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Dick Ravitch, the owners’ chief negotiator, indicated Wednesday that the longer the baseball strike continues, the greater impact it is likely to have on future player compensation.

Speaking at a telephone press conference, Ravitch said the owners can be expected to recoup some of their losses by cutting expenses for the 1995 season. “There will be economic consequences,” he said. “We don’t expect any relief from the fairy godmother.”

Federal mediators met separately with both sides in New York-first with Ravitch and later with players’ union chief Don Fehr-without apparent progress in settling the strike, which is in its third week.

When advised of Ravitch’s comment on the likelihood of diminished player salaries, Fehr said: “Dick should write the players a memo.”

Ravitch said that wherever he goes, he is showered with support. “When I’m on the street or in a restaurant, the preponderance of the responses is, `Don’t give in.’ “

Fehr insisted published reports of private meetings between the owners and union officials are not true.

“The rumors are unfounded,” Fehr said. “There has been no contact with our office and no private meetings, not as yet.”