Annual report of the Board of Directors to the stockholders at their annual meeting ...

([New York] :  The Edision Electric Illuminating Co. of New York  )

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  1898: Page 51  



51

Park, supplementing it also on the avenues farther South and
paralleling it on a few streets. The purpose of these purchases
was to occupy an important field, which has since been partially
developed by Edison conductors, and to provide for competition
with other high-tension companies in case unfair or rate-cutting
competition should develop, without breaking down the Edison
Company's policy of uniformity of rates to all customers under
like conditions. The remaining securities of these companies
were gradually acquired so that the Edison capital now covers
also the entire capital of both these companies. In 1895 the
Madison Square Company, originally known as the Thomson-
Houston Company and later as the East River Company, the
lines of which usefully supplemented the existing systems
in this Company's control, was also acquired. Pending
the development of a waterside station, in which the generating
of high-tension current, both for distribution and transmission,
should be concentrated, these companies have been kept under
separate management, although controlled by the administration
of this Company. Mr. Edward A. Leslie, whose knowledge of
the high-tension systems in New York is the result of long prac¬
tical experience, has administered this division of the Company's
interests with great efficiency and skill, and the companies have
been brought to an earning point which covers fair return on the
investments of this Company. As soon as practicable, after this
Company had assumed control, the overhead lines were replaced
with underground conductors in the subway ducts, important
changes were made effecting operating economies without waste
of construction investment, and some of the smaller engines dis¬
placed from Edison stations have been utilized in the two high-
tension stations at 80th Street and East End Avenue and on
24th Street East of First Avenue. This high-tension system,
however, has been treated provisionally throughout, pending its
final assimilation with the Edison system. Since 1896, the figures
of these companies have been amalgamated in the President's
annual report, while the specific figures of the Edison Company
have been printed in the First Vice-President's report. In this
Company's system of book-keeping, the earnings of the high-
tension companies are taken over as "earnings from other
sources."
  1898: Page 51