Panic of 1873. The subsequent recession would drag on until 1879, but by 1875 there was a widespread recognition that this time there would be no recovery for New York shipyards. Not only were the iron shipbuilders of the Delaware now dominating the contracts for larger ships, but the locus of wooden shipbuilding in the U.S. had moved to the state of Maine, where lower prices for timber, and lower wages, enabled the construction of wooden-hulled vessels as much as 20% cheaper than in New York. The extent of New York's decline as a shipbuilding center from 1873 is well illustrated by the fortunes of Lawrence & Foulks itself. In the 24 years from 1851 to 1875, Lawrence & Foulks built a total of 122 vessels, an average of more than five per year. In the firm's remaining 25 years, from 1876 to 1901, it built only another 22 vessels, an average of less than one per year. Among the latter were San Rafael and Saucelito, sister ferries built in 1877 which were shipped overland in pieces to San Francisco. After reassembly, the two vessels quickly established themselves as the fastest ferries on the Bay. Among the last notable steamers built by Lawrence & Foulks were Albertina, built in 1882 for the Red Bank Line, and the steam yacht Clermont for Commodore Alfred van Santvoord of the New York and Albany Line. In August 1886, William Foulks fell from scaffolding while inspecting a vessel at his shipyard, suffering internal injuries. He died at home, aged 74, a few days later. His partner, Herbert Lawrence, retired in about 1894, but maintained his office in Greenpoint until shortly before he died, aged 73, in 1902. In total, the Lawrence & Foulks shipyard built 144 vessels of all types in the fifty years to 1901. List of ships The first table below lists ships known to have been built by William Foulks, probably before his partnership with Herbert Lawrence. The second table lists ships built by Lawrence & Foulks. The two lists combined currently represent 112 of the 144 ships known to have been built by Foulks alone or by Lawrence & Foulks. In addition to the ships listed below, Lawrence & Foulks also designed the model for the Hudson River steamer Albany, but as she had an iron hull the construction contract went to Harlan and Hollingsworth. Vessels which had more than