SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11 - K
ANNUAL REPORT
PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(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, 1995
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 1-1228
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 for the year ended Employee Investment Plan of
December 31, 1995 Stone & Webster, Incorporated
and Participating Subsidiaries
REQUIRED INFORMATION
The Statements of Net Assets Available for Benefits,
With Fund Information, of the Plan as of December 31, 1995 and
1994, and the related Statement of Changes in Net Assets Available
for Benefits, With Fund Information, and supplemental schedules for
the year ended December 31, 1995, 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 PETER F. DURNING
Peter F. Durning
Secretary of the Committee under the Plan
Date: June 27, 1996
2
<PAGE>
Form 11-K for the year ended Employee Investment Plan of
December 31, 1995 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
Financial Statements:
Statement of Net Assets Available for Benefits, With
Fund Information, as of December 31, 1995 6
Statement of Net Assets Available for Benefits, With
Fund Information, as of December 31, 1994 7
Statement of Changes in Net Assets Available for
Benefits, With Fund Information, for the year
ended December 31, 1995 8
Notes to Financial Statements 9-17
Supplemental Schedules:
Schedule of Assets Held for
Investment Purposes at
December 31, 1995 (Form 5500, Item 27a) 18-25
Schedule of Reportable Transactions
for the year ended December 31, 1995
(Form 5500, Item 27d) 26
Schedule of Nonexempt Transactions
for the year ended December 31, 1995
(Form 5500, Item 27e) 27
Exhibits:
Exhibit 1
Consent Of Independent Accountants 28
3
<PAGE>
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 accompanying statements of net assets
available for benefits of the Employee Investment Plan
of Stone & Webster, Incorporated and Participating Subsidiaries
(the "Plan") as of December 31, 1995 and 1994, and the related
statement of changes in net assets available for benefits for the year
ended December 31, 1995. 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 net assets available
for benefits of the Plan as of December 31, 1995 and 1994, and the
changes in net assets available for benefits for the year ended
December 31, 1995, 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
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 statements of net assets available for benefits
as of December 31, 1995 and 1994 and the statement of changes in net
assets available for benefits for the year ended December 31, 1995
is presented for purposes
4
<PAGE>
of additional analysis rather than to present the net assets
available for benefits and changes in net assets available for
benefits of each fund. The supplemental schedules and
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
June 14, 1996
5
<PAGE>
<TABLE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
December 31, 1995
(All dollar amounts are in thousands.)
<CAPTION>
Non
Participant-
Participant-Directed Directed
------------------------------------------------------------ --------
Stone & Short Value Assured Stone &
Webster Equity Term Equity Interest Loans Webster
Stock Fund Fund Fund Fund Fund Account Stock Fund Total
---------- -------- -------- -------- -------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at Fair Value (Note 2):
Stone & Webster, Incorporated Common
Stock (1,738,322 shares, cost $46,284) $22,801 $39,561 $ 62,362
Participation in The Chase Manhattan
Bank, N.A. pooled trust funds for
employee benefit plans:
Medium Capitalization Equity Fund
(cost $3,311)....................... $ 6,247 6,247
Small Capitalization Growth Fund
(cost $1,997)....................... 3,282 3,282
Short Intermediate Maturity Fund
(cost $5,201)....................... $ 5,058 5,058
Temporary Investment Fund
(cost $10,640)...................... 140 1,186 9,070 244 10,640
Domestic Liquidity Fund
(cost $13,625)...................... $ 8,566 $ 5,059 13,625
Preferred Stock (cost $916)............. 900 900
Common Stock (cost $87,978)............. 61,992 51,231 113,223
Guaranteed Interest Contracts
(cost $72,647) (Note 5)............... 72,647 72,647
U.S. Treasury Bills (cost $146)......... 146 146
Loans Receivable (Note 6)............... $5,691 5,691
Cash....................................... 15 1 16
Contributions Receivables:
Employees............................... 5 14 3 16 15 53
Employer................................ 7 7
Dividends Receivable....................... 95 107 9 166 377
Interest Receivable........................ 26 394 420
Inter-Fund Receivable (Payable)............ (198) 1,173 336 (321) (920) (70) ---
Due from Broker for Securities Sold........ 55 2,598 2,653
--------- -------- -------- -------- -------- --------- -------- -----------
Total Assets...................... $22,843 $74,001 $14,493 $60,617 $79,794 $5,621 $39,978 $297,347
========= ======== ======== ======== ======== ========= ======== ===========
Liabilities:
Due to Broker for Securities Purchased..... $ 317 $ 317
Forfeiture Credits......................... $ 273 273
-------- -------- -----------
Total Liabilities................. 317 273 590
-------- -------- -----------
--------- -------- -------- -------- -------- --------- -------- -----------
Net Assets Available for Benefits $22,843 $74,001 $14,493 $60,300 $79,794 $5,621 $39,705 $296,757
========= ======== ======== ======== ======== ========= ======== ===========
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
6
<PAGE>
<TABLE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
December 31, 1994
(All dollar amounts are in thousands.)
<CAPTION>
Non
Participant-
Participant-Directed Directed
----------------------------------------------------------- --------
Stone & Short Value Assured Stone &
Webster Equity Term Equity Interest Loans Webster
Stock Fund Fund Fund Fund Fund Account Stock Fund Total
---------- ------- -------- --------- --------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at Fair 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 $21,845)........................ 88 11,407 10,197 153 21,845
Domestic Liquidity Fund
(cost $36,192)........................ $29,668 $ 6,524 36,192
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
Loans Receivable (Note 6)................. $6,425 6,425
Cash......................................... 6 2 2 10
Contributions Receivables:
Employees................................. 6 18 3 20 15 62
Employer.................................. 13 13
Dividends Receivable......................... 104 82 10 179 375
Interest Receivable.......................... 29 400 429
Inter-Fund Receivable (Payable).............. (6) (77) 16 (29) 96 ---
Due from Broker for Securities Sold.......... 23 666 39 728
-------- -------- -------- --------- --------- -------- -------- ------------
Total Assets....................... $23,142 $60,385 $14,796 $53,873 $85,769 $6,425 $40,154 $284,544
======== ======== ======== ========= ========= ======== ======== ============
Liabilities:
Forfeiture Credits........................... $ 55 $ 55
-------- ------------
Total Liabilities................... 55 55
-------- ------------
======== ======== ======== ========= ========= ======== ======== ============
Net Assets Available for Benefits... $23,142 $60,385 $14,796 $53,873 $85,769 $6,425 $40,099 $284,489
======== ======== ======== ========= ========= ======== ======== ============
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
7
<PAGE>
<TABLE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
For the Year Ended December 31, 1995
(All dollar amounts are in thousands.)
<CAPTION>
Non
Participant-
Participant-Directed Directed
----------------------------------------------------------- --------
Stone & Short Value Assured Stone &
Webster Equity Term Equity Interest Loans Webster
Stock Fund Fund Fund Fund Fund Account Stock Fund Total
---------- ------- -------- --------- --------- -------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employee (Notes 3 and 4)............ $ 1,507 $ 5,650 $ 1,180 $ 4,688 $ 3,700 $ 16,725
Employer (Notes 3 and 4)............ $ 1,853 1,853
-------- -------- -------- --------- --------- -------- -------------
Total Contributions.................. 1,507 5,650 1,180 4,688 3,700 1,853 18,578
-------- -------- -------- --------- --------- -------- -------------
Income from Investments:
Net Appreciation in Fair
Value of Investments............... 1,596 16,557 170 9,525 2,770 30,618
Dividends............................ 355 963 335 704 2,357
Interest............................. 14 284 895 1,003 4,969 $ 479 23 7,667
-------- -------- -------- --------- --------- -------- -------- -------------
Total Income From Investments........ 1,965 17,804 1,065 10,863 4,969 479 3,497 40,642
-------- -------- -------- --------- --------- -------- -------- -------------
Total Additions................ 3,472 23,454 2,245 15,551 8,669 479 5,350 59,220
-------- -------- -------- --------- --------- -------- -------- -------------
Deductions:
Distributions to Participants........... 3,133 11,158 2,302 9,220 14,000 780 5,744 46,337
Administrative Expenses................. 221 29 281 84 615
-------- -------- -------- --------- --------- -------- -------- -------------
Total Deductions............... 3,133 11,379 2,331 9,501 14,084 780 5,744 46,952
-------- -------- -------- --------- --------- -------- -------- -------------
Inter-Fund Transfers.................... (638) 1,541 (217) 377 (560) (503) ---
Increase (Decrease) in Net Assets
Available for Benefits............... (299) 13,616 (303) 6,427 (5,975) (804) (394) 12,268
Net Assets Available for Benefits -
December 31, 1994.................... 23,142 60,385 14,796 53,873 85,769 6,425 40,099 284,489
-------- -------- -------- --------- --------- -------- -------- -------------
Net Assets Available for Benefits -
December 31, 1995.................... $22,843 $74,001 $14,493 $60,300 $79,794 $5,621 $39,705 $296,757
======== ======== ======== ========= ========= ======== ======== =============
<FN>
See Accompanying Notes to Financial Statements
</FN>
</TABLE>
8
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
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 Board 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.
The Plan is a voluntary defined contribution plan covering eligible
employees of the Participating Companies. It is subject to the provisions
of the Employee Retirement Income Security Act of 1974 ("ERISA").
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, as described
in note 3, 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. (See
note 6 for loan provision).
There were approximately 2,700 employee participants at December 31, 1995
and approximately 3,500 employee participants at December 31, 1994.
9
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
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"). The Plan is
administered through the Trustee and by a committee consisting of directors
of the Company, a majority of whom are outside directors (the "Committee").
(2) Summary of Significant Accounting Policies:
Method of Accounting
The financial statements of the Plan have been prepared on the accrual
basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make significant
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from
those estimates.
Risks and Uncertainties
The Plan provides for various investment options in stocks, bonds, fixed
income securities, and other investment securities. Investment securities
are exposed to various risks, such as interest rate, market and credit.
Due to the level of risk associated with certain investment securities and
the level of uncertainty related to changes in the value of investment
securities, it is at least reasonably possible that changes in risks in the
near term would materially affect participants' account balances and the
amounts reported in the statement of net assets available for benefits and
the statement of changes in net assets available for benefits.
Investments Valuation
Investments, exclusive of temporary investments and guaranteed interest
contracts, are stated at fair value and are valued at the closing market
prices on the last business day of the year. Temporary investments are
valued at cost, which approximates fair value as reported by the Trustee.
The remaining investments in pooled trust funds of the Trustee are stated
at fair value as reported by the Trustee. Guaranteed interest contracts,
which are fully benefit responsive, are valued at principal plus reinvested
interest, at the contract rates, which approximates fair value, 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." Participant notes receivable are valued at cost which
approximates fair value.
10
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
Expenses
Expenses of the Plan, other than investment management fees which are being
paid from the Plan assets, are borne by the Participating Companies.
Security Transactions and Related Investment Income
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.
Net Appreciation (Depreciation) in the Fair Value of Investments
The Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of its
investments, which consists of the realized gains (losses) and the
unrealized appreciation (depreciation) on those investments.
Withdrawals and Distributions
Withdrawals and distributions are recorded when paid.
Reclassifications
Certain amounts within the Statement of Net Assets Available for Benefits,
With Fund Information, as of December 31, 1994 have been reclassified to
conform to the current year presentation.
(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 incentive 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 suspended as of
the first day of any month and may be resumed as of the first day of any
subsequent calendar
11
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
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.
Under the terms of the Plan, forfeitures are used to reduce subsequent
Company contributions. Employer contributions reflect a reduction of $273
and $220 in 1995 and 1994, respectively, for forfeitures as described in
Article IV of the Plan.
Plan earnings and losses are allocated to participant accounts relative to
the participant's account balance in each respective fund.
(4) Investment of Funds:
At December 31, 1995, there were a total of 4,337 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, 1995 is also shown:
(a) in common stock of the Company or any securities convertible into
such common stock (the "Stone & Webster Stock Fund") - 4,201
participant accounts:
(b) in common or capital stocks of other corporations or in
securities convertible into such stocks (the "Equity Fund") -
2,916 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") - 1,302
participant accounts;
12
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
(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") - 2,754
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") - 2,695 participant accounts.
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.
The Payroll-based Employee Stock Ownership Plan was merged into the
Employee Stock Ownership Plan on January 1, 1995. 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.
13
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
The following table presents Plan investments held at December 31, 1995
and 1994 that represent 5% or more of the net assets available for benefits:
December 31, December 31,
Investments at Fair Value 1995 1994
Stone & Webster, Incorporated
Common Stock $62,362 $62,697
The Chase Manhattan Bank, N.A.
Temporary Investment Fund
(Shares held 21,845,049) 21,845
The Chase Manhattan Bank, N.A.
Domestic Liquidity Fund
(Shares held 36,191,967) 36,192
(5) Guaranteed Interest Contracts:
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
weight 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 6.24% and 6.10% at December 31, 1995 and 1994,
respectively, and was 6.49% and 6.15% for the years ended December 31, 1995
and 1994, respectively. 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 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 is exposed to credit loss in the event of non-performance by the
companies in which those investments are held. The Plan administrator does
not anticipate non-performance by any of the insurance companies. The Plan
places its guaranteed interest contracts with high-credit quality contracts
issuers as measured by independent credit rating companies 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
14
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
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%. The loans are collateralized by the balance in the
participant's account. Interest rates ranged from 8.75% to 10.00% during
1995.
(7) Related Party Transactions:
The following summarizes the purchases of Stone & Webster, Incorporated
common stock from the Employee Stock Ownership Plan (ESOP) and the
Payroll-based Employee Stock Ownership Plan (PAYSOP) of Stone & Webster,
Incorporated and Participating Subsidiaries during 1995 and 1994.
========== ----------- ------------------------ --------- =============
Date of Number of Price Used to Value Purchased
Purchase Shares Purchase Date Amount From
========== ----------- ------------------------ --------- =============
03/10/95 4,233 33 1/4 @ 12/31/94 $ 141 ESOP
========== ----------- ------------------------ --------- =============
03/02/94 1,881 27 5/8 @ 12/31/93 52 PAYSOP
========== ----------- ------------------------ --------- =============
04/20/94 109 27 5/8 @ 12/31/93 3 PAYSOP
========== ----------- ------------------------ --------- =============
06/22/94 1,203 30 @ 03/31/94 36 PAYSOP
========== ----------- ------------------------ --------- =============
09/02/94 3,296 32 3/4 @ 06/30/94 108 PAYSOP
========== ----------- ------------------------ --------- =============
09/09/94 293 32 3/4 @ 06/30/94 10 PAYSOP
========== =========== ======================== ========= =============
11/22/94 2,134 32 1/2 @ 09/30/94 69 PAYSOP
========== =========== ======================== ========= =============
Purchase date prices are based on agreements made prior to the end of a
calendar quarter between the Plan and the ESOP or the PAYSOP, which
generally establish the sale price as the closing market value on the last
business day of the quarter preceding the sale.
The Stone & Webster Stock Fund invests in common shares of Stone & Webster,
Incorporated, the ultimate parent of Stone & Webster, Incorporated and
Participating Subsidiaries. As such, these transactions qualify as
parties-in-interest. The Plan purchased common shares of Stone & Webster,
Incorporated amounting to $5,213 and $5,809 during 1995 and 1994,
respectively. The Plan sold common shares of Stone & Webster, Incorporated
amounting to $9,914 and $9,806 during 1995 and 1994, respectively.
15
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
(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 July 13, 1995, 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 not been amended since receiving the determination
letter.
(9) Reconciliation to Form 5500:
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500.
1995
________
Net Assets Available for Benefits as of December
31, 1995 as stated in the financial statements $296,757
Less: Distribution payable (14,005)
________
Net Assets Available for Benefits per Form 5500 $282,752
========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
1995
--------
Distributions to participants as
stated in the financial statements $ 46,953
Add: Amounts allocated to withdrawing
participants at December 31, 1995 14,005
Less: Amounts allocated to withdrawing
participants at December 31, 1994 (15,038)
--------
Distributions to participants per the
Form 5500 $ 45,920
========
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 in the
Statement of Net Assets Available for Benefits.
16
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(All dollar amounts, except per share amounts, are in thousands.)
(10) 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.
17
<PAGE>
<TABLE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
Form 5500 - Item 27a - Schedule of Assets Held for Investment Purposes at
December 31, 1995
<CAPTION>
AMOUNT/ % OF COST COST MARKET MARKET ACCRUED YIELD
SHARES ACCT # MARKET RATE MATURITY PRICE VALUE PRICE VALUE INCOME COST MARKET
- ------------------------------------------------------------------------------------------------------------------------------------
FIXED INCOME - NON-CONVERTIBLE
SPECIAL INVESTMENTS
MISCELLANEOUS
<S><C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STONE & WEBSTER INC OUTSTANDING LNS 100.000
1 * P 48113 100.00 5,690,835.51 5,690,835.51
1 TOTAL MISCELLANEOUS 5,690,835.51 5,690,835.51
1 TOTAL SPECIAL INVESTMENTS 5,690,835.51 5,690,835.51
PREFERRED STOCK
PUBLIC ISSUES
ALLIED WASTE INDS INC COM NEW 7.125
81,400.00 P 94901 100.00 7.70 626,624.00 579,975.00
FABRI CTRS AMER INC CL A 13.250
13,800.00 P 94901 100.00 9.60 132,522.12 182,850.00
NEORX CORP COM 6.375
21,500.00 P 94901 100.00 7.30 156,946.90 137,062.50
116,700 TOTAL PUBLIC ISSUES 916,093.02 899,887.50
116,700 TOTAL PREFERRED STOCK 916,093.02 899,887.50
CHASE COMMINGLED FUNDS - FIXED
CMB SHORT INTERM. MAT. 7.551 91.359 8.2
55,360.67 * P 90455 100.00 93.96 5,201,412.63 5,057,734.01 26,275.83 8.0
55,360.67 TOTAL CHASE COMMINGLED FUNDS - FIXED 5,201,412.63 5,057,734.01 26,275.83 8.0 8.2
INSURANCE CONTRACTS
ALLSTATE LIFE GIC GA #5662 100.000
1 * P 94902 100.00 7.65 9/30/99 6,267,868.54 6,267,868.54 39,364.52
ALLSTATE LIFE INS CO GIC CONTRACT 100.000
1 * P 94902 100.00 6.42 6/29/01 1,026,600.79 1,026,600.79 5,439.66
BUSINESS MENS ASSURANCE CO OF 100.000
1 * P 94902 100.00 7.45 3/30/01 2,833,417.28 2,833,417.28 17,344.62
CANADA LIFE ASSURANCE CO GIC CONTRACT 100.000
1 * P 94902 100.00 4.58 6/30/97 2,649,267.37 2,649,267.37 10,095.45
COMMONWEALTH GIC CONTRACT(ADA00456FR) 100.000
1 * P 94902 100.00 5.80 6/30/96 3,812,462.10 3,812,462.10 18,249.52
JOHN HANCOCK LIFE INS CO GIC 100.000
1 * P 94902 100.00 6.56 6/28/02 3,081,511.14 3,081,511.14 16,673.95
JOHN HANCOCK MUT LIFE INS CO 100.000
1 * P 94902 100.00 5.16 9/30/97 1,835,499.24 1,835,499.24 7,860.13
JOHN HANCOCK MUTUAL LIFE INS CO 100.000
1 * P 94902 100.00 6.27 3/31/97 5,293,727.61 5,293,727.61 27,412.44
JOHN HANCOCK MUTUAL LIFE INS CO 100.000
1 * P 94902 100.00 5.01 6/30/97 1,277,114.54 1,277,114.54 10,149.94
LIFE OF VIRGINIA GIC CONTRACT 100.000
1 * P 94902 100.00 5.18 12/31/97 2,936,796.01 2,936,796.01 12,623.84
LIFE OF VIRGINIA GIC CONT # GS-2612 100.000
1 * P 94902 100.00 6.06 3/31/98 2,792,720.29 2,792,720.29 13,989.94
LIFE OF VIRGINIA GIC CONTRACT GS-2754 100.000
1 * P 94902 100.00 4.91 6/30/97 4,920,334.85 4,920,334.85 20,071.47
NEW YORK LIFE GIC CONTRACT GA 30157 100.000
1 * P 94902 100.00 8.03 3/31/00 3,754,738.03 3,754,738.03 24,712.07
NORTHWESTERN NATL LIFE INS CO GIC 100.000
1 * P 94902 100.00 9.02 6/30/99 1,919,867.34 1,919,867.34 15,052.25
PRINCIPAL MUTUAL LIFE INS CO GIC 100.000
1 * P 94902 100.00 6.45 6/29/01 1,515,449.15 1,515,449.15 8,044.30
PRINCIPAL MUT LIFE INS CO GIC 4-693 100.000
1 * P 94902 100.00 7.70 12/31/96 5,126,816.14 5,126,816.14 32,312.96
PRINCIPAL MUT LIFE INS CO GIC 4-6732 100.000
1 * P 94902 100.00 7.14 9/15/97 2,696,587.11 2,696,587.11 15,797.94
PROTECTIVE LIFE INS CO GIC CONTRACT 100.000
1 * P 94902 100.00 4.52 9/30/96 3,569,359.47 3,569,359.47 13,390.22
PROTECTIVE LIFE INS CO GA #1070 100.000
1 * P 94902 100.00 7.25 6/30/98 1,922,648.95 1,922,648.95 11,431.92
PRUDENTIAL INS CO AMER GA 5288-213 100.000
1 * P 94902 100.00 5.11 12/31/97 4,188,209.46 4,188,209.46 17,765.22
PRUDENTIAL INS CO AMER GA 5288-212 100.000
1 * P 94902 100.00 5.54 9/30/96 2,309,502.01 2,309,502.01 10,600.60
PRUDENTIAL GIC CONTRACT GA 5288-214 100.000
1 * P 94902 100.00 6.12 3/31/98 5,631,352.29 5,631,352.29 28,481.74
TRANSAMERICA OCCIDENTAL GIC 100.000
1 * P 94902 100.00 5.35 3/31/96 1,284,692.51 1,284,692.51 17,225.83
23 TOTAL INSURANCE CONTRACTS 72,646,542.22 72,646,542.22 394,090.53
172,084.67 TOTAL FIXED INCOME - NON-CONVERTIBLE 85,186,927.56 85,027,043.42 420,366.36 0.4 0.4
172,084.67 TOTAL FIXED INCOME 85,186,927.56 85,027,043.42 420,366.36 0.4 0.4
EQUITIES
COMMON STOCK
AEROSPACE
BALL CORP COM .600 27.750 2.1
7,100.00 P 94901 100.00 26.97 191,489.13 197,025.00 2.2
BE AEROSPACE INC COM 10.625
39,600.00 P 94901 100.00 8.47 335,351.85 420,750.00
BOEING CO COM 1.000 78.375 1.2
25,000.00 P 90454 100.00 53.69 1,342,140.62 1,959,375.00 1.8
ROHR INDS INC COM 14.375
46,100.00 P 94901 100.00 13.57 625,686.61 662,687.50
117,800 TOTAL AEROSPACE 2,494,668.21 3,239,837.50 1.1 0.9
BUILDING
CENTEX CORP COM .200 34.750 0.5
10,000.00 P 94901 100.00 28.70 287,048.00 347,500.00 500.00 0.6
OWENS CORNING FIBERGLAS CORP COM NEW 44.875
35,000.00 P 90454 100.00 35.95 1,258,137.50 1,570,625.00
U S HOME CORP NEW COM 29.125
13,000.00 P 94901 100.00 21.91 284,851.64 378,625.00
58,000 TOTAL BUILDING 1,830,037.14 2,296,750.00 500.00 0.1
CHEMICALS
SPECIALTY CHEMICALS
RIBI IMMUNOCHEM RESH INC COM 6.063
24,000.00 P 94901 100.00 5.85 140,375.00 145,512.00
TETRA TECHNOLOGIES INC DEL COM 17.375
20,000.00 P 94901 100.00 8.78 175,625.00 347,500.00
WMX TECHNOLOGIES INC COM .600 29.750 2.0
55,000.00 P 90454 100.00 29.86 1,642,206.50 1,636,250.00 8,250.00 2.0
WESTERN WASTE INDS COM 27.375
10,500.00 P 94901 100.00 20.31 213,242.89 287,437.50
109,500 TOTAL SPECIALTY CHEMICALS 2,171,449.39 2,416,699.50 8,250.00 1.5 1.3
109,500 TOTAL CHEMICALS 2,171,449.39 2,416,699.50 8,250.00 1.5 1.3
ELECTRICAL/ELECTRONICS
ELECTRICAL EQUIPMENT
EMERSON ELEC CO COM 1.960 81.750 2.3
20,000.00 P 90454 100.00 63.02 1,260,435.00 1,635,000.00 3.1
GENERAL ELEC CO COM 1.840 72.000 2.5
14,000.00 P 90454 100.00 52.84 739,790.00 1,008,000.00 6,440.00 3.4
HEALTHDYNE INFORMATION ENTERPRISES 2.313
32,200.00 P 94901 100.00 0.51 16,325.06 74,478.60
KUHLMAN CORP COM DEL .600 12.500 4.8
26,555.00 P 94901 100.00 7.53 200,054.39 331,937.50 3,983.25 7.9
MAGNETEK INC COM 8.125
22,000.00 P 94901 100.00 8.68 190,850.00 178,750.00
THOMAS INDS INC COM .400 23.500 1.7
13,000.00 P 94901 100.00 15.30 198,900.00 305,500.00 1,300.00 2.6
WESTINGHSE ELEC CORP COM .200 16.375 1.2
140,000.00 P 90454 100.00 14.92 2,089,025.00 2,292,500.00 1.3
267,755 TOTAL ELECTRICAL EQUIPMENT 4,695,379.45 5,826,166.10 11,723.25 2.4 1.9
ELECTRONICS
GENERAL DATACOMM INDS INC COM 17.125
11,000.00 P 94901 100.00 16.99 186,931.80 188,375.00
GENRAD INC COM 9.750
24,000.00 P 94901 100.00 7.68 184,340.00 234,000.00
MOTOROLA INC COM .400 57.000 0.7
5,000.00 P 90454 100.00 58.72 293,612.50 285,000.00 500.00 0.6
NORAND CORP COM 11.750
14,000.00 P 94901 100.00 13.13 183,750.00 164,500.00
SCIENTIFIC ATLANTA INC COM .060 15.000 0.4
13,100.00 P 94901 100.00 14.79 193,743.76 196,500.00 0.4
TEXAS INSTRS INC CAP .680 51.500 1.3
14,000.00 P 90454 100.00 76.51 1,071,174.00 721,000.00 2,380.00 0.8
81,100 TOTAL ELECTRONICS 2,113,552.06 1,789,375.00 2,880.00 0.5 0.6
348,855 TOTAL ELECTRICAL/ELECTRONICS 6,808,931.51 7,615,541.10 14,603.25 1.8 1.6
FINANCIAL SERVICES
BANKS & FINANCIAL CONPANIES
BANK NEW YORK INC COM 1.440 48.750 2.9
30,000.00 P 90454 100.00 34.94 1,048,050.00 1,462,500.00 4.1
BANKNORTH GRP INC DEL COM .920 38.500 2.3
23,900.00 P 94901 100.00 14.06 336,150.00 920,150.00 6.5
CALIFORNIA FED BK A FED SVGS ANGELES 15.750
64,000.00 P 94901 100.00 13.02 833,521.54 1,008,000.00
CALIFORNIA FED BK GOODWILL CERTIF LOS 4.938
4,600.00 P 94901 100.00 4.30 19,802.62 22,714.80
CHASE MANHTTN CORP COM 1.800 60.375 2.9
40,000.00 P 90454 100.00 51.73 2,069,197.50 2,415,000.00 3.4
COAST SVGS FINL INC COM 34.625
32,500.00 P 94901 100.00 23.12 751,408.63 1,125,312.50
COTT CORP QUE COM .073 5.500 1.3
34,000.00 P 94901 100.00 5.69 193,375.00 187,000.00 1.2
DIME BANCORP INC NEW COM 11.625
100,900.00 P 94901 100.00 9.03 910,902.50 1,172,962.50
GLENDALE FED BK FED SVGS BK CALIF COM 17.625
63,500.00 P 94901 100.00 13.58 862,495.20 1,119,187.50
HIBERNIA CORP CLASS A .280 10.750 2.6
38,000.00 P 94901 100.00 8.59 326,409.17 408,500.00 3.2
INDEPENDENT BK MASS COM .200 7.375 2.7
43,000.00 P 94901 100.00 6.31 271,235.00 317,125.00 2,150.00 3.1
NORTH FORK BANC INC NY COM .600 25.250 2.3
22,000.00 P 94901 100.00 8.56 188,337.60 555,500.00 7.0
POUGHKPSE SV BK FSB NY COM .080 5.250 1.5
33,000.00 P 94901 100.00 4.75 156,750.00 173,250.00 1.6
RIGGS NATL CORP WASH D C COM 13.000
48,800.00 P 94901 100.00 10.36 505,506.49 634,400.00
SFFED CORP COM .200 31.688 0.6
14,000.00 P 94901 100.00 15.76 220,625.00 443,632.00 1.2
SUMMIT BANCORPORATION COM .840 31.500 2.6
14,300.00 P 94901 100.00 12.60 180,125.00 450,450.00 6.6
VT FINL SVCS CORP COM DEL 1.000 34.563 2.8
12,000.00 P 94901 100.00 16.33 196,000.20 414,756.00 6.1
618,500 TOTAL BANKS & FINANCIAL COMPANIES 9,069,891.45 12,830,440.30 2,150.00 2.2 1.5
BROKERAGE FIRM
DUKE RLTY INV INC COM NEW 1.960 31.375 6.2
10,500.00 P 94901 100.00 26.90 282,401.70 329,437.50 7.2
10,500 TOTAL BROKERAGE FIRM 282,401.70 329,437.50 7.2 6.2
INSURANCE - MULTIPLE LINE
AFLAC INC COM .520 43.500 1.1
67,500.00 P 90454 100.00 16.06 1,084,195.80 2,936,250.00 3.2
BERKLEY W R CORP COM .480 53.750 0.8
6,100.00 P 94901 100.00 48.39 295,187.50 327,875.00 0.9
ST PAULS COS INC COM 1.600 55.625 2.8
35,000.00 P 90454 100.00 45.41 1,589,224.50 1,946,875.00 14,000.00 3.5
108,600 TOTAL INSURANCE - MULTIPLE LINE 2,968,607.80 5,211,000.00 14,000.00 3.1 1.8
OTHER FINANCE COMPANIES
AMERICREDIT CORP COM 13.625
56,500.00 P 94901 100.00 6.15 347,715.35 769,812.50
ANTEC CORP COM 18.000
11,000.00 P 94901 100.00 17.42 191,617.80 198,000.00
CWM MTG HLDGS INC COM 1.320 17.000 7.7
64,000.00 P 94901 100.00 12.14 777,087.90 1,088,000.00 10.8
CAPSTEAD MTG CORP COM 2.240 22.875 9.7
23,850.00 P 94901 100.00 20.36 485,536.95 545,568.75 11.0
FREMONT GEN CORP COM .800 36.750 2.1
75,680.00 P 90454 100.00 12.06 912,642.42 2,781,240.00 15,136.00 6.6
LAWYERS TITLE CORP COM .200 19.125 1.0
36,500.00 P 94901 100.00 7.93 289,448.73 698,062.50 2.5
PROXIMA CORP COM 22.125
10,500.00 P 94901 100.00 19.78 207,665.00 232,312.50
READING & BATES CORP COM NEW 15.000
68,500.00 P 94901 100.00 9.09 622,511.30 1,027,500.00
346,530 TOTAL OTHER FINANCE COMPANIES 3,834,225.45 7,340,496.25 15,136.00 5.3 2.8
1,084,130 TOTAL FINANCIAL SERVICES 16,155,126.40 25,711,374.05 31,286.00 3.2 2.0
FOOD/HOUSEHOLD PRODUCTS
BEVERAGES & TOBACCO
PEPSICO INC COM .800 55.875 1.4
20,000.00 P 90454 100.00 52.12 1,042,450.00 1,117,500.00 4,000.00 1.5
20,000 TOTAL BEVERAGES & TOBACCO 1,042,450.00 1,117,500.00 4,000.00 1.5 1.4
HOUSEHOLD PRODUCTS
LECHTERS INC COM 6.438
35,000.00 P 94901 100.00 6.13 214,375.00 225,330.00
35,000 TOTAL HOUSEHOLD PRODUCTS 214,375.00 225,330.00
55,000 TOTAL FOOD/HOUSEHOLD PRODUCTS 1,256,825.00 1,342,830.00 4,000.00 1.2 1.1
FUELS
DOMESTIC OILS
ATLANTC RCHFLD CO COM DE 5.500 110.750 4.9
10,000.00 P 90454 100.00 98.69 986,937.50 1,107,500.00 5.5
OCCIDENTAL PET CORP COM 1.000 21.375 4.6
60,000.00 P 90454 100.00 21.52 1,291,100.00 1,282,500.00 15,000.00 4.6
ORYX ENERGY CO COM 13.375
17,500.00 P 94901 100.00 13.56 237,300.00 234,062.50
87,500 TOTAL DOMESTIC OILS 2,515,337.50 2,624,062.50 15,000.00 4.5 4.3
INTERNATIONAL OILS
GULF CDA RES LTD ORD 4.125
60,000.00 P 94901 100.00 5.06 303,600.00 247,500.00
60,000 TOTAL INTERNATIONAL OILS 303,600.00 247,500.00
OILS SERVICE
ANADARKO PETE CORP COM .300 54.125 0.5
30,000.00 P 90454 100.00 44.31 1,329,439.09 1,623,750.00 0.6
BAKER HUGHES INC COM .460 24.375 1.8
60,000.00 P 90454 100.00 22.39 1,343,260.00 1,462,500.00 2.0
BENTON OIL & GAS CO COM 15.000
112,100.00 P 94901 100.00 11.65 1,306,080.11 1,681,500.00
GLOBAL MARINE INC COM NEW 8.750
185,500.00 P 94901 100.00 4.30 797,739.91 1,623,125.00
NL INDS INC COM NEW 12.125
33,000.00 P 94901 100.00 11.48 378,680.00 400,125.00
NABORS INDS INC COM 11.250
31,000.00 P 94901 100.00 7.29 226,064.55 348,750.00
NOBLE DRILLING CORP COM 9.000
131,000.00 P 94901 100.00 7.62 998,477.60 1,179,000.00
SONAT OFFSHR DRLG INC COM .240 44.750 0.5
15,600.00 P 94901 100.00 30.54 476,481.45 698,100.00 0.7
SWIFT ENERGY CO COM 12.000
19,000.00 P 94901 100.00 12.56 238,640.00 228,000.00
617,200 TOTAL OILS SERVICE 7,094,862.71 9,244,850.00 0.5 0.4
764,700 TOTAL FUELS 9,913,800.21 12,116,412.50 15,000.00 1.5 1.2
HEALTH/PERSONAL CARE
DRUGS
ABBOTT LABS COM .840 41.625 2.0
50,000.00 P 90454 100.00 32.04 1,601,810.00 2,081,250.00 2.6
AMYLIN PHARMACEUTICALS INC COM 9.500
18,700.00 P 94901 100.00 8.11 151,727.50 177,650.00
BINDLEY WSTN INDS INC COM .080 17.000 0.4
15,800.00 P 94901 100.00 15.35 242,542.50 268,600.00 0.5
IDEC PHARMACEUTICALS CORP COM 19.500
15,200.00 P 94901 100.00 7.92 120,329.95 296,400.00
MERCK & CO INC COM 1.360 65.625 2.0
25,000.00 P 90454 100.00 49.55 1,238,776.50 1,640,625.00 8,500.00 2.7
124,700 TOTAL DRUGS 3,355,186.45 4,464,525.00 8,500.00 2.3 1.7
HOSPITAL SERVICE
AMSCO INTL INC COM 14.875
12,000.00 P 94901 100.00 11.16 133,898.66 178,500.00
CENTOCOR INC COM 30.875
20,500.00 P 94901 100.00 14.59 299,166.18 632,937.50
HEALTHDYNE INC COM 8.625
32,200.00 P 94901 100.00 3.34 107,596.51 277,725.00
HEALTHDYNE TECHNOLOGIES INC COM 11.500
19,124.00 P 94901 100.00 7.96 152,236.89 219,926.00
JOHNSON & JOHNSON COM 1.320 85.500 1.5
30,000.00 P 90454 100.00 54.28 1,628,459.00 2,565,000.00 2.4
SUNRISE MED INC COM 18.500
12,200.00 P 94901 100.00 16.13 196,748.18 225,700.00
TOKOS MED CORP DEL COM 9.125
19,000.00 P 94901 100.00 9.00 170,991.00 173,375.00
US HEALTHCARE INC COM 1.100 46.500 2.3
15,000.00 P 90454 100.00 41.41 621,160.50 697,500.00 2.6
160,024 TOTAL HOSPITAL SERVICE 3,310,256.92 4,970,663.50 1.6 1.1
284,724 TOTAL HEALTH/PERSONAL CARE 6,665,443.37 9,435,188.50 8,500.00 2.0 1.4
LEISURE/COMMUNICATIONS
BROADCASTING & PUBLISHING
BAY NETWORKS INC COM 41.125
45,000.00 P 90454 100.00 12.92 581,250.00 1,850,625.00
JOSTENS INC COM $0.33 1/3 PV .880 24.250 3.6
14,500.00 P 94901 100.00 20.16 292,375.00 351,625.00 4.3
TELECOMMUNCATIONS INC SERIES A TCI 19.875
80,000.00 P 90454 100.00 16.28 1,302,521.25 1,590,000.00
TELE COMMUNICATIONS INC NEW COM 26.875
20,000.00 P 90454 100.00 20.85 416,978.75 537,500.00
159,500 TOTAL BROADCASTING & PUBLISHING 2,593,125.00 4,329,750.00 0.4 0.2
FOOD SERVICE & LODGING
COOKER REST CORP COM NEW .050 11.250 0.4
24,500.00 P 94901 100.00 11.92 292,065.84 275,625.00 0.4
24,500 TOTAL FOOD SERVICE & LODGING 292,065.84 275,625.00 0.4 0.4
184,000 TOTAL LEISURE/COMMUNICATIONS 2,885,190.84 4,605,375.00 0.4 0.3
MACHINERY
CONSTRUCTION & MATERIAL
CATERPILLAR INC COM DEL 1.400 58.750 2.3
12,000.00 P 90454 100.00 58.50 701,970.00 705,000.00 2.3
DEERE & CO COM .800 35.250 2.2
30,000.00 P 90454 100.00 22.90 686,850.00 1,057,500.00 6,000.00 3.4
STONE & WEBSTER INC COM .600 35.875 1.6
1,738,322.00 P 90453 100.00 26.63 46,283,724.83 62,362,301.75 260,748.30 2.2
WYMAN GORDON CO COM 13.750
51,000.00 P 94901 100.00 8.89 453,336.20 701,250.00
1,831,322 TOTAL CONSTRUCTION & MATERIAL 48,125,881.03 64,826,051.75 266,748.30 2.2 1.6
INDUSTRIAL
ALBANY INTL CORP NEW CL A .400 18.125 2.2
11,840.00 P 94901 100.00 22.53 266,762.08 214,600.00 1,184.00 1.7
CASE CORP COM .200 45.750 0.4
43,000.00 P 90454 100.00 34.53 1,484,782.50 1,967,250.00 2,150.00 0.5
ENSCO INTL INC COM 23.000
62,000.00 P 94901 100.00 11.86 735,627.05 1,426,000.00
IMO INDS INC COM 6.875
30,200.00 P 94901 100.00 7.60 229,476.93 207,625.00
LONE STAR INDS COM NEW .200 25.000 0.8
16,100.00 P 94901 100.00 21.83 351,491.00 402,500.00 0.9
SUNDSTRAND CORP COM 1.200 70.375 1.7
35,000.00 P 90454 100.00 61.41 2,149,208.20 2,463,125.00 1.9
USA WASTE SVCS INC COM DEL 18.875
48,000.00 P 94901 100.00 17.04 817,887.29 906,000.00
246,140 TOTAL INDUSTRIAL 6,035,235.05 7,587,100.00 3,334.00 0.9 0.7
2,077,462 TOTAL MACHINERY 54,161,116.08 72,413,151.75 270,082.30 2.1 1.5
METALS
ALUMINUM
KAISER ALUM CORP COM 13.125
20,000.00 P 94901 100.00 14.61 292,159.50 262,500.00
20,000 TOTAL ALUMINUM 292,159.50 262,500.00
OTHER METALS
OREGON METALLURGICAL CORP COM 11.375
38,000.00 P 94901 100.00 8.79 334,062.50 432,250.00
RMI TITANIUM CO COM NEW 8.000
35,500.00 P 94901 100.00 7.83 277,891.84 284,000.00
TREMONT CORP DEL COM 16.625
23,500.00 P 94901 100.00 16.77 394,160.20 390,687.50
97,000 TOTAL OTHER METALS 1,006,114.54 1,106.937.50
STEEL
ARMCO INC COM 5.875
35,000.00 P 94901 100.00 5.56 194,474.00 205,625.00
SPS TECHNOLOGIES INC COM 53.375
9,400.00 P 94901 100.00 37.59 353,331.90 501,725.00
44,400 TOTAL STEEL 547,805.90 707,350.00
161,400 TOTAL METALS 1,846,079.94 2,076,787.50
OFFICE EQUIPMENT
COMPUTERS
APPLIED DIGITAL ACCESS INC COM 11.750
18,000.00 P 94901 100.00 12.11 218,054.00 211,500.00
COMPUTERVISION CORP NEW COM 15.250
47,300.00 P 94901 100.00 7.46 352,774.12 721,325.00
EMC CORP MASS COM 15.375
30,000.00 P 90454 100.00 23.69 710,550.00 461,250.00
INACOM CORP COM 14.125
84,500.00 P 94901 100.00 13.27 1,121,242.70 1,193,562.50
INFORMATION RES INC COM 12.375
34,300.00 P 94901 100.00 13.23 453,781.73 424,462.50
IBM CORP COM 1.000 91.375 1.0
20,000.00 P 90454 100.00 91.53 1,830,560.00 1,827,500.00 1.0
MARCAM CORP COM 15.250
2,700.00 P 94901 100.00 14.23 38,423.29 41,175.00
NOVELL INC COM 14.250
85,000.00 P 90454 100.00 7.07 601,140.00 1,211,250.00
PYXIS CORP COM 14.625
62,000.00 P 94901 100.00 14.96 927,389.10 906,750.00
SYSTEMS & COMPUTER TECHNOLOGY CORP 19.875
2,500.00 P 94901 100.00 19.50 48,750.00 49,687.50
386,300 TOTAL COMPUTERS 6,302,664.94 7,048,462.50 0.3 0.2
OFFICE EQUIPMENT
XEROX CORP COM 3.000 137.000 2.1
5,000.00 P 90454 100.00 105.95 529,731.66 685,000.00 3,750.00 2.8
5,000 TOTAL OFFICE EQUIPMENT 529,731.66 685,000.00 3,750.00 2.8 2.1
391,300 TOTAL OFFICE EQUIPMENT 6,832,396.60 7,733,462.50 3,750.00 0.5 0.4
PUBLIC UTILITIES
TELEPHONE
AT&T CORP COM 1.320 64.750 2.0
30,000.00 P 90454 100.00 52.33 1,569,800.00 1,942,500.00 9,900.00 2.5
WORLDCOM INC GA COM 35.250
25,000.00 P 90454 100.00 32.13 803,125.00 881,250.00
55,000 TOTAL TELEPHONE 2,372,925.00 2,823,750.00 9,900.00 1.6 1.4
55,000 TOTAL PUBLIC UTILITIES 2,372,925.00 2,823,750.00 9,900.00 1.6 1.4
RETAIL MERCHANDISING
CHAIN STORES (NON FOOD)
FINGERHUT COS INC COM .160 13.875 1.1
23,400.00 P 94901 100.00 15.27 357,261.35 324,675.00 1.0
TOYS R US COM 21.750
60,000.00 P 90454 100.00 23.05 1,383,240.00 1,305,000.00
WAL MART STORES INC COM .200 22.250 0.8
60,000.00 P 90454 100.00 9.17 550,446.00 1,335,000.00 3,000.00 2.1
143,400 TOTAL CHAIN STORES (NON FOOD) 2,290,947.35 2,964,675.00 3,000.00 0.6 0.5
DEPARTMENT STORES
CATHERINES STORES CORP COM TN 8.250
35,500.00 P 94901 100.00 10.25 363,783.04 292,875.00
FEDERATED DEPT STORES INC DEL COM 27.250
66,000.00 P 90454 100.00 24.58 1,621,960.00 1,798,500.00
GOODYS FAMILY CLOTHING INC COM 8.750
33,500.00 P 94901 100.00 10.05 336,618.41 293,125.00
TJX COS COM .280 18.875 1.4
9,500.00 P 94901 100.00 15.05 142,975.00 179,312.50 1.8
VONS COS INC COM 28.250
17,500.00 P 94901 100.00 17.76 310,793.20 494,375.00
162,000 TOTAL DEPARTMENT STORES 2,776,129.65 3,058,187.50 0.1
SPECIALTY STORES
FABRI CTRS AMER INC CL B NON VTG 10.750
17,100.00 P 94901 100.00 9.47 161,973.26 183,825.00
PIER 1 IMPORTS INC COM .160 11.375 1.4
P 94901
PRICE / COSTCO INC COM 15.250
70,000.00 P 90454 100.00 20.88 1,461,530.00 1,067,500.00
SPIEGEL INC CL A NON VTG 6.875
18,000.00 P 94901 100.00 7.96 143,345.60 123,750.00
105,100 TOTAL SPECIALTY STORES 1,766,848.86 1,375,075.00
410,500 TOTAL RETAIL MERCHANDISING 6,833,925.86 7,397,937.50 3,000.00 0.2 0.2
TEXTILE/APPAREL
APPAREL MANUFACTURES
JONES APPAREL GROUP INC COM 39.375
50,000.00 P 90454 100.00 25.17 1,258,599.00 1,968,750.00
RUSSELL CORP COM .480 27.750 1.7
40,000.00 P 90454 100.00 30.17 1,206,850.00 1,110,000.00 1.5
SALANT CORP COM DELAWARE 3.875
21,900.00 P 94901 100.00 5.45 119,264.00 84,862.50
111,900 TOTAL APPAREL MANUFACTURES 2,584,713.00 3,163,612.50 0.7 0.6
TEXTILE PRODUCERS
NORTEK INC COM DELAWARE 11.750
34,000.00 P 94901 100.00 6.52 221,615.94 399,500.00
34,000 TOTAL TEXTILE PRODUCERS 221,615.94 399,500.00
145,900 TOTAL TEXTILE/APPAREL 2,806,328.94 3,563,112.50 0.6 0.5
TRANSPORTATION
AIR LINES
AMERICA WEST AIRLS INC CL B 17.000
20,000.00 P 94901 100.00 10.44 208,700.00 340,000.00
MESA AIRLS INC COM 9.000
22,000.00 P 94901 100.00 9.85 216,726.95 198,000.00
WORLDCORP INC COM 10.000
166,700.00 P 94901 100.00 11.06 1,844,054.90 1,667,000.00
208,700 TOTAL AIRLINES 2,269,481.85 2,205,000.00
208,700 TOTAL TRANSPORTATION 2,269,481.85 2,205,000.00
MISCELLANEOUS
ADDINGTON RES INC COM 14.625
41,000.00 P 94901 100.00 13.76 563,999.70 599,625.00
CHAUS BERNARD INC COM 3.625
45,600.00 P 94901 100.00 5.51 251,440.75 165,300.00
CYTOGEN CORP COM 5.250
26,000.00 P 94901 100.00 5.50 143,000.00 136,500.00
DONNKENNY INC DEL COM 18.125
21,000.00 P 94901 100.00 11.93 250,427.10 380,625.00
DUAL DRILLING CO COM 11.375
2,000.00 P 94901 100.00 11.15 22,290.00 22,750.00
EDUCATION ALTERNATIVES INC COM 4.500
59,200.00 P 94901 100.00 4.79 283,757.00 266,400.00
ELJER INDS INC COM 10.750
15,000.00 P 94901 100.00 11.43 171,462.40 161,250.00
FAIRCHILD CORP CL A 8.500
133,200.00 P 94901 100.00 5.42 722,445.50 1,132,200.00
FIBREBOARD CORP NEW COM 22.375
25,800.00 P 94901 100.00 12.74 328,716.28 577,275.00
FINISH LINE INC CL A 7.500
24,200.00 P 94901 100.00 9.24 223,560.00 181,500.00
GENLYTE GROUP INC COM 6.750
24,500.00 P 94901 100.00 6.66 163,250.00 165,375.00
GLOBAL INDL TECHNOLOGIES INC COM 18.875
17,840.00 P 94901 100.00 12.90 230,192.79 336,730.00
HEXCEL CORP NEW COM 11.250
48,500.00 P 94901 100.00 6.80 329,853.55 545,625.00
HUNTCO INC CL A .120 15.375 0.7
5,000.00 P 94901 100.00 13.99 69,959.00 76,875.00 0.8
IDEON GROUP INC COM .200 10.125 1.9
35,000.00 P 94901 100.00 8.18 286,405.00 354,375.00 2.4
INSITUFORM TECHNOLOGIES INC CL A 11.625
23,500.00 P 94901 100.00 14.97 351,874.55 273,187.50
JACKPOT ENT INC COM .320 11.625 2.7
15,000.00 P 94901 100.00 10.20 152,977.50 174,375.00 3.1
LESLIES POOLMART COM 14.000
21,030.00 P 94901 100.00 8.93 187,755.27 294,420.00
MARINE DRILLING COS INC COM PAR $0.01 5.125
69,700.00 P 94901 100.00 4.83 336,939.00 357,212.50
NBTY INC COM 4.750
45,000.00 P 94901 100.00 6.41 288,572.90 213,750.00
POWER CTL TECHNOLOGIES INC COM 8.000
43,000.00 P 94901 100.00 7.91 340,298.26 344,000.00
SOFAMOR / DANEK GROUP INC COM 28.375
12,000.00 P 94901 100.00 24.15 289,786.60 340,500.00
SUMMA FOUR INC COM 13.375
10,000.00 P 94901 100.00 12.63 126,250.00 133,750.00
TELXON CORP COM .010 22.625
17,150.00 P 94901 100.00 11.13 190,914.17 388,018.75
WESTCORP INC (CALIF.) .360 18.500 1.9
52,450.00 P 94901 100.00 12.43 651,804.55 970,325.00 2.8
832,670 TOTAL MISCELLANEOUS 6,957,931.87 8,591,943.75 0.4 0.3
7,289,641 TOTAL COMMON STOCK 134,261,658.21 175,585,153.65 368,871.55 1.7 1.3
CHASE COMMINGLED FUNDS - EQUITY
CMB MED CAP EQUITY FD 9.814 1071.285 0.9
5,831.52 * P 90454 100.00 567.82 3,311,262.37 6,247,223.42 5,675.88 1.7
CMB SM CAP GROWTH FD 10.112 1230.243 0.8
2,667.66 * P 90454 100.00 748.53 1,996,821.50 3,281,871.11 2,328.57 1.3
8,499.18 TOTAL CHASE COMMINGLED FUNDS-EQUITY 5,308,083.87 9,529,094.53 8,004.45 1.5 0.8
7,298,140.18 TOTAL EQUITIES 139,569,742.08 185,114,248.18 376,876.00 1.7 1.3
7,470,224.85 TOTAL PERMANENTLY INVESTED FUNDS 224,756,669.64 270,141,291.60 797,242.36 1.2 1.0
TEMPORARY INVESTMENTS
CHASE TEMPORARY INVESTMENT FUNDS
CHASE BANK TEMPORARY INVESTMENT FUND 100.000
384,077.78 * P 90453 3.60 1.00 384,077.78 384,077.78
1,186,159.21 * P 90454 11.14 1.00 1,186,159.21 1,186,159.21
9,070,043.21 * P 90455 85.24 1.00 9,070,043.21 9,070,043.21
10,640,280.20 TOTAL 100.00 10,640,280.20 10,640,280.20
CHASE BK DOMESTIC LIQUIDITY FD 100.000
8,566,480.05 * P 94901 62.86 1.00 8,566,480.05 8,566,480.05
5,059,241.19 * P 94902 37.13 1.00 5,059,241.19 5,059,241.19
13,625,721.24 TOTAL 100.00 13,625,721.24 13,625,721.24
24,266,001.44 TOTAL CHASE TEMP INVST FUNDS 24,266,001.44 24,266,001.44
TREASURY BILLS
UNITED STATES TREASURY BILL 06/20/96 97.658 4.9
150,000.00 P 94901 100.00 0.97 146,159.04 146,487.00
150,000 TOTAL TREASURY BILLS 146,159.04 146,487.00
24,416,001.44 TOTAL TEMPORARY INVESTMENTS 24,412,160.48 24,412,488.44
31,886,226.29 TOTAL INVSTS CONTRACT POSITION 248,436,785.94 293,821,735.86 797,242.36
CASH 15,851.73 15,851.73
TRADE RECEIVABLE 2,653,708.94 2,653,708.94
TRADE PAYABLES -317,345.60 -317,345.60
CASH PLUS TRADE REC/(PAYABLES) 2,352,215.07 2,352,215.07
EX-DIVIDEND 376,876.00 376,876.00
ACCURALS 420,366.36 420,366.36
INCREMENT 327.96
TOTAL INCOME RECEIVABLE 797,570.32 797,242.36
TOTAL ASSETS CONTRACT POSITION 251,586,571.33 296,971,193.29
NET ASSETS CONTRACT POSITION 251,586,571.33 296,971,193.29
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED AND PARTICIPATING SUBSIDIARIES
FORM 5500 - ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1995
(All dollar amounts, except per share amounts, are in thousands.)
<CAPTION>
Description of Asset (Including Expense
Identity of Party rate and maturity in case of a Purchase Selling Lease Incurred with Cost Current Value Net Gain
Involved (Note 1) Loan) Price Price Rental Transactions of Asset of Asset or (Loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Chase Manhattan 371 Transactions - Temporary $100.00 - - - $47,190 $47,190 -0-
Bank, N.A. Investment Fund
The Chase Manhattan 169 Transactions - Temporary - $100.00 - - $58,395 $58,395 -0-
Bank, N.A. Investment Fund
The Chase Manhattan 236 Transactions - Domestic $100.00 - - - $42,320 $42,320 -0-
Bank, N.A. Liquidity Fund
The Chase Manhattan 165 Transactions - Domestic - $100.00 - - $64,886 $64,886 -0-
Bank, N.A. Liquidity Fund
<FN>
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.
</FN>
</TABLE>
26
<PAGE>
EMPLOYEE INVESTMENT PLAN OF STONE & WEBSTER, INCORPORATED
AND PARTICIPATING SUBSIDIARIES
Form 5500 - Item 27e - Schedule of Nonexempt Transactions
for the year ended December 31, 1995
(All dollar amounts are in thousands.)
Purchases Sales Expenses
Name Affiliation Cost Sales Gain/ Incurred
Price Loss
- ---------------- ----------------- --------- --------------- --------
Stone & Webster, Ultimate Parent $5,213 $9,914 $1,909 $ -
Incorporated of Stone &
Common Stock Webster,
Incorporated
and Participating
Subsidiaries
27
<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 June 14, 1996, on our audits of the statements of
net assets available for benefits of the Employee Investment Plan
of Stone & Webster, Incorporated and Participating Subsidiaries
as of December 31, 1995 and 1994, and the related statement of
changes in net assets available for benefits and supplemental
schedules for the year ended December 31, 1995, which report
is included in this Annual Report on Form 11-K for the year
ended December 31, 1995.
/s/ COOPERS & LYBRAND L.L.P.
New York, New York
June 27, 1996
28
