or may contribute the
same as an after-tax investment contribution under Section 401(a) of the
Internal Revenue Code. In addition to these amounts, each employee may
contribute an additional 5% of his compensation as an after-tax
investment contribution. All employee contributions are made by way of
payroll deductions. An employee may elect the amount of his member
contributions as of the first day of any calendar quarter. An employee
may change the amount of his before-tax and after-tax investment
contributions as of the first day of any calendar quarter. Before-tax
and after-tax investment contributions may be
<PAGE>
suspended as of the first day of any month and may be resumed as of the
first day of any subsequent calendar quarter. Notice of all such
elections, changes, suspensions and resumptions shall be given by the
employee by filing an appropriate form at least 30 days prior to the
first day such election, change, suspension or resumption shall become
effective. An employee may not make up suspended contributions.
The aggregate before-tax investment contributions and the aggregate of
all other investment contributions in any year are subject to certain
limitations necessary to comply with the Internal Revenue Code. In order
to prevent such limitations from being exceeded, the Committee under the
Plan may limit the percentage or amount of compensation which may be
contributed by or on behalf of certain highly compensated employees as
after-tax or before-tax investment contributions.
Concurrently with the payment to the Trustee of the contribution made by
or on behalf of the employee, a Participating Company will voluntarily
pay to the Trustee for such employee's company accounts an amount equal
to 25% of the first 5% of compensation contributed by or on behalf of
the employee, such contribution being hereinafter referred to as the
"matching" contribution. Other additional Participating Company
contributions may, at the discretion of the Board of Directors of the
Company, be paid on or about the end of any calendar year to the Trustee
for the Company accounts of each then active member.
Employer contributions reflect a reduction of $220 in 1994 for
forfeitures as described in Article IV of the Plan.
(4) Investment of Funds:
At December 31, 1994, there were a total of 4,419 participant accounts,
which includes accounts of Plan members who have terminated employment
and deferred their distribution to a later date. Participants direct the
Trustee to invest their after-tax investment contributions and
before-tax investment contributions made on their behalf in any one or
more of the following funds; the number of participant directed accounts
in each fund at December 31, 1994 is also shown:
(a) in common stock of the Company or any securities convertible
into such common stock (the "Stone & Webster Stock
Fund") -- 1,833 participant accounts;
(b) in common or capital stocks of other corporations or in
securities convertible into such stocks (the "Equity
Fund") -- 2,960 participant accounts;
(c) in fixed-income investments of a short-term nature including,
but not limited to, governmental and corporate obligations,
trust and participation certificates, certificates of deposit
and other evidence of indebtedness (the "Short Term
Fund") -- 1,370 participant accounts;
(d) in common or capital stocks of selected corporations that are
considered by the Trustee to be financially sound but
undervalued and currently out of favor (the "Value Equity
Fund") -- 2,858 participant accounts; or
(e) in guaranteed interest contracts with insurance companies (or
other financial institutions) which generally provide for
repayment of amounts deposited, plus accrued interest at
predetermined interest rates over a given period of time and in
U.S. government and agency securities (the "Assured Interest
Fund") -- 2,855 participant accounts.
<PAGE>
Contributions invested in the Equity Fund, the Short Term Fund and the
Value Equity Fund are invested solely at the discretion of the Trustee,
whose performance is subject to review by the Committee. The Committee
is required to report to the Board thereon at least annually.
Investment accounts for matched contributions and for unmatched
contributions are maintained for each member; if a member chooses to
allocate contributions to more than one Fund, the allocation between
Funds within each account must be in multiples of 10% of contributions.
Any member may as of the first day of any calendar quarter change the
investment directive as to his contributions by giving 30 days notice.
Any member may transfer as of the first day of any calendar quarter all
or part of the amount in his member's accounts in any Fund to another
Fund by giving 30 days notice, except that transfers into the Stone &
Webster Stock Fund are not permitted and transfers between the Assured
Interest Fund and the Short Term Fund are not permitted.
All Participating Company matching contributions will be invested in the
Stone & Webster Stock Fund and amounts in a member's company accounts
may not be transferred out of this Fund. Purchases of common stock of
the Company may be made by the Trustee in the open market or from
private sources (other than from Directors and Officers of the Company)
or from treasury shares or authorized but unissued shares, or such stock
may be contributed to the Trustee by the Company. It is the
understanding of the Company that acquisitions of stock by the Trustee
for the Stone & Webster Stock Fund have been made in the open market and
from other Company qualified plans, namely the Employee Stock Ownership
Plan and the Payroll-based Employee Stock Ownership Plan. No such
acquisitions have been made of treasury shares or authorized but
unissued shares, nor has any such stock been contributed by the Company
to the Trustee, to the date hereof. In the event that any common stock
of the Company is obtained by the Trustee from the Company through
purchase or contributions, it is the policy of the Company that such
shares be valued for purposes of the Plan at the then current market
value of the common stock of the Company.
The Stone & Webster Stock Fund is comprised of participant directed and
non-participant directed amounts. Participant directed amounts represent
employee contributions. Non-participant directed amounts represent
employer contributions and cannot be transferred out of the Stone &
Webster Stock Fund.
The following Plan investments held at December 31, 1994 represent 5% or
more of the net assets available for plan benefits: Stone & Webster,
Incorporated Common Stock and Chase Manhattan Bank Temporary Investment
Fund.
(5) Guaranteed Interest Contracts:
As of January 1, 1992, the name of the Guaranteed Interest Contract Fund
was changed to the Assured Interest Fund, which now includes government
securities.
The Assured Interest Fund is administered so that the interest rate
earned on all contributions and transfers will be a blended rate, based
on the weighted average of the different guaranteed interest contracts
and government securities in the Fund. This blended rate will vary
depending on the amounts invested in future years under the various
contracts obtained and on the timing of all investments. The blended
interest rate in the Assured Interest Fund was 6.10% and 6.19% at
December 31, 1994 and 1993, respectively, and was 6.15% for the year
ended December 31, 1994.
Guaranteed interest contracts are generally referred to as "guaranteed"
contracts because the insurance company or other financial institution
issuing the contract agrees to pay an amount equal to the
<PAGE>
contributions, plus interest at a fixed rate for a given period of time.
However, contributions are deposited with the contract issuer and become
part of its general assets. The obligation of the contract issuer to make
the agreed payments is not secured, and it is not insured or guaranteed
by any third party.
Financial instruments which potentially subject the Plan to
concentrations of credit risk consist principally of contracts with
insurance companies. The Plan places its guaranteed interest contracts
with high-credit quality contract issuers and, by policy, limits the
amount of credit exposure to any one issuer.
(6) Loans Receivable:
The Plan contains a loan provision under which employees may borrow as
much as 50% of their vested account balance up to a maximum of fifty
thousand dollars. The minimum loan is one thousand dollars. The term of
loans is a minimum of one year, with a maximum of five years, or fifteen
years if used to purchase a primary residence. The interest rate for
loans is the greater of the prime rate at The Chase Manhattan Bank,
N.A., plus 1% or the rate payable on 2-3 year Certificates of Deposit at
The Chase Manhattan Bank, N.A., plus 2%.
(7) Related Party Transactions:
The following summarizes the purchases of Stone & Webster, Incorporated
common stock from the Payroll-based Employee Stock Ownership Plan
(PAYSOP) of Stone & Webster, Incorporated and Participating Subsidiaries
during 1994 and 1993.
Number Price Used to
Date of of Value Purchased
Purchase Shares Purchase/Date Amount From
- -------- ----
27 5/8 @
3/2/94 1,881 12/31/93 $ 52 PAYSOP
27 5/8 @
4/20/94 109 12/31/93 3 PAYSOP
6/22/94 1,203 30 @ 3/31/94 36 PAYSOP
32 3/4 @
9/2/94 3,296 6/30/94 108 PAYSOP
32 3/4 @
9/9/94 293 6/30/94 10 PAYSOP
32 1/2 @
11/22/94 2,134 9/30/94 69 PAYSOP
25 1/4 @
4/1/93 635 12/31/92 16 PAYSOP
25 1/4 @
4/29/93 585 12/31/92 15 PAYSOP
23 3/8 @
6/16/93 1,619 3/13/93 38 PAYSOP
24 3/4 @
9/7/93 4,407 6/30/93 109 PAYSOP
29 1/8 @
11/19/93 2,215 9/30/93 65 PAYSOP
29 1/8 @
12/6/93 64 9/30/93 2 PAYSOP
Purchase date prices are based on agreements made prior to the end of a
calendar quarter between the Plan and the PAYSOP, which generally
establish the sale price as the closing market value on the last
business day of the quarter preceding the sale.
<PAGE>
(8) Tax Status:
The Internal Revenue Service has issued a determination that the Plan,
which includes provisions under section 401(k) of the Code, meets the
requirements of section 401(a) of the Code and therefore is exempt from
Federal income taxes under section 501(a) of the Code.
The Plan obtained its latest determination letter on March 31, 1986, in
which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The Plan has been amended since receiving the
determination letter. However, the Plan administrator and the Plan's
counsel believe that the Plan is currently designed and being operated
in compliance with the applicable requirements of the Internal Revenue
Code. Therefore, they believe that the Plan was qualified and the
related trust was tax exempt as of and for the year ended December 31,
1994. On March 31, 1995 the Plan administrator filed with the IRS for a
letter of favorable determination for the Plan as amended and restated
January 1, 1994. To date, the IRS has not issued a new determination
letter.
(9) Reconciliation to Form 5500:
<TABLE>
<S> <C>
1994
--------
Plan Equity as of December 31, 1994 as stated in the financial
statements........................................................... $284,489
Less: Distributions payable........................................ 15,038
--------
Plan equity per Form 5500........................................ $269,451
========
</TABLE>
Amounts elected to be withdrawn by participants before the Plan's year
end but which have not been distributed from the Plan by year end are
required to be reported as a liability on Form 5500 but are not accrued
on the balance sheet.
The distributions payable of $15,038 has been reflected as a net
reduction of net assets available for Plan benefits on Form 5500.
(10) Plan Amendment:
Effective January 1, 1994, the Plan was amended to comply with section
404(a)(17)(A) of the Code, limiting annual benefit bearing compensation
to $150. This amount will be indexed each year by the IRS to next lowest
$10.
(11) Termination and Extension of the Plan:
It is the desire of the Participating Companies that the Plan continue
indefinitely. However, the Company reserves the right to modify or
terminate the Plan at any time by action of the Board of Directors of
the Company. In the event of a termination of the Plan, all employees'
company accounts with respect to contributions made by the Participating
Companies not theretofore vested will become vested and will be valued
as of the end of the calendar quarter following termination. The Trust
will continue after termination of the Plan, and will be administered as
if the Plan were otherwise in full force and effect. The amounts in
members' accounts will be distributed as determined by the Board. Also,
any Participating Company may, with the consent of the Board of
Directors of the Company, at any time, modify or discontinue the Plan as
to it or as to any segment of its employees.
<PAGE>
<TABLE>
<CAPTION>
AMOUNT/ DESCRIPTION COST COST MARKET ACCRUED YIELD
SHARES ACCT NUMBER - % OF MARKET RATE MATURITY PRICE VALUE PRICE MARKET VALUE INCOME COST MARKET
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FIXED INCOME - NON-CONVERTIBLE
SPECIAL INVESTMENTS
MISCELLANEOUS
STONE & WEBSTER INC OUTSTANDING
LNS 100.000
1.00 * P 48113 100.00 6,424,879.69 6,424,879.69
1 TOTAL MISCELLANEOUS 6,651,443.55 6,651,443.55
1 TOTAL SPECIAL INVESTMENTS 6,651,443.55 6,651,443.55
CHASE COMMINGLED FUNDS - FIXED
CMB SHORT INTERMEDIATE MATURITY 7.551 88.157 8.5
51,629.01 * P 90455 100.00 94.24 4,865,557.70 4,551,479.98 29,219.44 8.0
51,629.01 TOTAL CHASE COMMINGLED
FUNDS - FIXED 4,865,557.70 4,551,479.98 29,219.44 8.0 8.5
INSURANCE CONTRACTS
ALLSTATE LIFE GIC GA #5662 100.000
1.00 * P 94902 100.00 5,822,451.04 5,822,451.04 36,567.13
CANADA LIFE ASSURANCE CO GIC
CONTRACT 100.000
1.00 * P 94902 100.00 3,311,584.21 3,311,584.21 12,619.31
COMMONWEALTH GIC CONTRACT
(ADA00456FR) 100.000
1.00 * P 94902 100.00 7,207,391.12 7,207,391.12 34,595.12
JOHN HANCOCK MUT LIFE INS CO 100.000
1.00 * P 94902 100.00 1,745,434.81 1,745,434.81 7,474.45
JOHN HANCOCK MUTUAL LIFE INS CO 100.000
1.00 * P 94902 100.00 4,981,394.22 4,981,394.22 25,795.09
JOHN HANCOCK MUTUAL LIFE INS CO 100.000
1.00 * P 94902 100.00 2,441,540.34 2,441,540.34 10,158.13
JOHN HANCOCK MUTUAL LIFE INS CO 100.000
1.00 * P 94902 100.00 1,972,678.88 1,972,678.88 10,013.95
LIFE OF VIRGINIA GIC CONTRACT 100.000
1.00 * P 94902 100.00 4,188,033.62 4,188,033.62 18,002.29
LIFE OF VIRGINIA GIC
CONTRACT #GS-2612 100.000
1.00 * P 94902 100.00 2,633,151.32 2,633,151.32 13,190.59
LIFE OF VIRGINIA GIC
CONTRACT GS-2754 100.000
1.00 * P 94902 100.00 4,690,053.24 4,690,053.24 19,132.09
NORTHWESTERN NATL LIFE INS CO GIC 100.000
1.00 * P 94902 100.00 2,264,381.52 2,264,381.52 17,542.67
PRINCIPAL MUTUAL LIFE INS CO 100.000
1.00 * P 94902 100.00 1,604,584.13 1,604,584.13 5,721.58
PRINCIPAL MUT LIFE INS CO GIC 4-693 100.000
1.00 * P 94902 100.00 4,760,483.79 4,760,483.79 30,086.52
PRINCIPAL MUT LIFE INS CO GIC 4-6732 100.000
1.00 * P 94902 100.00 5,034,358.65 5,034,358.65 29,574.80
PROTECTIVE LIFE INS CO GIC CONTRACT 100.000
1.00 * P 94902 100.00 3,415,051.13 3,415,051.13 12,846.51
PROTECTIVE LIFE INSURANCE CO GA 245 100.000
1.00 * P 94902 100.00 3,273,602.55 3,273,602.55 24,792.30
PROTECTIVE LIFE INS CO GA #1070 100.000
1.00 * P 94902 100.00 1,792,798.02 1,792,798.02 10,689.13
PRUDENTIAL INS CO AMER GA 5288-213 100.000
1.00 * P 94902 100.00 3,984,596.58 3,984,596.58 16,901.55
PRUDENTIAL INS CO AMER GA 5288-212 100.000
1.00 * P 94902 100.00 2,188,271.72 2,188,271.72 10,044.16
PRUDENTIAL GIC CONTRACT GA 5288-214 100.000
1.00 * P 94902 100.00 6,243,045.92 6,243,045.92 31,575.50
TRANSAMERICA OCCIDENTAL GIC 100.000
1.00 * P 94902 100.00 5,177,272.68 5,177,272.68 22,967.77
21 TOTAL INSURANCE CONTRACTS 78,732,159.49 78,732,159.49 400,290.64
51,651.01 TOTAL FIXED INCOME -
NON-CONVERTIBLE 90,249,160.74 89,935,083.02 429,510.08 0.4 0.4
FIXED INCOME - CONVERTIBLE
PREFERRED STOCK
PUBLIC ISSUES
CLIFFS DRILLING CO CONV PFD STOCK 2.312 26.500 8.7
3,500.00 P 94901 100.00 20.00 70,000.00 92,750.00 11.5
3,500 TOTAL PUBLIC ISSUES 70,000.00 92,750.00 11.5 8.7
3,500 TOTAL PREFERRED STOCK 70,000.00 92,750.00 11.5 8.7
3,500 TOTAL FIXED INCOME - CONVERTIBLE 70,000.00 92,750.00 11.5 8.7
55,151.01 TOTAL FIXED INCOME 90,319,160.74 90,027,833.02 429,510.08 0.4 0.4
EQUITIES
COMMON STOCK
AEROSPACE
BOEING CO COM 1.000 47.000 2.1
40,000.00 P 90454 100.00 44.52 1,780,775.00 1,880,000.00 2.2
HARLEY DAVIDSON INC COM .160 28.000 0.5
45,000.00 P 90454 100.00 14.36 646,130.25 1,260,000.00 1.1
85,000 TOTAL AEROSPACE 2,426,905.25 3,140,000.00 1.9 1.5
CHEMICALS
SPECIALTY CHEMICALS
IMC FERTILIZER GROUP INC COM 43.750
10,400.00 P 94901 100.00 37.14 386,273.00 455,000.00 1,040.00
INDRESCO INC COM 14.250
15,000.00 P 94901 100.00 10.15 152,320.50 213,750.00
STERLING CHEMS INC COM 13.125
19,000.00 P 94901 100.00 9.11 173,099.50 249,375.00
TETRA TECHNOLOGIES INC DEL COM 11.875
20,000.00 P 94901 100.00 8.78 175,625.00 237,500.00
WMX TECHNOLOGIES INC COM .600 26.125 2.2
25,000.00 P 90454 100.00 28.55 713,750.00 653,125.00 3,750.00 2.1
89,400 TOTAL SPECIALTY CHEMICALS 1,601,068.00 1,808,750.00 4,790.00 0.9 0.8
89,400 TOTAL CHEMICALS 1,601,068.00 1,808,750.00 4,790.00 0.9 0.8
CONTAINERS
METAL AND GLASS
STONE CONTAINER CORP COM DELAWARE 17.375
18,000.00 P 94901 100.00 16.80 302,400.00 312,750.00
18,000 TOTAL METAL AND GLASS 302,400.00 312,750.00
PAPER
GAYLORD CONTAINER CORP CL A COM 9.125
47,000.00 P 94901 100.00 6.05 284,350.00 428,875.00
47,000 TOTAL PAPER 284,350.00 428,875.00
65,000 TOTAL CONTAINERS 586,750.00 741,625.00
ELECTRICAL/ELECTRONICS
ELECTRICAL EQUIPMENT
AMPHENOL CORP CL A 24.000
11,500.00 P 94901 100.00 8.35 96,013.56 276,000.00
BELDEN INC COM .200 22.125 0.9
20,000.00 P 90454 100.00 19.06 381,200.00 442,500.00 1,000.00 1.0
MAGNETEK INC COM 13.500
36,000.00 P 94901 100.00 13.61 489,798.31 486,000.00
THOMAS INDS INC COM .400 14.375 2.7
18,000.00 P 94901 100.00 15.30 275,400.00 258,750.00 1,800.00 2.6
85,500 TOTAL ELECTRICAL EQUIPMENT 1,242,411.87 1,463,250.00 2,800.00 0.9 0.7
ELECTRONICS
CORNING INC COM .720 29.875 2.4
30,000.00 P 90454 100.00 33.31 999,300.00 896,250.00 2.1
SCIENTIFIC ATLANTA INC COM .060 21.000 0.2
100,000.00 P 90454 100.00 12.88 1,288,240.00 2,100,000.00 0.4
130,000 TOTAL ELECTRONICS 2,287,540.00 2,996,250.00 1.2 0.9
215,500 TOTAL ELECTRICAL/ELECTRONICS 3,529,951.87 4,459,500.00 2,800.00 1.1 0.8
FINANCIAL SERVICES
BANKS & FINANCIAL COMPANIES
BANKNORTH GROUP INC DEL COM .600 22.000 2.7
23,900.00 P 94901 100.00 14.06 336,150.00 525,800.00 4.2
CALIFORNIA FED BK A FED SVGS ANGELES 10.875
18,500.00 P 94901 100.00 11.84 219,068.66 201,187.50
CITY NATL CORP COM .200 10.625 1.8
21,000.00 P 94901 100.00 10.65 223,688.41 223,125.00 1.8
DIME BANCORP INC COM 7.750
37,000.00 P 94901 100.00 6.63 245,125.00 286,750.00
FOOTHILL GROUP INC CL A .240 15.000 1.6
26,000.00 P 94901 100.00 5.17 134,419.75 390,000.00 1,560.00 4.6
HIBERNIA CORP CLASS A .240 7.750 3.0
34,000.00 P 94901 100.00 8.36 284,169.17 263,500.00 2.8
INDEPENDENT BK MASS COM .160 5.250 3.0
25,000.00 P 94901 100.00 6.58 164,375.00 131,250.00 1,000.00 2.4
NORTH FORK BANCORPORATION
INC N Y COM .400 13.750 2.9
22,000.00 P 94901 100.00 8.56 188,337.60 302,500.00 4.6
POUGHKEEPSIE SVGS BK FSB NY COM 4.125
33,000.00 P 94901 100.00 4.75 156,750.00 136,125.00
RIGGS NATL CORP WASH D C COM 8.375
30,000.00 P 94901 100.00 9.36 280,918.99 251,250.00
SUMMIT BANCORPORATION COM .840 19.375 4.3
14,300.00 P 94901 100.00 12.60 180,125.00 277,062.50 6.6
VERMONT FINL SVCS CORP COM DEL .680 20.750 3.2
12,000.00 P 94901 100.00 16.33 196,000.20 249,000.00 4.1
296,700 TOTAL BANKS & FINANCIAL COMPANIES 2,609,127.78 3,237,550.00 2,560.00 2.5 2.0
BROKERAGE FIRM
DUKE RLTY INVTS INC COM NEW 1.880 28.250 6.6
10,500.00 P 94901 100.00 26.90 282,401.70 296,625.00 6.9
10,500 TOTAL BROKERAGE FIRM 282,401.70 296,625.00 6.9 6.6
INSURANCE - MULTIPLE LINE
AFLAC INC COM .460 32.000 1.4
67,500.00 P 90454 100.00 16.06 1,084,195.80 2,160,000.00 2.8
ST PAULS COS INC COM 1.500 44.750 3.3
15,000.00 P 90454 100.00 45.24 678,649.50 671,250.00 5,625.00 3.3
82,500 TOTAL INSURANCE - MULTIPLE LINE 1,762,845.30 2,831,250.00 5,625.00 3.0 1.8
OTHER FINANCE COMPANIES
AMERICREDIT CORP COM 6.000
50,000.00 P 94901 100.00 4.54 226,847.78 300,000.00
FREMONT GEN CORP COM .760 23.375 3.2
82,500.00 P 90454 100.00 13.27 1,094,375.00 1,928,437.50 15,675.00 5.7
LAWYERS TITLE CORP COM .120 10.500 1.1
30,000.00 P 94901 100.00 6.96 208,749.73 315,000.00 1.7
LEHMAN BROS HLDGS INC COM .200 14.750 1.3
14,000.00 P 90454 100.00 16.21 226,925.35 206,500.00 1.2
READING & BATES CORP COM NEW 6.000
45,000.00 P 94901 100.00 5.49 246,873.50 270,000.00
221,500 TOTAL OTHER FINANCE COMPANIES 2,003,771.36 3,019,937.50 15,675.00 3.4 2.2
611,200 TOTAL FINANCIAL SERVICES 6,658,146.14 9,385,362.50 23,860.00 3.1 2.2
FOOD/HOUSEHOLD PRODUCTS
FOOD PROCESSING
FOODMAKER INC NEW COM NEW 4.250
25,000.00 P 94901 100.00 11.22 280,509.45 106,250.00
STOKELY USA INC COM 5.750
47,500.00 P 94901 100.00 9.20 437,098.00 273,125.00
72,500 TOTAL FOOD PROCESSING 717,607.45 379,375.00
72,500 TOTAL FOOD/HOUSEHOLD PRODUCTS 717,607.45 379,375.00
FUELS
DOMESTIC OILS
ATLANTIC RICHFIELD CO COM DEL 5.500 101.750 5.4
20,000.00 P 90454 100.00 98.69 1,973,875.00 2,035,000.00 5.5
OCCIDENTAL PETE CORP COM 1.000 19.250 5.1
50,000.00 P 90454 100.00 21.94 1,096,750.00 962,500.00 12,500.00 4.5
ORYX ENERGY CO COM 11.875
80,000.00 P 90454 100.00 16.57 1,325,240.00 950,000.00
150,000 TOTAL DOMESTIC OILS 4,395,865.00 3,947,500.00 12,500.00 3.6 4.0
INTERNATIONAL OILS
PHILLIPS PETE CO COM 1.120 32.750 3.4
65,000.00 P 90454 100.00 30.98 2,013,719.50 2,128,750.00 3.6
65,000 TOTAL INTERNATIONAL OILS 2,013,719.50 2,128,750.00 3.6 3.4
OILS SERVICE
ANADARKO PETE CORP COM .300 38.500 0.7
30,000.00 P 90454 100.00 48.28 1,448,310.00 1,155,000.00 0.6
ENERGY SVC INC COM NEW 12.375
50,000.00 P 94901 100.00 6.64 332,095.50 618,750.00
GLOBAL MARINE INC COM NEW 3.625
199,000.00 P 94901 100.00 3.11 617,944.80 721,375.00
NL INDS INC COM NEW 12.625
25,500.00 P 94901 100.00 9.63 245,451.66 321,937.50
NABORS INDS INC COM 6.500
130,000.00 P 90454 79.75 7.33 952,800.00 845,000.00
33,000.00 P 94901 20.24 7.02 231,600.00 214,500.00
163,000 TOTAL 7.27 1,184,400.00 1,059,500.00
NOBLE DRILLING CORP COM 5.875
118,000.00 P 94901 100.00 6.59 777,997.20 693,250.00
PARKER DRILLING CO COM 4.750
42,000.00 P 94901 100.00 5.55 233,100.00 199,500.00
POOL ENERGY SVCS CO COM 6.750
29,000.00 P 94901 100.00 8.21 238,185.20 195,750.00
656,500 TOTAL OILS SERVICE 5,077,484.36 4,965,062.50 0.1 0.1
871,500 TOTAL FUELS 11,487,068.86 11,041,312.50 12,500.00 2.1 2.1
HEALTH/PERSONAL CARE DRUGS
ALZA CORP COM 18.000
40,000.00 P 90454 100.00 33.58 1,343,269.17 720,000.00
AMGEN INC DELAWARE PV $0.0001 59.000
30,000.00 P 90454 100.00 42.00 1,260,000.00 1,770,000.00
SCHERING PLOUGH CORP COM 2.040 74.000 2.7
20,000.00 P 90454 100.00 25.60 511,934.00 1,480,000.00 7.9
90,000 TOTAL DRUGS 3,115,203.17 3,970,000.00 1.3 1.0
HOSPITAL SERVICE
AMSCO INTL INC COM 9.125
30,500.00 P 94901 100.00 11.16 340,325.76 278,312.50
APPLIED BIOSCIENCE INTL INC COM 5.500
30,000.00 P 94901 100.00 6.19 185,625.00 165,000.00
CENTOCOR INC COM 16.250
25,400.00 P 94901 100.00 4.66 118,326.96 412,750.00
COLLAGEN CORP COM .150 22.750 0.6
16,100.00 P 94901 100.00 21.41 344,697.71 366,275.00 1,207.50 0.7
COMMUNITY PSYCHIATRIC CTRS COM 11.000
100,000.00 P 90454 83.33 12.47 1,246,830.00 1,100,000.00
20,000.00 P 94901 16.66 12.66 253,260.00 220,000.00
120,000 TOTAL 12.50 1,500,090.00 1,320,000.00
HEALTHDYNE INC COM 8.000
34,000.00 P 94901 100.00 8.33 283,124.00 272,000.00
JOHNSON & JOHNSON COM 1.160 54.750 2.1
20,000.00 P 90454 100.00 53.96 1,079,109.00 1,095,000.00 2.1
RAMSAY HEALTH CARE INC COM NEW 6.500
31,000.00 P 94901 100.00 7.87 243,873.51 201,500.00
SIERRA HEALTH SVCS INC COM 31.625
60,000.00 P 90454 100.00 11.57 694,245.00 1,897,500.00
367,000 TOTAL HOSPITAL SERVICE 4,789,416.94 6,008,337.50 1,207.50 0.5 0.4
457,000 TOTAL HEALTH/PERSONAL CARE 7,904,620.11 9,978,337.50 1,207.50 0.8 0.6
LEISURE/COMMUNICATIONS
BROADCASTING & PUBLISHING
HEFTEL BROADCASTING CORP CL A 10.000
17,000.00 P 94901 100.00 10.00 170,000.80 170,000.00
SAFECARD SVCS INC COM .200 18.875 1.0
10,500.00 P 94901 100.00 7.97 83,640.18 198,187.50 2.5
27,500 TOTAL BROADCASTING & PUBLISHING 253,640.98 368,187.50 0.8 0.5
ENTERTAINMENT
TRANS WORLD ENTMT CORP COM 7.750
25,000.00 P 94901 100.00 13.90 347,500.00 193,750.00
25,000 TOTAL ENTERTAINMENT 347,500.00 193,750.00
LEISURE
OUTBOARD MARINE CORP COM .400 19.625 2.0
13,000.00 P 94901 100.00 18.42 239,412.33 255,125.00 2.1
13,000 TOTAL LEISURE 239,412.33 255,125.00 2.1 2.0
65,500 TOTAL LEISURE/COMMUNICATIONS 840,553.31 817,062.50 0.8 0.8
MACHINERY
CONSTRUCTION & MATERIAL
DEERE & CO COM 2.200 66.250 3.3
25,000.00 P 90454 100.00 68.69 1,717,125.00 1,656,250.00 13,750.00 3.2
HARNISCHFEGER INDS INC COM .400 28.125 1.4
11,000.00 P 94901 100.00 24.77 272,437.00 309,375.00 1,100.00 1.6
STONE & WEBSTER INC COM .600 33.250 1.8
1,885,634.00 P 90453 100.00 26.03 49,075,441.22 62,697,330.50 283,130.25 2.3
WYMAN GORDON CO COM 6.250
25,000.00 P 94901 100.00 6.19 154,687.50 156,250.00
1,946,634 TOTAL CONSTRUCTION & MATERIAL 51,219,690.72 64,819,205.50 297,980.25 2.3 1.8
INDUSTRIAL
ACME CLEVELAND CORP COM .440 10.500 4.1
25,000.00 P 94901 100.00 10.80 269,900.00 262,500.00 4.0
IMO INDS INC COM 12.250
58,200.00 P 94901 100.00 7.60 442,237.00 712,950.00
TIMKEN CO COM 1.000 35.250 2.8
9,200.00 P 94901 100.00 35.04 322,324.65 324,300.00 2.8
92,400 TOTAL INDUSTRIAL 1,034,461.65 1,299,750.00 1.9 1.5
2,039,034 TOTAL MACHINERY 52,254,152.37 66,118,955.50 297,980.25 2.3 1.8
METALS
ALUMINUM
KAISER ALUM CORP COM 10.875
23,000.00 P 94901 100.00 11.03 253,575.20 250,125.00
23,000 TOTAL ALUMINUM 253,575.20 250,125.00
GOLD
FMC GOLD CO COM .050 3.375 1.4
17,400.00 P 94901 100.00 6.59 114,668.10 58,725.00 870.00 0.7
17,400 TOTAL GOLD 114,668.10 58,725.00 870.00 0.7 1.4
STEEL
NUCOR CORP COM .180 55.375 0.3
20,000.00 P 90454 100.00 18.05 361,046.07 1,107,500.00 900.00 0.9
SUNSHINE MNG & REFINING CO COM 1.625
37,000.00 P 94901 100.00 3.45 127,539.00 60,125.00
57,000 TOTAL STEEL 488,585.07 1,167,625.00 900.00 0.7 0.3
97,400 TOTAL METALS 856,828.37 1,476,475.00 1,770.00 0.5 0.3
OFFICE EQUIPMENT
COMPUTERS
COMPUTERVISION CORP NEW COM .040 3.875 1.0
55,000.00 P 94901 100.00 5.33 293,220.08 213,125.00 0.7
MICRON TECHNOLOGY INC COM .200 44.125 0.4
55,000.00 P 90454 100.00 19.79 1,088,340.00 2,426,875.00 2,750.00 1.0
NOVELL INC COM 17.125
60,000.00 P 90454 100.00 3.46 207,390.00 1,027,500.00
STORAGE TECHNOLOGY CORP COM 29.000
31,000.00 P 94901 100.00 30.72 952,336.94 899,000.00
201,000 TOTAL COMPUTERS 2,541,287.02 4,566,500.00 2,750.00 0.5 0.2
OFFICE EQUIPMENT
CERIDIAN CORP COM 26.875
5,500.00 P 94901 100.00 11.37 62,528.18 147,812.50
POLICY MGMT SYS CORP COM 42.000
9,500.00 P 94901 100.00 30.97 294,200.75 399,000.00
XEROX CORP COM 3.000 99.000 3.0
10,000.00 P 90454 100.00 104.39 1,043,895.00 990,000.00 7,500.00 2.8
25,000 TOTAL OFFICE EQUIPMENT 1,400,623.93 1,536,812.50 7,500.00 2.1 1.9
226,000 TOTAL OFFICE EQUIPMENT 3,941,910.95 6,103,312.50 10,250.00 1.1 0.7
PUBLIC UTILITIES
ELECTRIC
NACCO INDS INC CL A .680 48.375 1.4
5,000.00 P 94901 100.00 49.02 245,080.52 241,875.00 1.3
5,000 TOTAL ELECTRIC 245,080.52 241,875.00 1.3 1.4
TELEPHONE
AT&T CORP COM 1.320 50.250 2.6
22,000.00 P 90454 100.00 53.29 1,172,320.00 1,105,500.00 7,260.00 2.4
EXECUTONE INFORMATION SYS INC COM 3.250
130,000.00 P 94901 100.00 2.00 260,062.50 422,500.00
PEOPLES TELE CO COM 4.563
46,600.00 P 94901 100.00 6.10 284,262.50 212,635.80
198,600 TOTAL TELEPHONE 1,716,645.00 1,740,635.80 7,260.00 1.6 1.6
203,600 TOTAL PUBLIC UTILITIES 1,961,725.52 1,982,510.80 7,260.00 1.6 1.6
RETAIL MERCHANDISING
CHAIN STORES (NON FOOD)
WAL MART STORES INC COM .170 21.250 0.8
80,000.00 P 90454 100.00 9.17 733,928.00 1,700,000.00 3,400.00 1.8
80,000 TOTAL CHAIN STORES (NON FOOD) 733,928.00 1,700,000.00 3,400.00 1.8 0.8
DEPARTMENT STORES
VONS COS INC COM 18.000
17,500.00 P 94901 100.00 17.76 310,793.20 315,000.00
17,500 TOTAL DEPARTMENT STORES 310,793.20 315,000.00
FOOD CHAINS
MICHAEL FOODS INC COM .200 9.875 2.0
14,000.00 P 94901 100.00 12.41 173,750.00 138,250.00 1.6
SMITHS FOOD & DRUG CTRS INC CL B COM .520 25.125 2.0
12,500.00 P 94901 100.00 21.50 268,754.40 314,062.50 2.4
26,500 TOTAL FOOD CHAINS 442,504.40 452,312.50 2.1 2.0
SPECIALTY STORES
CLAIRES STORES INC COM .120 12.000 1.0
9,500.00 P 94901 100.00 9.15 86,884.15 114,000.00 1.3
PIER 1 IMPORTS INC COM .120 9.250 1.2
23,304.00 P 94901 100.00 5.28 122,965.11 215,562.00 2.2
PRICE / COSTCO INC COM 12.875
70,000.00 P 90454 100.00 20.88 1,461,530.00 901,250.00
UNITED STATES SHOE CORP COM .320 18.750 1.7
9,000.00 P 94901 100.00 19.23 173,111.40 168,750.00 720.00 1.6
111,804 TOTAL SPECIALTY STORES 1,844,490.66 1,399,562.00 720.00 0.3 0.4
235,804 TOTAL RETAIL MERCHANDISING 3,331,716.26 3,866,874.50 4,120.00 0.8 0.7
TEXTILE/APPAREL
APPAREL MANUFACTURES
JONES APPAREL GROUP INC COM 25.750
40,000.00 P 90454 100.00 25.32 1,012,999.00 1,030,000.00
RUSSELL CORP COM .480 31.375 1.5
40,000.00 P 90454 100.00 30.17 1,206,850.00 1,255,000.00 1.5
80,000 TOTAL APPAREL MANUFACTURES 2,219,849.00 2,285,000.00 0.8 0.8
TEXTILE PRODUCERS
NORTEK INC COM DELAWARE 11.875
50,000.00 P 94901 100.00 6.52 325,905.80 593,750.00
50,000 TOTAL TEXTILE PRODUCERS 325,905.80 593,750.00
130,000 TOTAL TEXTILE/APPAREL 2,545,754.80 2,878,750.00 0.7 0.6
TRANSPORTATION
MOTOR CARRIERS
CONSOLIDATED FREIGHTWAYS INC COM .400 22.375 1.7
7,900.00 P 94901 100.00 14.78 116,731.66 176,762.50 790.00 2.7
REXALL SUNDOWN INC COM 9.750
5,000.00 P 94901 100.00 11.38 56,875.00 48,750.00
12,900 TOTAL MOTOR CARRIERS 173,606.66 225,512.50 790.00 1.8 1.4
12,900 TOTAL TRANSPORTATION 173,606.66 225,512.50 790.00 1.8 1.4
MISCELLANEOUS
ADDINGTON RES INC COM 9.750
9,500.00 P 94901 100.00 17.23 163,710.65 92,625.00
BAY NETWORKS INC COM 29.500
40,000.00 P 90454 100.00 19.38 775,000.00 1,180,000.00
CATELLUS DEV CORP COM 5.875
23,575.00 P 94901 100.00 7.31 172,333.25 138,503.13
CHART HOUSE ENTERPRISES INC COM 9.375
30,000.00 P 94901 100.00 8.05 241,551.00 281,250.00
FIBREBOARD CORP NEW COM 27.375
14,300.00 P 94901 100.00 20.40 291,706.07 391,462.50
HARMAN INTL INDS INC NEW COM .160 37.000 0.4
6,600.00 P 94901 100.00 9.85 65,008.94 244,200.00 1.6
INSITUFORM TECHNOLOGIES INC CL A 11.625
20,000.00 P 94901 100.00 15.12 302,422.20 232,500.00
LESLIES POOLMART COM 13.250
23,100.00 P 94901 100.00 6.95 160,500.00 306,075.00
MEDITRUST SH BEN INT 2.620 30.250 8.6
6,800.00 P 94901 100.00 34.68 235,790.00 205,700.00 7.5
SCHWITZER INC COM 8.000
63,500.00 P 94901 100.00 7.24 459,965.00 508,000.00
TELXON CORP COM .010 13.750
18,250.00 P 94901 100.00 8.93 162,958.54 250,937.50 0.1
WESTCORP INC (CALIF.) .300 9.125 3.2
21,000.00 P 94901 100.00 8.38 176,000.00 191,625.00 3.5
276,625 TOTAL MISCELLANEOUS 3,206,945.65 4,022,878.13 0.7 0.6
5,753,963 TOTAL COMMON STOCK 104,025,311.57 128,426,593.93 367,327.75 1.9 1.5
CHASE COMMINGLED FUNDS - EQUITY
CMB MED CAPITALIZATION EQUITY FD 9.814 871.566 1.1
4,568.91 * P 90454 100.00 426.88 1,950,380.85 3,982,110.01 5,963.20 2.2
CMB SMALL CAPITALIZATION GROWTH FD 10.112 1009.034 1.0
1,570.11 * P 90454 100.00 431.93 678,175.15 1,584,295.72 1,634.85 2.3
6,139.02 TOTAL CHASE COMMINGLED
FUNDS -EQUITY 2,628,556.00 5,566,405.73 7,598.05 2.3 1.0
5,760,102.02 TOTAL EQUITIES 106,653,867.57 133,992,999.66 374,925.80 1.9 1.5
5,815,253.03 TOTAL PERMANENTLY
INVESTED FUNDS 196,973,028.31 224,020,832.68 804,435.88 1.2 1.0
TEMPORARY INVESTMENTS
CHASE TEMPORARY INVESTMENT FUNDS
CHASE BANK TEMPORARY INVESTMENT
FUND 100.000
241,198.02 * P 90453 1.10 1.00 241,198.02 241,198.02
11,407,352.82 * P 90454 52.21 1.00 11,407,352.82 11,407,352.82
10,196,498.64 * P 90455 46.67 1.00 10,196,498.64 10,196,498.64
21,845,049.48 TOTAL 100.00 21,845,049.48 21,845,049.48
CHASE BK DOMESTIC LIQUIDITY FD 100.000
29,667,932.75 * P 94901 81.97 1.00 29,667,932.75 29,667,932.75
6,524,033.95 * P 94902 18.02 1.00 6,524,033.95 6,524,033.95
36,191,966.70 TOTAL 100.00 36,191,966.70 36,191,966.70
58,037,016.18 TOTAL CHASE TEMPORARY INVESTMENT FUNDS 58,037,016.18 58,037,016.18
TREASURY BILLS
UNITED STATES TREASURY BILL 01/26/95 99.697 4.7
1,100,000.00 P 94901 100.00 0.98 1,082,510.31 1,096,667.00
1,100,000 TOTAL TREASURY BILLS 1,082,510.31 1,096,667.00
59,137,016.18 TOTAL TEMPORARY INVESTMENTS 59,119,526.49 59,133,683.18
64,952,269.21 TOTAL INVESTMENTS CONTRACT POSITION 255,865,990.94 282,927,952.00 804,435.88
CASH (56,057.45) (56,057.45)
TRADE RECEIVABLE 731,953.10 731,953.10
CASH PLUS TRADE RECEIVABLE/(PAYABLES) 675,895.65 675,895.65
EX-DIVIDEND 374,925.80 374,925.80
ACCRUALS 429,510.08 429,510.08
INCREMENT 14,156.69
TOTAL INCOME RECEIVABLE 818,592.57 804,435.88
TOTAL ASSETS CONTRACT POSITION 257,360,479.12 284,408,283.53
NET ASSETS CONTRACT POSITION 257,360,479.12 284,408,283.53
</TABLE>
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER,
INCORPORATED AND PARTICIPATING SUBSIDIARIES
FORM 5500 - ITEM 27d - SCHEDULE OF REPORTABLE
TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1994
(All dollar amounts, except per share amounts,
are in thousands.)
<TABLE>
<CAPTION>
Description of Asset (Including Expense Current Net
Identity of Party rate and maturity in case of a Purchase Selling Lease Incurred with Cost Value Gain or
Involved (Note 1) Loan) Price Price Rental Transactions of Asset of Asset (Loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Chase Manhattan 431 Transactions - Temporary $100.00 - - - $45,978 $45,978 -0-
Bank, N.A. Investment Fund
The Chase Manhattan 193 Transactions - Temporary - $100.00 - - $42,515 $42,515 -0-
Bank, N.A. Investment Fund
The Chase Manhattan 260 Transactions - Domestic $100.00 - - - $63,205 $63,205 -0-
Bank, N.A. Liquidity Fund
The Chase Manhattan 141 Transactions - Domestic - $100.00 - - $34,657 $34,657 -0-
Bank, N.A. Liquidity Fund
U.S. Government 1 Transaction - U.S. - $100.00 - - $17,860 - -0-
Treasury Bills
</TABLE>
Notes:
1. All orders placed by the Chase Manhattan Bank, N.A.,
Trustee under the Employee Investment Plan of Stone &
Webster, Incorporated and Participating Subsidiaries.
