NATIONAL RECOVERY ADMINISTRATION
AMENDMENT, TO '
CODE OF FAIR COMPETITION
a. "a. 1 .
AS APPROVED ON JUNE 7, 1934
WE Do OUR PART
GOVERNMENT PRINTING OFFICE
igton, D.C. Prke ents
No. 16-Amendment No. 3
Registry No. 241--02
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Approved Code No. 16--Amendment No. 3
AMENDMENT TO CODE OF FAIR COMPETITION
S As Approved on June 7, 1934
l, pMrDIFICATION OF CODE OF FAIR COMPETITION FOR THE HOSIERY
An application having been duly made pursuant to and in full
compliance with the provisions of Title I of the National Industrial
Recovery Act, approved June 16, 1933, for approval of a modifica-
tion of a Code of Fair Competition for the Hosiery Industry, and
hearings having been duly held thereon and the annexed report on
said modification, containing findings with respect thereto; having
'been'made and directed to the President:
' NOW THEREFORE, on behalf of the President of the United
States, I, Hugh S. Johnson, Administrator for Industrial Recovery,
pursuant to authority vested in me by Executive Orders of the Presi-
dent, including Executive Order No. 6543-A, dated December 30,
1933, and otherwise; do hereby incorporate, by reference, said an-
-hexed report and do find that said modification and the Code as con-
stituted after being modified comply in all respects with the perti-
nent provisions and will promote the policy and purposes of said
Title of said Act, and do hereby order that said modification be and
it:is hereby approved, and that the previous approval of said Code
is hereby modified to include an approval of said Code in its
entirety as modified.
HUGH S. JOHNSON,
Administrator for Industrial Recovery.
.H0. 0. KING,
W WASHINGTCro, D.C., .
June 7, 1934.
REPPOT. TO THE PRESIDENT
The White House.
SIR: This is a report on Mthe eating covering the Amendments
to the Code of Fair Competition for the Hosiery Industry, held in
Room "D ", Washington Hotel, Washington, D.C., Monday, May
14, 1934. The Amendments which are attached were presented by
duly qualified and authorized representatives of the Code Authority
of the Hosiery Industry, complying with statutory requirements and
being the agency that is administering the Code.
In accordance with customary procedure every person who had
filed a request for appearance was freely heard in public, and-all
statutory and regulatory requirements were complied with.
PROVISIONS OF THE AMENDMENTS
There are two amendments as follows:
1. An amendment removing from the jurisdiction of the Hosiey
Code, wholesalers of hosiery.
2. An amendment giving the Code Authority power, in ease of
emergency, to establish a "lowest reasonable cost" below which it
would be an unfair trade practice for any member of the Industry;to
sell his products.
The Deputy Administrator in his final report to me on said amend-
ments to said Code, having found as herein set forth and on the basis
of all the proceedings in this matter:
I find that:
(a) The amendments to said Code and the Code as amended are
well designed to promote the policies and purposes of Title I of the
National Industrial Recovery Act including the' removal of obstrue-
tions to the free flow of interstate and foreign commerce which tend
to diminish the amount thereof, and will provide for the general
welfare by promoting the organization of industry for the purpose
of cooperative action among trade groups, by inducing and main-
taining united action of labor and management under adequate gov-
ernmental sanction and supervision, by eliminating unfair coihpeti-
tive practices, by promoting the fullest possible' utilization :ofthe
present productive capacity of industries, by .avoiding undue restric-
tion of production (except as may be temporarily required), by in-
creasing the consumption of industrial and agricultural products
through increasing purchasing power, by reducing and relieving
unemployment, by improving the standards of labor, and by other-
wise rehabilitating industry.
(b) The Code as amended complies in all respects with the per-
tinent provisions of said Title of said Act, including without limi-
tation Subsection (a) of Section 3, Subsection (a) of Section 7, and
Subsection (b) of Section 10 thereof.
(c) The Code empowers the Code Authority to present the afore-
ft& a'e dnrieuts on behalf of the Industry as a whole.
(d) The amendments and-the Code as amended are not designed
to and will not permit monopolies or monopolistic practices.
(e) The amendments and the Code as amended are not designed
:t. and will net .eliminate or oppress small enterprises and will not
operatee to discriminate against them.
(f) Those engaged in other steps of the economic process have
.ot:been deprived of the right to be heard prior to approval of said
For these reasons these amendments have been approved.
HUGH S. JOHNSON,
Jua 7, 1934.
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"E: E: ;
MODIFICATION OF CODE OF FAIR COMPETITION FQO
THE HOSIERY INDUSTRY
Amend ARTICL II-DEf-rnTONS, Section 1 by removing the words
"wholesalers and so that the amended section will read as follows:
1. The term "Hosiery Industry', as used herein, includes ,tie
manufacturing, finishing, repairing, selling, and/or distributing by
manufacturers at wholesale or retail, or distributing by selling
agents, of hosiery, and other related branches, as may from timeito
time be included under the provisions of this Code.
Amend ARTICLE IX-COORDINATION AND ADMINISTRATION by add-
ing a new section to read as follows:
5. (a) When the Code Authority determines that an emergency
exists in this Industry and that the cause thereof is destructive price-
cutting such as to render ineffective or seriously endanger the main-
tenance of the provisions of this Code, the Code Authority may cause
to be determined the lowest reasonable cost of the products of this
Industry, such determination to be subject to such notice and hearing
as the Administrator may require. The Administrator may approve,
disapprove, or modify the determination. Thereafter, during the
period of the emergency, it shall be an unfair trade practice for any
member of the Industry to sell or offer to sell any products of the
Industry, for which the lowest reasonable cost has been determined,
at such prices or upon such terms or conditions of sale that the buyer
will pay less therefore than the lowest reasonable cost of such pro-
(b) When it appears that conditions have changed, the Code Au-
thority, upon its own initiative or upon the request of any interested
party, shall cause the determination to be reviewed.
Approved Code No. 16-Amendment No. 3.
Registry No. 241-02.
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UNIVERSITY OF FLORIDA
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