46-553: The Northern Texas Traction Company was a subsidiary of Stone & Webster that operated the streetcar system and interurban lines in Fort Worth, Texas . The Northern Texas Traction Company began with the purchase of the City Railway of Fort Worth by George T. Bishop in 1900. Bishop also acquired the Dallas and Oak Cliff Elevated Railway to gain access to Dallas . Construction of
92-579: A coalition of poor, white cotton farmers in the South (especially North Carolina, Alabama and Texas) and hard-pressed wheat farmers in the Plains States (especially Kansas and Nebraska), the Populists represented a radical form of agrarianism and hostility to elites, cities, banks, railroads, and gold. The Free Silver movement arose from a synergy of farming and mining interests. Farmers sought to invigorate
138-484: A trolley park called Lake Erie. The pavilion at Lake Erie included a roller skating rink, a dance hall, restaurant, and rides on a pier above the water. Northern Texas Traction actively fought the loss of passenger traffic to the private automobile. Its efforts to maintain ridership led the company to receive the Charles A. Coffin medal in 1927. Numerous ideas to improve service and improve profits were implemented including
184-724: A French engineering conglomerate, agreed to purchase most of the Energy and Chemical Division of Shaw Group The remainder of The Shaw Group assets were ultimately purchased by Chicago Bridge & Iron Company , for about US$ 3 billion, completing the acquisition in February 2013. A subsidiary that was formed as a result, CB&I Stone Webster—a result of Shaw Groups earlier acquisition of Stone & Webster during its bankruptcy—was again sold, in January 2016, to Westinghouse Electric Co., for US$ 229M. Panic of 1893 The Panic of 1893
230-469: A continuing trend downward from a high of 3 and 1/8 pence in 1891. In February 1895, the U.S. Government turned to private financial institutions to underwrite the sale of Treasury bonds , stabilize exchange rates , and return the Treasury to its gold reserve requirement. The result was a contract drawn with what was called "The Morgan-Belmont Syndicate". The persistent balance of payments deficit in
276-555: A contributing factor to the depression. The People's Party , also known as the ' Populists ', was an agrarian -populist political party in the United States. From 1892 to 1896, it played a major role as a left-wing force in American politics. It drew support from angry farmers in the West and South. It was highly critical of capitalism , especially banks and railroads, and allied itself with
322-537: A run on gold in the U.S. Treasury . Specie was considered more valuable than paper money; when people were uncertain about the future, they hoarded specie and rejected paper notes. During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices. Exacerbating the problems with international investments, wheat prices crashed in 1893. In particular,
368-598: A series of failed attempts to restore reserves by issuing bonds and depreciating specie issued for legal tender , the Treasury negotiated a contract with the Morgan-Belmont Syndicate to restore confidence in the government's ability to maintain the convertibility of legal tender into gold. The full list of syndicate members was not made public, however the contract named Drexel, Morgan & Co ., A. Belmont & Co., J. S. Morgan & Co. , and N. M. Rothschild & Sons . The syndicate achieved its goals through
414-778: The Birney Safety Car and Crimson Limited Interurban deluxe service. NTT was one of the first 3 traction cities to obtain Birney Safety Cars, the first city to fully equip a line with Birney Cars and a member of the Electric Railway Presidents' Conference Committee, which produced the PCC streetcar (although PCCs did not see service in Fort Worth until the advent of the Tandy Center Subway ). Stone & Webster sold
460-546: The Investment Bankers Case . The Stone & Webster investment banking operations were eventually acquired by Kidder Peabody which already had overlapping ownership. The investment banking affiliate, Stone & Webster Securities, had attempted to grow by acquiring two smaller, regional brokerage houses in 1968: Hayden, Miller & Co., based in Cleveland, and Atlanta-based Wyatt, Neal & Waggoner. That increased
506-550: The National Cordage Company (NCC), then the most actively traded stock, caused its lenders to call in their loans immediately, and the company went into bankruptcy receivership as a result. The company, a rope manufacturer, had tried to corner the market for imported hemp. As demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, and many became worthless. A series of bank failures followed, and
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#1732855555845552-584: The Northern Pacific Railway , the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks, many of them in the West, failed. According to high estimates, about 17%–19% of the workforce was unemployed at the panic's peak. The huge spike in unemployment, combined with
598-833: The Pullman Strike . After their defeat in 1896, the Democrats did not regain control of any branch of the Federal Government until 1910 . A rarely talked-about effect is the Love Canal disaster. People who were earlier keen to invest in the Love Canal stopped doing so, which led to the abandonment of its construction. Ultimately the canal ended up being a large toxic waste repository, with severe negative environmental effects. Love Canal remains synonymous with environmental pollution and degradation. The Panic of 1893 affected many aspects of
644-526: The U.S. Treasury fell to a dangerously low level. This forced President Cleveland to borrow $ 65 million in gold from Wall Street banker J.P. Morgan and the Rothschild banking family of England , through what was known as the Morgan-Belmont Syndicate His party suffered enormous losses in the 1894 elections , largely being blamed for the downward spiral in the economy and the brutal crushing of
690-635: The presidency of William McKinley . The Panic of 1893 has been traced to many causes, one of them pointing to Argentina; investment was encouraged by the Argentine agent bank, Baring Brothers . However, the 1890 wheat crop failure and a failed coup in Buenos Aires ended further investments. In addition, speculations in South African and Australian properties also collapsed. Because European investors were concerned that these problems might spread, they started
736-482: The shipping industry , both by rail and maritime. It arrested the acquisition of ships and rolling stock and depressed shipping rates. The bad omen of investors switching from equity based stocks to constant return bonds in 1894 was mirrored in the corporate finance actions of railroads which reduced their acquisition of rolling stock . Railroad expansion including capital expenditures rose again in 1895, but slowed in 1897 during another economic trough. In 1893,
782-469: The 1890s which drained the Treasury gold reserves, caused concern from both domestic and foreign investors that the U.S. would abandon the gold standard. This prompted further gold withdrawals and bond liquidations which exacerbated the deficit. By February 2, 1895, the Treasury's gold reserves fell to approximately $ 42 million, well below the $ 100 million level required by the Resumption Act of 1875 . After
828-599: The Pullman Company was a railroad car company, this only increased the difficulty of acquiring rolling stock. The maritime industry of the United States did not escape the effects of the Panic of 1893. The total gross registered merchant marine tonnage employed in "foreign and coastwise trade and in the fisheries", as measured by the U.S. Census between 1888 and 1893, grew at a rate of about 2.74%. In 1894, U.S. gross tonnage decreased by 2.9%, and again in 1895 by 1.03%. In 1894,
874-748: The Shaw buyout, the Power group performed record business in engineering and construction of coal-fired power plants and power plant environmental control retrofits including FGD and SCR technology. Shaw's alliance with Westinghouse led to substantial Stone & Webster technology and engineering applications in the nuclear power industry. In 2008, ENR ranked the Stone & Webster subsidiary of The Shaw Group subsidiary as first in revenue for Power EPC, and fifth by Revenue in Process & Petrochemical EPC. In 2012, Technip ,
920-611: The York Street Steam plant and the partially built Nooksack Falls Hydroelectric Power Plant .Stone & Webster took over construction operations and on September 21, 1906, Bellingham received power from the plant via a 47-mile-long (76 km) transmission line. Despite the independence allowed its subsidiaries, J.D. Ross, superintendent of Seattle City Light issued a report critical of Stone & Webster's presence in Seattle, listing 49 companies under Stone & Webster's management at
966-485: The company in 1934 as the result of diminishing profits and antitrust action brought by the federal government. The last interurban run was completed on Christmas eve, 1934, and streetcar service was maintained by the transit company until 1937 when the city charter was renewed and revised. Stone %26 Webster Stone & Webster was an American engineering services company based in Stoughton, Massachusetts . It
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#17328555558451012-419: The destitute. Facing starvation, people chopped wood, broke rocks, and sewed by hand with needle and thread in exchange for food. In some cases, women resorted to prostitution to feed their families. To help the people of Detroit, Mayor Hazen S. Pingree launched his "Potato Patch Plan", which were community gardens for farming. President Grover Cleveland was blamed for the depression. Gold reserves stored in
1058-453: The economy and thereby end deflation , which was forcing them to repay loans with increasingly expensive dollars. Mining interests sought the right to turn silver directly into money without a central minting institution. The Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what
1104-502: The economy deepened, people rushed to withdraw their money from banks, and caused bank runs . The credit crunch rippled through the economy. A financial panic in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold. The economic policies of President Benjamin Harrison have been characterized as
1150-472: The following utilities: Stone & Webster became involved in Washington State engineering projects—Washington's natural resources, and hydroelectric power, and resulting development opportunities brought companies like Stone & Webster to the state —beginning with Puget Sound area street railways. By 1900, they had controlled and merged eight small rail lines in Seattle; soon after, they also took over
1196-601: The formation of a nuclear power subsidiary, CB&I Stone Webster, which operated for about 4 years, being sold in January 2016 to Westinghouse Electric Company . Charles A. Stone and Edwin S. Webster first met in 1884 and became close friends while studying electrical engineering at the Massachusetts Institute of Technology . In 1890, only two years after graduating, they formed the Massachusetts Electrical Engineering Company. The name
1242-531: The inauguration of U.S. President Grover Cleveland , with the appointment of receivers for the Philadelphia and Reading Railroad , which had greatly overextended itself. Upon taking office, Cleveland dealt directly with the Treasury crisis and convinced Congress to repeal the Sherman Silver Purchase Act , which he felt was mainly responsible for the economic crisis. As concern for the state of
1288-514: The labor movement. Established in 1891 as a result of the Populist movement, the People's Party reached its height in the 1892 presidential election , when its ticket, consisting of James B. Weaver and James G. Field , won 8.5% of the popular vote and carried five states (Colorado, Idaho, Kansas, Nevada, and North Dakota), and the 1894 House of Representatives elections when it won nine seats. Built on
1334-610: The largest contract in Stone & Webster's history. But the plan went bad, and the company fell along with it. Subsequently, Stone & Webster filed for Chapter 11 bankruptcy protection in 2000 because of cash flow problems. It was bought at auction by the Shaw Group for US$ 150 million. The Shaw Energy and Chemicals division integrated Stone & Webster branded technology. Shaw's E&C division attempted to compete with other more successful engineering contractors such as Bechtel , Foster Wheeler , Jacobs and Technip . Since
1380-500: The late 19th-century; and with most American nuclear power plants. Stone & Webster failed and became a division of The Shaw Group in 2000. In 2012, the French engineering conglomerate Technip acquired Stone & Webster's energy and chemical business, and process technologies and associated oil and gas engineering capabilities from The Shaw Group. The CB&I acquisition of other assets of The Shaw Group , also in 2012, resulted in
1426-612: The loss of life savings kept in failed banks, meant that a once-secure middle-class could not meet their mortgage obligations. Many walked away from recently built homes as a result. As a result of the panic, stock prices declined. Five hundred banks closed, 15,000 businesses failed, and numerous farms ceased operation. The unemployment rate hit 25% in Pennsylvania, 35% in New York, and 43% in Michigan. Soup kitchens were opened to help feed
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1472-730: The necessary fissionable material for the Manhattan Project . The company was selected in June 1942 by the first head of the Manhattan Engineering District, James C. Marshall . In January, 1946, the name of the business, was changed to Stone and Webster Securities Corporation. Stone and Webster Securities was one of the 17 U.S. investment banking and securities firms named in the United States Department of Justice 's antitrust investigation of Wall Street commonly known as
1518-462: The next ten years, Stone & Webster acquired interest in large number of utilities while offering managerial, engineering and financial consulting to a number of independent utility firms. Even though Stone & Webster were not a holding company, their financial and managerial presence meant that they had considerable influence in policy decisions. They would often be paid in utility stock. As of 1912, Stone and Webster served as general managers of
1564-482: The number of offices of the firm from nine to 28, but cultural and style differences between the parent company's traditional engineering management and retail brokerage management led to an exodus of key employees, and the Securities firm closed its doors in 1974. The company collapsed in 2000 after a major bribery scandal. It had attempted to pay $ 147 million to a relative of Indonesian President Suharto to secure
1610-438: The opening of numerous mines in the western United States led to an oversupply of silver, leading to significant debate as to how much of the silver should be coined into money (see below). During the 1880s, American railroads experienced what might today be called a " bubble ": investors flocked to railroads, and they were greatly over-built. One of the first clear signs of trouble came on 20 February 1893, twelve days before
1656-487: The rate for a bushel of wheat by rail dropped from 14.70¢ in 1893 to 12.88¢. This rate continued to decrease, reaching a terminal rate in 1901 of 9.92¢ and never reached 12 cents between 1898 and 1910. Between 1893 and 1894, average shipping rates by lake or canal per wheat bushel decreased by almost 2 cents, from 6.33¢ to 4.44¢. Rates on the transatlantic crossing from New York City to Liverpool also decreased, from 2 and 3/8 pence to 1 and 15/16 pence, but this reflected
1702-533: The second interurban line in the state of Texas linked the cities of Fort Worth and Dallas with operations commencing on July 1, 1902. The Bishop interests sold out to Stone & Webster Engineering in 1905. The company produced a monthly employee newsletter called The Traction News throughout the 1920s. The power generating plant and workshops for the interurban line were located in the small town of Handley just east of Fort Worth. The Northern Texas Traction Company bought land south of Handley where it developed
1748-530: The street railway systems of Tacoma and Everett. By 1908, Stone & Webster listed thirty-one railway and lighting companies under its management including five located in Washington State: the Puget Sound Electric Railway, Puget Sound International Railway and Power Co., Puget Sound Power Co., The Seattle Electric Co., and Whatcom County Railway and Light Co. Stone & Webster leadership
1794-417: The time. By 1912, the company, nationally, had divided itself into three specialized subsidiaries: In 1927, Stone & Webster expanded the investments business, merging its securities subsidiaries with the investment banking firm of Blodget & Co. founded in 1886, to form Stone & Webster and Blodget, Inc. Stone & Webster was selected as the overall contractor for building the plants producing
1840-424: The total railroad mileage in the U.S. was 176,803.6 miles. In 1894 and 1895, railroads only expanded 4,196.4 miles, although 100,000 miles of rail was added from 1878 to 1896. In 1893, the year following the panic, one fourth of all rail mileage went into receivership. The U.S. Census placed this value at close to $ 1.8 billion (not adjusted for inflation), the largest amount recorded between 1876 and 1910. This
1886-526: Was an economic depression in the United States . It began in February 1893 and officially ended eight months later, but the effects from it continued to be felt until 1897. It was the most serious economic depression in history until the Great Depression of the 1930s. The Panic of 1893 deeply affected every sector of the economy and produced political upheaval that led to the political realignment and
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1932-583: Was changed to Stone & Webster in 1893. Their company was one of the earliest electrical engineering consulting firms in the United States. Stone & Webster's first major project was the construction of a hydroelectric plant for the New England paper company in 1890. Following the panic of 1893 , Stone & Webster acquired the Nashville Electric Light and Power Co. for a few thousand dollars, subsequently reselling it for $ 500,000. Throughout
1978-530: Was founded as an electrical testing lab and consulting firm by electrical engineers Charles A. Stone and Edwin S. Webster in 1889. In the early 20th century, Stone & Webster was known for operating streetcar systems in many cities across the United States including Dallas , Houston and Seattle . The company grew to provide engineering, construction, environmental, and plant operation and maintenance services, and it has long been involved in power generation projects, starting with hydroelectric plants of
2024-576: Was over $ 1 billion (also not adjusted for inflation) more than the next largest amount, in 1884. In 1894, the U.S. Army intervened during a strike in Chicago to prevent property damage. The Pullman Strike began at the Pullman Company in Chicago after Pullman refused to either lower rent in the company town or raise wages for its workers due to increased economic pressure from the Panic of 1893. Since
2070-457: Was required by the 1878 Bland–Allison Act (driving up the price of silver and pleasing silver miners). People attempted to redeem silver notes for gold. Ultimately, the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. notes could no longer be redeemed for gold. Investments during the time of the panic were heavily financed through bond issues with high-interest payments. Rumors regarding financial distress at
2116-547: Was sensitive to the concerns of large utility holding companies and were careful to emphasize the complete independence of these utilities, but Edwin Webster believed that outside capital was crucial to develop the resources of Washington, and chided those who thought otherwise. In 1905, Stone & Webster bought out the power and lighting properties that were once owned by the Bellingham Bay Improvement Co., including
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