SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
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Consolidated Edison Company of New York, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
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The following is included in the November 20, 1997 Update, a bulletin posted for
employees, and will also be included in a forthcoming edition of Con Edison
Times, an employee communications newspaper.
A VOTE FOR THE COMPANY'S FUTURE
The Company has mailed proxy materials to its stockholders of record as of
October 28, 1997 announcing a special stockholders' meeting to be held on
December 12, 1997. The meeting has been called to consider the proposal to form
a holding company structure for the Company, in which Con Edison will become a
subsidiary of the holding company to be named Consolidated Edison, Inc. The
proxy materials also provide our stockholders with the opportunity to consider
and vote on a proposal to amend Con Edison's Certificate of Incorporation
regarding the authorized number of Trustees of Con Edison.
We strongly recommend that our employees and retirees who are stockholders
vote for this exciting initiative. Holding company structures have been adopted
successfully in recent years by many other large utilities in the United States.
A holding company structure will give the Company the financial and regulatory
flexibility to participate successfully in those segments of the energy business
in which we have been operating for many years but which are now becoming
competitive. The holding company will allow us to continue to serve these
segments and provide other services to customers in the newly competitive
environment, while maintaining the strength of our core regulated electric, gas
and steam utility business.
Your vote is very important, regardless of the number of shares you own.
The holding company proposal requires the affirmative vote of two-thirds of the
Common and $5 Cumulative Preferred shares outstanding. Failing to vote or voting
to abstain will have the same effect as voting against the holding company
proposal. Therefore, if you are a stockholder and haven't sent in your proxy
card, please sign, date and send it in without delay. If you own stock through
the Company's Discount Stock Purchase Plan, your proxy materials were
distributed by State Street Bank & Trust Company. If you own stock through the
management or weekly savings plans or the TRASOP plan your proxy materials were
distributed by the Vanguard Group. If you own stock, either directly, through a
broker, or in one of the Company-sponsored stock plans and haven't received your
proxy materials, or if you've misplaced the proxy card, please call Con Edison
Investor Services at 1-800-522-5522.