Originating with partial ownership in the Wilmington and Little River Steamship Line in the early 1900s, the Stone family businesses went on to include Stone Towing Line, the Little River Canning Company, the Wilmington Marine Railway, and partial interest in the Wilmington-Southport Steamboat Company. The business focus shifted in the 1940s, with the Stone Marine Railway and Stone Towing Company providing services to merchant vessels, including haul-outs, lighterage, and towing, with the focus shifting solely to the towing business in the late 1940s.

In 1982, the company ceased operations, owing in part to the company’s not adapting to the changing times. Stone Towing was then purchased by the Wilmington Towing Company of Wilmington, North Carolina; in 1984 the company was moved to the site of the old Stone Shipyard on Eagle Island. In 1987, however, Wilmington Towing Company was sold to McAllister Brothers Towing of New York, New York.