The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-08
The Relations Of Capital and Labor in the
Building Trades.
THE OUTLOOK FOR NEXT FALL,

page OF much needed improvements previously dis
counted; secondly pronounced policy OF obstruc-
ttveness to all enterprise having In view the de-
velopment OF the metropolitan idea OF growth and
expansion, and, thirdly, q parsimonious admins
tration OF the finances In one direction. accom-
panied with q careless expenditure in others that
imposes undue burdens upon realty without cor
responding advantage. Thus taxes and assess
ments are piled up against property for improve
ments without these improvements being pushed
forward
AS A SOUND POLICY WOULD DICTATE
to so enhance the value OF property rendered
liable for such as to make that liability light, or IN
Decd as 1t has often been in the past, unlelt. Our
present rulers seem to have got the idea Of adj
ministration in respect to their duties as Officers
Of our local government by the wrong end. They
appear to think that population and settlement
and building and all that sort OF use which makes
the appreciation OF real property, must go ahead
of city improvements the latter indeed only to be
undertaken in the case Of an actual need An
evidence Of this was given in the proceedings Of
the Board OF Estimate and Apportionment on Fri
dav last In the report Of which occurs the follow.
ing minute -
The Commissioner OF Public Works transmitted
COMMUNICATION to the Board with a resolution
requesting the issue Of '.Croton Water Main stock
amended Tho resolution cutting down the amount
to $3.50, 0o0 he said that as the streets through
when these MANS are to be laid VIII probably not
DC uSed iOr the next ten years, he could see no
reason why SO much money should be appropri-
ated. The amendment was carried by q tuli vote.
The report does nat state where those streets,
which In the Comptrsller's judgment are to re-
main as
GRASS GROWN WASTES FOR THE NEXT TEN YEARS.
are situated. Possibly In the newly annexed DIS
trict. But without subscribing to the Comptrol-
ler's unhopeiul presctencc, and hegging the ques.
ton OF locality 1t is contended tlar such an ar.
gument ID wrong. Wrong in theory and wrong in
application. 1t 10 not possible, and the assump-
ton Is not sound basis Of administrative acton.
that In view OF the present crowded condition II
the metropolis, our expectation OF rapid transit
and belief in the future, that any street within
the corporate limits Of the present city In which
the Croton mains might be laid down now, would
be unbuilt upon or unused ten years hence. But
It ts this spirit In the men who now hold the
powerof
ADMINISTRATIONS OF MUNICIPAL AFFAIRS
over us O spirit which il made up in part or un.
belief IN the peoples confident expectation OF
metropolitan greatness. and In part OF selfish In
terests, either personal or vicarous, in opposition
to that too rapid growth and development that
Is bearing our real estate market to-day and
checking, with the force OF Niagara torrent OF
OF revived activity. There is but little TO hope for
until change occurs In this respect. Local stu
pfdity in once or hostility to the best interests OF
the city only, which could serve real estate, sit
like
DEADLY INCUBUS
upon this market, depressing IL and depressing
every struggling effort to lift 1t into anything
real estate men to consider is one which comes
home to them with more force and pertinence
than II was ever applied N the historic Gays o. him
about 1t I"
It is especially unfortunate for this market that
should be so adverse when the outside influences
those which AFFECT values elsewhere as well as
nereexhieit such propitious growth It was
that there was much Of stimulus and encourage.
ment in the promised early adjournment OF Con-
special or experimental legislation on the subject
OF the finances, inasmuch as none OF the measures
81 e @ o. the
escape his veto In not containing any provision
looking to ultimate
This conclusion is borne out In the 'tMemoran-
dum," recently published, as submitted to Senator
Jones, OF Nevada, containing the Presidents views
concerning desirable Legislation on the finances
In that Memorandum" the President takes even
more pronounced ground on the subject or specie
policy as indicated in MS veto message accom-
panytng his veto OF the Currency bill. The infer
pp 81 s Rs
fairly set our face towards the resumption OF spe
Gle payments. further tact, bearing out this de,
ductlon, Is sne appearance OF this "Memorandun''
almost simultaneously with
A CHANGE IN THE HEAD OF TIE TREASURY DE.
giving it the significance Of a public proclamation
the administration OF that department. The real
changed relation OF the Treasury Department to
the business OF the country, as here may be certain
TO De iound IN nme. seeking safe investment.
fze in its emancipation. Besides, as has been
pointed out before in the HERALD the road TO the
adjustment OF values to specie basis has been
already travelled over in this market. Real estate
Is now
VIRTUALLY ON A SPECIE BASIS;
that Is, there has been such prolonged dulness In
real estate. the speculative element which gives
o fictitious quality to values, has been SO thor
OF values within the past two or three
years, as recognized and admitted in recent
sransactions that it Is safe to say "hard pan" has
With this fact generally understood and the as
surance now given In tho candid exposition by
(which ia not likely to be gainsaid by the peoplej
that we are on the road to specie resumption,
even II we have only ,s started, there is the
of stable value upon which to build new active
in real estate just so soon as our
garding ali investments, and begin TO tire Of the
petty and iatiguing effort to make their money
earn something IN l0anlng IL at three per cent on
Wall street subject to call; should those OF the
present prove Indifferent to the opportunity now
AFFORDED them, then when the revived industries
Of the nation commercial and manufacturing
begin to pay dividend to those engaged in them.
There Is one element OF distrust in this market
however that needs to be pointed out, and that Is
rHE UNCERTAINTY WHICH PERTAINS TO BUILDING
OPERATIONS,
owing to the peculiar attitude OF the operatives
employed In such enterprise. There Is no doubt
that there y now much capital lying idle In bank
mat might have been probably employed IN
building operations this spring and summer II it
were not for the fear, which Is no light one, that
lt might DO imperiiled In such employment by o
strike OF the operatives during the progress OF
such work-brickayers carpenters, plasterers.
painters and other artisans. Just at this time,
with the shr1nkage that has occurred In every
other department OF ndustr al action, the price Of
labor among the building trades has maintained
Itself. This being the case and 1t being more dif-
cult now than heretofore to obtain high rents.
building does not now offer that certainty OF profit
that II did heretofore. But with
THE ELEMENT OF UNCERTAINTY
as 70 cost growing out OF the possibility OF STRIKE