Word: edisonizing
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...more agonizingly aware of this than Charles Franklin Luce, chairman of New York City's Consolidated Edison, the world's biggest electric utility. Before coming to Con Ed. Luce dealt with environmental problems as Under Secretary of the Interior. An ardent outdoorsman, he now finds himself cast as a villain by New Yorkers, who have long regarded Con Edison as a blatant polluter. Last week they were incensed over Con Ed's request for a 14% rate increase, its second in three years. Con Ed is in financial trouble, much of it aggravated by a longstanding inefficiency...
Foes and Factions. Seven years ago, Con Ed predicted this summer's demands, but one setback after another thwarted the company's ability to meet them. The fact that Con Edison was shortsighted and sometimes secretive did not help its planning. Its "keystone" for avoiding another blackout was a 2,000,000 kw. pump-storage plant on Storm King Mountain. By 1967, the plant was supposed to pump water from the Hudson River to a huge reservoir atop the mountain, then release it downhill to run hydroelectric generators during peak periods. Groups opposing the project because it would...
Died. Charles Edison, 78, son of the famed inventor, former Secretary of the Navy (1939-40) and crusading Governor of New Jersey (1941-44); of a heart attack; in Manhattan. Lacking his father's genius, Edison turned his hand to business and politics-first as president of the family's multimillion-dollar enterprises, then as ardent New Dealer. In 1936, he was appointed Assistant Secretary of the Navy and three years later assumed the full Cabinet post, in which he supervised the Navy's intensive shipbuilding program. Then, as reform-minded New Jersey Governor, he ran head...
Growing Worry. Anxieties are growing among investors who are old enough to remember the 1929 crash and the Depression. A 49-year-old Akron trucking executive has lost only $1,000 on a $20,000 investment in four blue chips-U.S. Steel, Ohio Edison, Goodyear and Standard Oil (Ohio). "But I had a fear of the market from the start," he says. "So do most people who saw their families struggle through the Depression. Now I feel like digging a hole in the backyard and burying the dough...
...Europe, the rule has long been to put up and shut up. He could buy a company's stock, but for him to complain about the company's management was not done. No wonder, therefore, that last week Giorgio Valerio, chairman of Italy's Montecatini Edison, was in a state of shock. At the annual meeting of Italy's largest private company, the long-frustrated small stockholders angrily showered Valerio with a mixed barrage of small coins, epithets and crumpled copies of the company balance sheet. Their urgent message was that it was time to start...