New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-02

THE MONEY MARKET.
FRIDAY, Jan. 1--p. n

. FRIDAY, Jan. 1--P. n.
The new year opens or at least the old one closed
with brighter hopes so far Broad Street specnia
tons are concerned; but the public Is already aware
that hopes based upon the temporary prices OF specu
lative stocks are frequently shorthved AZ 70 the
general business and productive industry OF .tns
country while it is clear that they still greatly
decreased ii is no doubt true that during the lass
tx months business was better than during the hrst
bal. Of the year just closed, which is sign oil nope
for the future aud is cause for anticipating better
Spring trade than that OF 1874. We hear much
said about the necessity of restoration Oh
oonideneeu in values, which was 30 fearfuiiy
shaken by the panic of last Autumn, as condition
precedent 10 revival OF activity In business. but
1t may be fairly questionable if complete reStora-
ton of the kind Of unreasoning confidence WHICH
prevailed in regard to many wildcat schemes dur
ing the kiting days Of 1870, H. and IL Would De
desirable contamination. 1t will be remembered
that the panic depressed to q largo extent the
soundest and best securities in the country as wei
as the speculative or fancy stocks; but who shall
say that confidence is not already restored so lar as
it regards undOubted securities such as GoVernineht
State, municipal, railroad, and other corporate
bonds which have regularly paid their
interest and stocks which have not deferred
their usual dividends, and whose business fairly
mentsf All such securities command fair prices
at the Stock Exchange to-day. The difference be-
tween now and then seems to be mainly that IN
yestors not only scrutnze moro closely into the
real value of the securities in which they contem-
plate investing but seem moro inclined to secure
certainty as to their interest and return for their
principal than to obtain high or extravaganza rate
of interest. This, so far as 1t goes shows good
Judgment and financial sOundness of views on the
part Of those who act upon this principle. As to
confidence in things that are unworthy OF II.
that kind Of confidence does not seem to have been
very much restored" aud its prospects OF lmmedi-
ate restoration arc by no means brilliant. Every
body knows, Of course, that no business ID trans
acted in the street" on Nsw-Years day. The an
nual report of the N. Y. Central and Hudson Rlyer
Railroad Company, fled O day or two since
with the State Engineer at Albany diners
from that Of last year insomuch as 1t IN
cludes the business of the Harlem. which is I'M
der lease to the Central Thereport shows thatthe
have completed 222 miles Of double track, that
is that they now have four tracks for that distance
There has been 10 change during the year in the
amount of capital stock which still stands at
$50. 4aS.3OO. while the funded debt has been in
creased S107J9.2C9, making q total of $3S,4s4,743,
with floating debt amounting to the small sum oil
49, from which it will be that the stock and
other indebtedness foot up S127,9l42l0
The total cost OF the road and its equipments Is
stated in the current report to be $925O6503 %. IN
increase over the sum given in the last report OF
S14,4O1, $40 SO. OF this amount according to the
report, about S12,0O00Oo has been expended in the
permanent improvement of the roadway. distributed
as follows:
Por g-adng and masonry INSTRUMENTATION. s24735sl
80.
For supeTsructure, iron and steel So43loo
TotaI...... 9llSGZ4eo
The statement of the years business shows that
tho
Transportation expenses. lS,3o5,25I Do
Net 10
These net earnings distributed as follows:
New construction. s246O554 80 BsADse..... Sl59ls @
Interest. l9Si.363 % - - -,
Dividends. 7l36SS4 80 Total bZoZUoJ 10
Keat ofother lines L56i370 %