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168 deduction of the fair shares of capital and management (which are limited by competition) and that the benefit of improvements effected by virtue of invention, engineering and organization inevitably accrue mainly to labor, there may be delay of the natural result through imperfection of competition and temporary opportunities for employers to take advantage of labor. Direct dealings should therefore be inspired with ideas of justice on both sides. A wise employer will consider how he can give the best possible wages. A wise employee will consider how he can give the best possible work.

Management in its dealings with labor should be imbued with the spirit of justice and fairness, and both out of ethical considerations and of economic, having in view the promotion of common interest, should pay great attention to the education and control of foremen, who are the agents coming in direct contact with the workmen and in general are the only officials whom the workman knows. Without any doubt a great deal of bad feeling of labor toward capital is an expression of resentment against bad treatment by foremen. It is the duty of management to create and maintain a proper spirit within its several organizations, and we hold that the spirit in any organization is that which trickles down from the top.

It is the duty of management to exercise its best efforts to establish equilibrium in industry and minimize the fluctuations in the conditions of employment. In its efforts to accomplish this it should not attempt to abate competition in production and distribution, but on the other hand it should not be hampered by political restrictions or the opposition of labor.