New York, Jan. ig, 1899.

To the Shareholders of

THE EDISON ELECTRIC ILLUMINATING CO. OF NEW YORK.

The business of your Company, during the year that has
passed, has continued to show a steady increase, with gratifying
financial results, as will appear from the following :

Gross Station earnings.
General and technical expense,

including taxes,
Station operating expense.
Depreciation charges.

Total expenses,    .

Net Station earnings.
Earnings from other sources.

Total net income.

The interest on bonds in 1898 was ^325,000.00, the dividends
$542,743-50, a total of $867,743.50.

The station earnings show an increase in gross of i7j^^ and
in net, on the same basis as last year, notwithstanding reductions
in rates, of 15^. The ratio of operating expenses, including
both station and general expense but not depreciation charges,
to gross station earnings, is practically the same as in 1897.

The following are the installations, central station service
only, using the rating of arc lamps and motors adopted by the
 

1898.
 

1897.
 

$2,898,021.89
 

$2,466,255.71
 

424,496.03
 

349,916.21
 

1,122,422.12'"
 

875,222.64
 

210,000.00
 

144,000.00
 

1,756.918.15*
 

1,369,138.85
 

1,141,103-74
 

1,097,116.86
 

i36.°25.3i*
 

20,380.18
 

$1,277,129.05
 

11,117,497.04
 

* The earnings from other sources, 1898, include $117,744 income from subway invest¬
ments, and the operating expenses include $117,744 additional subway rental, which offset
each other in the 1897 figures.   The gross station earnings and total net earnings are not

ffected, but to make exact comparison with 1897. $117,744 should be deducted in iSgS figures

rom earnings from other sources and from operating expenses.