Word: lindseth
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Dates: during 1950-1959
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Pooled Strength. The postwar growth has been phenomenal. Where utility men once waited for new demand before expanding, they now gear expansion to projections of the growth of their area-and step out to anticipate it. Since 1945, thanks largely to President Elmer Lindseth's program to lure new industry to his area, Cleveland Electric Illuminating's power sales have jumped 92%; Philadelphia Electric, a sparkplug in the industrialization of the Delaware Valley (TIME, June 8), has spent $320 million to supply 227,000 new customers; Detroit Edison, under President Walker Cisler, has doubled its investment...
Crossed Wires. Five years ago, when many businessmen were preparing to cut their switches in expectation of a "reconversion" slump with mass unemployment, Lindseth took the bold course. He foresaw a boom which would need an ever-expanding supply of power, and backed his bet with a $90 million expansion program for his own company. Then Lindseth went out after business. By offering advice on factory sites, suppliers and markets, he helped lure 536 new plants (including $50 million in chemical plants alone) to the five-county area that C.E.I.'s national ads call "the best location...
...Lindseth increased C.E.I.'s capacity to 984,000 kilowatts, almost double its prewar level. Last week, just before he left Cleveland for the convention, Lindseth announced that C.E.I. would double its capacity again, with a new $100 million, 1,000,000-kilowatt installation, scheduled for completion after...
Dynamo. Elmer Lindseth calls himself "a beneficiary of the capitalist system." The son of Swedish immigrants (his father was a blacksmith), he won scholarships to Cleveland's Case Institute of Technology and Ohio's Miami University, later a teaching fellowship to Yale. He worked summers as a helper in one of C.E.I.'s boiler plants, got a full-time job as a "junior tester" in 1926. Within a year he became a production engineer, later moved up as an assistant to C.E.I.'s President Eben Crawford, stepped into his shoes (and an $80,000 salary...
...president of the Edison Institute, Lindseth has been a leader in the utility industry's fight against encroachment of public power. Four years before C.E.I. was divorced from North American Co. under the Utility Holding Company Act's "death sentence," Cleveland's Cyrus Eaton led a movement to bring C.E.I, under public ownership as a part of Cleveland's existing municipal power plant. Lindseth helped drum up an opposition which united management, labor and newspapers on C.E.I.'s side. Private ownership won. But Lindseth isn't letting his guard down. Says he: "The cold...