Excerpts of the President's News Conference

Not anything special came up this morning in the Cabinet meeting. I made some inquiries about the general business situation. Secretary Davis says there is some unemployment, apparently about the normal amount. What he is especially gratified at is the apparent inclination on the part of employers and employees to agree on wage scales whenever present contracts expire and to go on on substantially the present basis, and those agreements are being made without a great deal of difficulty. Mr. Mellon reports that insofar as he can observe there is a very general and healthy condition of good business. Those industries that are supposed to be barometers or indicators of what the general business condition is throughout the country all seem to indicate that it is fairly good. There has been some speculation in securities that seems to have been somewhat overdone that has caused a reaction in speculation, but it hasn't seemed to have any result in diminishing the general business activity.