To the Shareholders of

THE  EDISON  ELECTRIC ILLUMlNATINa COMPANY  OF  NEW YORK.

The results of the operations of your Company for the year
ending Dec. 31st, 1893, are :

Station earnings were...................$iji93)33S 91

Operating expenses, including repairs and

renewal............................      527,311  68

Net earnings of stations................   $666,027  23

Earnings from other sources.............        28,221  96

Income from investments................        23,964 00

$718,213 19
Less general and legal expenses and taxes,.      112,570 47

Net earnings of Company................   $605,642  72

The returns of the business since 1890 have been :

GROSS.                           NET.

1890................ $ 488,595 83   $229,076 80

1891................     675,505 43      347,228 (iT,

1892................        963,021  25         475,^37 61

1893...............     1,245,524 87         605,642 72

1890.        1891.        1892.        1893.

Number of   customers.......     1,698        2,875        4,344        5,154

Number of lamps, 16 c. p....  64,174      94,485     142,492    192,691

Number of motors, h. p.....        697        2,000        3,807        5,529

Number of arc  lights.......         254           S41        1,637        2,53.8

Estimating each h. p. motor and each arc light as equal to ten
16 c. p. lamps, the present installation is equal to 273,361 lamps.

These figures show that the gross earnings have increased 27}^^
and the net earnings 27^ over 1892 ; the ratio of net to gross
being 48^^, or about the same as in 1892.

In view of the financial distress during the last eight months,
resulting in greater ecomomies in the use of electric light, as in
everything else, your Directors feel that the results of this
Company's business for the year are very satisfactory, especially
when it is considered that a large part of the new capital, which
has been invested this year, has gone into construction which has
not yet developed its earning capacity by actual operation.