I'^stimating as heretofore, that each arc light and each h. p. in
motors equals ten i6 c. p. lamps, the present installation is equal
to 425,823 lamps, as against 340,794 last year. As the results of
a new rating agreed upon by the larger Edison Companies,
and of a general survey made in 1895, ^ "^^' basis of accounting
will be adopted from January 1, 1896, as stated in the report of
the First Vice-President.

The above figures show an increase in gross earnings of 14^4^
and in net earnings of i6^, the ratio of net to gross being 54^;^;,
a slight advance over last year.

The gross earnings of the last quarter of 1895 show less per¬
centage of increase than heretofore, partly because of the unusual
amount of clear weather during that period as compared with
the same period during the previous year and partly owing to
the general depression of business in the latter part of the year.
A careful investigation has been made as to the use of im¬
proved methods of gas-burning, but these do not appear to
have made serious inroads upon the Company's business or de¬
velopment.

The concentration in large stations and other economies of
operation, have shown results in a steadily decreasing cost of
current   as   delivered    at   the  switchboard.

Most careful and thorough investigations and computations
were made in the latter part of the year as to the superior econ¬
omy of taking a supply ' current from the central stations
instead of from isolated plants, and, as a result, the Bowling
Green Building, covering an area of 200 x 160 feet, now in
course of erection on Broadway, New York, after having con¬
tracted for an isolated plant, has cancelled the contract and
arranged with this Company to supply current, the difficulties
of extreme distance from the station being met by the use of a
storage battery, which will be economically charged during the
hours of minimum demand upon the station and street con¬
ductors.

The second 2,500 h. p. generator is now installed in the
Duane Street Station, which thus for the first time has adequate
surplus power.

The new T2th Street Station has been erected, and is in pro¬
cess of equipment.

During the year, arrangements were made  in liurope  for the