Progress Toward Security and Stability

BOTH the directors of industry and your leaders have made great progress toward a new and common . ground in economic conceptions, which, I am confident, has had a profound effect upon our economic progress during the last few years. That is the conception that industry must be constantly renovated by scientific research and invention; that labor welcomes those labor-saving devices; that labor gives its full and unrestricted effort to reduce costs by the use of these machines and methods; that the savings from these reduced costs shall be shared among labor, employer and the consumer.