Word: edisons
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Dates: during 1960-1969
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...preferring to protect themselves by rigid organization. Barzini's theory is especially borne out among old-guard Italian financiers. To preserve their power - and the value of their investments - they arrange for their firms to control one another through a cozy network of holding companies. Chemical-making Montecatini Edison, Italy's largest private industrial corporation, was long the leading shareholder in both Italpi and Sade-Finanziaria, holding companies that, as it happens, control Montecatini Edison. Italmobiliare is 100% owned by Italcementi, an important shareholder in Bastogi, which in turn owns more than 10% of Italcementi...
...under attack from several fronts lately, as both the government and forward-looking private investors have sought to pry open the country's long-closed business establishment. Acting through a state-owned investment bank, the government-owned holding companies ENI and IRI quietly bought effective control of Montecatini Edison last October. Once in power, the state agencies ousted both Sade-Finanziaria and Italpi from a syndicate of controlling stockholders because the companies were owned by Montecatini...
...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...
Nowhere have the sounds of outrage been heard more frequently than in New York City, where giant Consolidated Edison Co. has blamed conservationist opposition to its expansion plans for its difficulties in meeting growing demands for electric power (see ENVIRONMENT). Last week consumer wrath fell in almost equal measure on the New York Telephone Co., second largest in the Bell System. At a hearing called by the State Public Service Commission to investigate complaints of poor service, witnesses railed about everything from Manhattan's grossly overloaded Plaza 8 exchange to pay telephones in which the only working parts seem...