Excerpt from Centralized Public Utility Management: Development of Stone Webster's Management Organization in the Past Thirty Years

I was asked to tell you about the management contract, what it is, why it is, and what has been done under it, and when I tried to figure out what I should say, I found I could speak for many hours without exhausting the subject; so I will try to give you only a rough picture of some of the reasons which lead up to the contract and some of the reasons for its present form.

In the first place, Mr. Hunt has just said that there seems to be more or less ignorance with regard to this contract. The statement was made to me a few days ago that in addition to ignorance there was in a few cases the thought that there was something secret or mysterious about it. There was a vague feeling that it was not a subject on which one should ask questions. If any such idea exists it is wholly wrong. There is nothing secret, nothing mysterious about the contract; on the contrary it is open to everybody, not only in the Organization but outside the Organization, everybody in the United States who is interested in know ing about it. The only thing that we do want you to have in mind is that when you take this contract out and show it to people in your local community, you should explain to them what it means. It is necessarily pretty complicated. We do a great many things for the companies under our management, and in order to express these in the contract, we have to cover a great deal of ground. There is possibility of misunderstandings, and the contract should be explained as far as you may so that every one will understand it. The more people understand what we are doing and what that contract is, the better for all concerned.

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