The President was authorized by the employers who were present at this morning's conference to state on their individual behalf that they will not initiate any movement for wage reduction, and it was their strong recommendation that this attitude should be pursued by the country as a whole.
They considered that aside from the human considerations involved, the consuming power of the country will thereby be maintained.
The President was also authorized by the representatives of labor to state that in their individual views and as their strong recommendation to the country as a whole, no movement beyond those already in negotiation should be initiated for increase of wages, and that every cooperation should be given by labor to industry in the handling of its problems.
The purpose of these declarations is to give assurance that conflicts should not occur during the present situation which will affect the continuity of work, and thus to maintain stability of employment.