NATIONAL RECOVERY ADMINISTRATION
CO~DIE OF FAIR COMPETITION
AS APPROVED ON FEBRUARY 24, 1934
WE D0O UR PAI
UNITED ST TEB(3.
GOVERNMENTT PR~INTI OFC~
WASHINGTON: Ibl ,
of Spcuments, Wea~nldgon.D.C. Price 5 cents
This publiention is for sale by the Superintendent of Documents, Government
Printing Offce, Washington, D.C., and by district offices of the Bureau of Foreign
and Domestic Commerce.
DISTRICT OFFICES OF THE DEPARTMENT OF COMIIMERCH
Atlanta, Ga.: 504 Post Oflice Building.
Birmingham, Ala.: 257 Federal Building.
Boston, Mass.: 1801 Custombouse.
Buffalo, N.Y.: Chamber of Commerce Building.
Charleston, B.C.: Chamber of Commerce Building.
Chicago, Ill.: Suite 1706, 201 North Wells Street.
Cleveland, Ohio: Chamber of Commerce.
Dallas, Tex.: Chamber of Commerce Building.
Detroit, M~ich.: 801 First National Bank Building.
Houston, Tex.: Chamber of Commerce Building.
Indianapolis, Ind.: Chamber of Commerce Building.
Jack~sonville, Fla.: Chamber of Commerce Building.
Kansas City, M~o.: 1028 Baltimore Avenue.
Los Angeles, Calif.: 1163 South Broadway.
Louisville, Ky.: 408 Federal Building.
Memphis, Tenn.: 220 Federal Building.
Mlinneapolia, Minn.: 213 Federal Building.
New Orleans, La.: Room 225-A, Customhouse.
New York, N.Y.: 734 Customhouse.
Norfolk, Va.: 406 East Plume Street.
Philadelphia, Pa.: 422 Commercial Trust Building.
Pittsburgh, Pa.: Chamber of Commerce Building.
Portland, Oreg.: 215 New Post Offce Building.
86. Louis, M~o.: 506 Olive Street.
Ban Francisco, Calif.: 310 Customhouse.,
Seattle, Wash.: 800 Federal Office Building.
Approved Code No. 304
CODE OF FAIR COMPETITION
OUTDOOR ADVERTISING TRADE
As Approved oni February 24, 1934
CODE OF FAIR COMPETITION FOR THIE OUTDOOR ADVERTISING TRADE
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 Code of
Fair Competition for the Outdoor Advertising Trade, and hearings
having been duly held thereon and the annexed report on said Code-
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 I~ndustrial Recovery,
pursuant to authority vested in me by Executive Orders of t.he Presi-
dent, including Executive Order No. 6543--A, dated December 30,
1933, and otherwise; do hereby incorporate by reference saidl annexed
report and do find that said Code complies in all respects with the
pertinent provisions and will promote the policy and purposes of
said Title of said Act; and do hereby order that said Code of Fair
Competition be and it is hereby approved; provided, however, that
the provisions of Article V~III, Section 2, insofar as they prescribe
a waiting period between the filing with the Code Authority (i.e.
actual receipt by the Code Authori~ty) and the effective date of re-
vised price lists or revised terms and conditions of sale be and they
are hereby stayed pending my further order.
HoncI S. JoENBOox,
Apprvalrecomened Admnzbistrator for Industr~ial Recovery.
A. D. WVHITESIDE,
Feblruary 14, 1934.
42208 0-- 376-128-8--4 (2713)
REPORT TO THE PRESIDENT
The Wh~ite Hlouse.
SmR: This is the report of the Administrator on the application
for, and public hearingr on, a Code of Fair Competition for the
Outdoor Advertising Tradle, as proposed by a group representative
of that trade. The public hearing was conducted in W~ashington
on December 8, 1933. Every person who reqluest~ed an appearance
wasfr~eely heard in accordance with statutory and regulatory
requIrIIe m en ts.
There are estimated to be 1300 firms in this tra~de. The group
proposing thle Code endeavored to get in touch with all known
mnembers and it is certain that better than 80ro of the business
was d i rec~tly represented.
ECONOMIC AND STATISTICAL MATERIAL
Outdoor Advertising breaks down into 171,500 units or plants ",
each comprised of a group of bill-boards within a given area, which
in 1928 produced a business of $65,000,000 and gave employment to
16,000 persons. In 1933, the volume of business had dwindled to
$i25,000,000 and employment stood at 10,000, declines of about 60%0
and 40%o respectively. Being strictly a service business, Outdoor
Advertijsing is dependent upon general conditions and has little
recreative power within itself.
niscU&L OF CODE PRO\1TIONS
The Code establishes a 40 hour week for all employees except
those engaged in outside workz in communities of less than 25,000
populationn where allowance is made for additional time occasioned
by thle distances between locations. It is estimated that over -85%o
of all employees will be on a 40 hour week and that employment in
the trade will increase by 15%b on the basis of the same volume of
business as was available in 1933.
Inlsofar as rates of pay are concerned, differentiation is made be-
twe~en workers inside and outside the employer's shop, with special
consideration to both t~he size of the community and the South. 'A
manjorityr of workers will be on a 40 cent minimum rate. The lowest
rate possible will be 30) cents for outside workers in small commu-
nities in the South. These provisions will result in payroll increases
averaging better than 10%0. The minimums apply to a very limited
Jrnumber of employees (not over 15%0) as practically all employees
fall in skilled classifications or trades where wages are at relatively
high levels, and are adequately protected by the terms of the Code.
The unfair trade practice provisions are elaborate in order to pre-
serve all of the competitive elements. As in the case of other adver-
taisilg media, such as miagazmnes, it is important that rates be deter-
m3ined in advance.. This is especially important in Outdoor Adver-
tisinga because an advertiser often wishes a national display which
-necessarily involves "L plants owrnedl by a multitude of individual
concerns, some of which may be in direct competition.
The Deputy Administrator in his final report to me on said Code
having found as herein set forth and on the basis of all thle proceed-
mngs mn this matter;
I find that:
(a) Said Code is well designed to promote the policies and pur-
poses of Title I of the National Industrial Recovery Act, including
removal of obstructions to the free flow of interstate and foreign
commerce which tend to diminish the amount thereof and will pro-
vide for the general welfare by promoting the organization of indus-
try for the purpose of cooperative action among the trade groups, by
inducing and maintaining united action of labor and management
under adequate governmental sanctions and supervision, by eliminat-
ing unfair competitive practices, by promoting the fullest possible
utilization of the present productive capacity of industries, by avoid-
ing undue restriction of production (except as may be temporarily
requiredd, by increasing the consumption of industrial and agricul-
tural products through increasing purchasing power, by reducing
and relieving unemployment, by improving standards of labor, and
by otherwise rehabilitating industry.
(b) Said Trade normally employs not more than 50,000 employees;
and is not classified by me as a major industry.
(c) The Code as approved complies in all respects with the perti-
nent provisions of said Title of satid Act, including wFithlout limita-
tinSbsection (a) of Section 3, Subsection (a) of Section 7, and
Subsection (b) of Section 10 thereof ; and that the applicant group
is truly representative of the aforesaid Trade; and that said group
imposes no inequitable restrictions on admission to membership
(~id) The Code is not designed to and will not permit monopolies
or .monopolistic practices.
S(e) The Code is not designed to and will not eliminate or oppress
small enterprises and will not operate to discriminate against them.
f) Those engaged in other steps of the economic process have
not been deprived of the right to be heard prior to approval of said
For these reasons, the Code has been approved.
;: Huno S. JoaNson,
:'IER~~RUARY 241 1934.
CODE OF F'AIR COMPETITION FOR THE OUTDOOR
ARTICLE I --URPOSE
To effectuate the policies of Title I of the National Industrial
Recovery Alct, t~he following provisions are established as a Code of
Fair Comlpetit~ion for t~he O~tdoor Ade~rt~isingr Trade, and shall be
the standard of fair competition for such Trade and shall be binding
upon every member thereof.
The term Outdoor Advertising Trade as used herein includes
the service for others of selling and/or erecting and/or placing
and/or maintaining outdoor advertising displays on premises owned,
leased or controlled by a member, and such related branches or sub-
divisions as mnay from t.imne to time be included under the provisions
of this Code.
Thle terml emnploy~ee as used herein includes anyone engaged in
thle Trade in any capacity receiving compensation for his services,
ir~respective of the nature or method of payment of such compensa-
tion, except a member of the Trade.
The terml emlploy~er as used herein includes anyone by whom
anyv such employee is compensated or employed.
The ter~m "' member of the Trade includes anyone engaged in the
Trade as above defined, either as an employer or on his own behalf.
The terml trade area as used herein means any area designated
as a trade area by the Code Authority in accordance with the pro-
visions of this Code.
The term "' President ", "LAct ", "LAdmninistrator ", and Code
Authority ", as used herein shall mean respectively the President of
the United States, Title I of the National Industrial Recovery Act,
the Admlinistrator for Industrial Recovery, and the agency herein
created to administer t-his Code for t~he Trade.
Population for the purposes of this Code shall be determined by
the latest Federal Census.
1. No employee engaged outside of the shop of the employer but
within the corporate limits of the city in which the shop is located
shall be permitted to work more than forty (40) hours in any one
week except as provided in t~he following two subsections:
(1) No employee engaged outside of the shop of an employer
located in a city or town of 25,000 population or less but greater
than 2,500 population shall be permitted to work in excess of fortji-
four (44i) hours in any one week.
;, (2r:;C) No employee engaged -outside of the shop of an employer
ioiir~j~~cat~ed in rural communities of 2 500 or less shall be permitted to
.. work in excess of forty-eight (48). ours in any one we~ek.
B.~ 2. No watchman shall be perrmitted to work in excess of fifty-six
(56) hours per week averaged over any consecutive two (2) week
3. No other employee, except as set forth in Sections 1 and 2 of
this Article, outside salesman, outside leaseman, traveling auditors
and mplyeesenggedin a managerial or executive capacity re-
ceiving Thirty-fivlo e ($35.00) Dollars a week or more, shall be per-
mitted to work in excess of forty (40) hours in any one week or
eight (8) hours in any twenty-four (24) hours period.
4. The maximum hours fixed ~in the foregoing sections shall not
apply to any emIployee on emergency maintenance or emergency
repair work involving breakdowns or protection of life or property,
but in any such special case at least time and one-third shall be paid
for hours worked in excess of the maximum hours herein provided.
5. No employee shall be permitted to work more than six (6)
.days in any seven (7) day period.
ARTICLE IV -WAGES
1. No employee in the Trade shall be paid less than Fifteen
($15.00) Dollars per week in cities of 500,000 population or more
and in the trade areas of such. cities; Fiourteen Dollars and Fifty
Cents ($14.50) per week in cities between 250,000 and 500,000 popu-
lation and in the trade areas of such cities; Fourteen ($14.00) Dol-
lars per week in cities between 50,000 and 250,000 population and in
the trade areas of such cities; Thirteen ($13.00) Dollars per week
in cities or places of less than 50,000 population and in t~he trade
areas of such cities or places, except~-
(a) Employees engaged outside of the shop of the employers, shall
be paid not less than 404 per hour in cities of 25,000 population or
more, and not less than 35e per hour in cities or places of less than
25,000 population, provided, however, that in t.he States of Virginia,
North Carolina, South Carolina, Florida, Georgia, Mlississippi, Ten-
nessee, Texas, Alabama, Arkansas, West Virginia, Oklahoma, New
.Miexico, Kentucky, and Louisiana, the mintmumn rate shall be 5$
leass pIer hour, than the hourly rates herein established.
(b) Apprentices shall be paid not less than 80%b of the minimum
rate, provided, however,'that no employee shall be classed as an ap-
prentice who has worked for any employer in the Trade at total of
25 weeks or more and provided further, that the number of ap-
prentices thus classified and paid below the minimum shall not ex-
ceed 5%0 of the total number of employees of any employer, except
that one apprentice may be employed by any employer.
2'. This Article establishes a minimum rate of pay, regardless of
$rxether a~n employee is compensated on a time-rate, piecework, or
8, .No employee whose full time weekly hours for the four weeks
ended June 17, 1983 are reduced by the provisions of this Code by
20%b or less shall have his dr her full time weekly earnings reduced.
No employee whose full time weekly hours are reduced by the pro-
visions of this Code in excess of 20%J shall have his or her said earn-
ings reduced by more than 50%6 of the amount calculated by multi-
plying: the reduction in hours in excess of 20%0 by the hourly rate.
4. Female employees performing substantially the same work as
male employees shall receive the same rates of pay as male employees.
AnnonL V--GENERAL LABOR PROVISIONS
1. No person under 16 years of age shall be employed in the
Trade, or anyone under 18 years of age at operations or occupa-
tions hazardous in nature or detrimental to health. The Code Au-
t.hority shall submit to the Administrator within 90 days after the
effTective date, a list of such operations or occupations. In. any State,
an employer shall be deemed to have complied with this provision
if he shall have on file a certificate or permit duly issued by the
authority in such State empowered to issue employment or age
certificates or permits, showing that the employee is of the required
2. Emnployees shall have the right to organize and bargain col-
lectively through representatives of their own choosing, and shall be
free from the interference, restraint, or coercion of employers of
labor, or their agents, in the designation of such representatives
or in self-organization, or in other concerted activities for the pur-
pose of collective bargaining or other mlutua~l aid or protection.
3. No employee and no one seeking employment shall be required
as a condition of employment to join any company uzuon or to re-
frain fromL join.ing, organizing, or assisting a labor organization of
his own choosing, and
4t. Employers shall comply with the maximum hours of labor
minimum rates of pay, and ot er conditions of employment approved
or prescribed by the President.
5. Within each State this Code shall not supersede any laws of
such State imposing more stringent requirements on employer regu-
lating the age of employees, wages, hours of work or health, fire, or
general working conditions than under this Code.
6. Employers shall not reclassify employees or duties of occupa-.
tions performed by employees or engage in any other subterfuge so
as to defeat the purposes of the Act or of this Code.
7. Each employer shall post in conspicuous places accessible to
employees copies of Articles III, IV, and V of this Code and any
8. No employees shall be dismissed by reason of making an honest
complaint or giving truthful evidence with respect to an alleged.
violation of this Code.
ARTIcLE VI -ADMINISTRATION
To further e~fect~uate the policies of the Act, a Code Authority isr
hereby constituted to administer this Code. j
ORGANIZATION AND POWERS OF CODE AUTHORITY
1. The Code Authority shanl consist of nine individuals, or such -
other number as may be approved fromt time to time by the Admin-
istrator, to be selected as hereinafter set forth, and of such additional
members without vote as the Administrator, in his discretion, may
a point to represent such groups or Governmental agencies as he
may designate. The Trade representatives on the Code Authority
shall consist of nine members of the Trade, provided that not more
than six of the nine members shall be members of the Outdoor
Advertising Association of America, Inc.
(a) Each member of the Code Authority may appoint an alter-
nate to represent him in his absence "and such alternate shall have
full power to vote. No alternate shall, however, be affiiated with
any member of the Trade already represented on the Code Authority.
2. The Code committee of the Outdoor Advertising Trade shall
arrange, subject to the approval of the Administrator, for the nomli-
nation and election of the members of the Code Authority within
ninety (90) days from the effective date of this C~ode. Each member
of the Trade qualifying as provided in Section 15 of this Article
may cast one vote for each of the nine members of the Code Aut~hor-
ity. Members of the Code Authority shall be elected to serve for
one (1) year or until their successors are elected. Until t~he Code
Authority is elected the Code Committee shall serve as the Code
Authority; provided that in no event shaUl it serve beyond ninety
days from the effective date of the Code. If the Code Authority
shall not be elected within such period, the Administrator shall
appoint a temporary Code Authority of nine members of the Trade
to serve until the election of the Code Authority by the Trade.
8. Each trade or industrial association, directly or indirectly par-
ticipating in the selection or activities of the Clode Authority, shall
(1) impose no inequitable restrictions on membership, and (2) sub-
mit to the Administrator true copies of its Articles of Association,
By-Laws, regulations and any amendments when made thereto, to-
gether with such other information as to membership, organization
and activities as the Administrator may deem necessary to effectuate
the purposes of the Act.
4. In order that the Code Authority shall at all times be truly
representative of the Trade and in other respects comply with the
provisions of the Act, the Administrator may provide such hearings
as he may dee~m proper; and thereafter if he shall find that the Code
Authority is not truly representative or does not in other respects
comply with the provisions of the Act, may require an appropriate
modification in the method of selection of the Code Authority.
5. Nothing contained in this Code shall constitute the members
of the Code Authority partners for any purpose. Nor shall any
member of the Code Aut~hority be liable in any manner to anyone
for any act of any other member, of~er, agent, or employee of the
Code Authority. -Nor shall any member of the Code Authority be
liable to anyone for any action or omission to act under the Code
except for his own willful misfeasance or non-feasance.
6. The Code Authority shall adopt by-laws and rules and regula-
tions for the procedure and for the administration and enforcement
of the Code, in accordance with the powers herein granted, and sub-
mit the same to the Administrator for his approval together with
true copies of any amendments or additions when made thereto,
minutes of meetings when held, and such information as to its activi-
ties as the Administrator may deem necessary to effectuate the pujr-
poses of the Act.
7. The Code Authority may receive complaints of violations of this
Code, make investigations, reports and recommendations thereof to
8. The Code Authority mayv utilize the facilities of and cooperate
with any and all trade and labor associations or organizations, na-
tional, regional, or local, in the Outdoor Advertising Trade in such
manner as it deems most useful to its work- within the limitations of
Article V, Sect~ions 2, 3, and 4t, and Article VI, Section 3 of this
9. The Code Authority may oriaeteamnsrto fti
Code with such other Codes, cof anyas may e readistedtion the Trde
or any subdivision thereof and may assist in promoting joint action
upon matters of common interest by establishing~ e joingt Adior
Board to which one or more of its members shalbedegtd
10. The Code Authority may appoint and remove and fix the
compensation of such employees, accountants, attorneys and officers
as it shall deem necessary or proper for thle purpose of administering
11. The Code Authority shall investigate the question of over-
runs ", or the permitting of an outdoor advertising display to remain
a longer period of time than is actually provided by the advertisers
contract. The Code Authority shall make recommendations within
90 days after the effective date of this Code to the Administrator
for the regulation of such practice based on such investigation and
12. The Code Authority shall obtain from members of the Trade,
as soon as the necessary readjustments within the Trade can be made,
reports basedl on periods of one, two, or four weeks, or one month,
or multiples thereof, for use of t.he Code Authority and the Admin-
istrator in the administration and enforcement of Ithe Code, and for
the information of the President, and to give assistance to members
of the Trade in improving methods, or in prescribing a uniform
syvstemi of accounting and reporting.
13. The Code Authority shall define and determine the trade areas
specified in Article IV without regard to City, County, State, or
14. The Code Authorityv shall cause to be formulated an account-
ingr system and methods of cost finding and~/or estimating capable of
use by all members of the industry. After such systemn and methods
have been formulated, full details concerning them shall be naiae
available to all members. Thereafter all memb~ers shall determine
and 'or estimate costs in accordance with the principles of such
miet hod s.
15. Members of thle Trade shall be entitled to participate in and
share the benefits of the activities of the Code Authority, to partici-
p~ate in the selection of' the members thereof, and to use the N.RL.A
Insignia, by assenting to and complying with the requirements of
this Codce andr scustainling their reasonable share of the expense of
preparation. presentation, and administration of this Code. The'
r~easolnable share of such expense shall be determiined by the Code
Authority, subject to review` by the Admuinistrator, on the, basis of~
violuxme of business and/or such other factors as may be deemed
equitable to be taken into consideration.
10. If th~e Administrator shall determine that any action of a
Code Authorily or any agency thereof may be unfair or unjust or
contrary to the public interest, the Administrator may require that
s;uch action be suspended to afford an opportunity for investigation
of~ the merits of such action and further consideration by such Code
Authority or agency pending 6nal action which shall not be effective
unless the Administrator approves or unless he shall fail to dis-
approve after thirty (30) days' notice to him of intention to proceed
with such action in its original or modified form.
17. In addition to information required to be submitted to any
Code ~Authority, all or any of the persons subject to such Code,
agreement or license shall furnish such statistical information as
the Administrator may deem iie~cessary for the purposes recited in
Section 3 (a) of said Act to such Federal and State agencies as the
Administrator may designate; nor shall anything in any Code, agree-
ment, or license relieve any person of any existing obligation to
furnish reports to Government agencies.
ARrICLE VII-TRADE PRACTICES
1. No member of the Trade shall publish advertising (whether
printed, radio, display, or of any other nature) as to his own business
which is misleading or inaccurate in any material particular, nor
shall any member in any way misrepresent any credit terms, values,
policies, services, or the nature or form of the business conducted.
2. No member of the Trade shall knowingly withhold from or
insert in any quotation or invoices any statement that makes it
inaccurate in any material particular.
3. No member of the Trade shaHl publish advertising as to his
own business which refers inaccurately in any material particular
to any competitors or their prices, values, credit terms, policies, or
4. No member of the Trade shall sell any service at a price below
cost. However, any member may meet the price competition of
none' whose costs under this Code provision are lower.
5.No member of the Trade shall publish or circulate unjustified
or unwarranted threats of legal proceedings which tend to or have
the effect of harassing competitors or intimidating their customers.
6. "No member of the Trade shaHl secretly offer or make any
payment or allowance of a rebate, refund, commission, credit, un-
earlned discount, excess allowance, whether in the form of money or
otherwise, nor shall a member of the Trade secretly offer or extend
to say customer any special service or privilege not extended to all
customers of the same class, for the purpose of influencing a sale.
7. No member of the Trade shall give, permit to be given, or
didctly offer to give, anything of value for the purpose of influeno-
illg or reward~~aing the action of any employee, agent or representa-
tive o'f another in relation to the business of the employer of such
employee, the principal of such agent or the represented party, with-
olit'the knowledge of such employer, principal or party. Com-
m~eri~al briber~ provisions shall not be construed to prohibit free
and general distribution of articles commonly used for advertising
except so far as such articles are actually used for commercial bribery
as hereinabove defined.
8. No member of the Trade shall induce or attempt to induce the
breach of an existing contract between a. competitor and his customer
or source of supply; nor shall any such member interfere with or
obstruct the performance of such contractual duties or services.
9. No member of the Trade shall require that the purchase of any
service or lease of any space be a prerequisite to the purchase or lease
of a~ny other service or space.
10. No member of the Trade shall join or participate with other
members of the Trade who with such member constitute a substan-
tial number of members of the Trade or who together control a sub-
stantial per cent of the business in the Trade, in any transaction
known in law as a black list, including any practice or device which
accomplishes the purpose of a black list.
ARTICLE VIII OPEN PlUCE AGREEMENT
1. Te Cde uthrit shll repare and complete as soon as
possible, subject to the approvalofheAmntrorabsicls-
ficat~ion of the services of the Trade together with a schedule of items
or services for which additions to or deductions from the base prices
may be made. This classification may be amended from time to time
by the Code Authority.
2. This classification of services shall be made available by the
Code Authority to every member of the Trade as well as to pur-
chasers of such services. WVithin 30 days thereafter each member of
the Trade shall file with the Code Authority, or otherwise as it may
require, a list showing the base prices for all services, which list
shall be available for the benefit of buyers as well as sellers. Any
subsequent change in a price list shall be filed as provided herein to
become effective not earlier than 30 days from t~he date of filing,
except that t~he first prict list so filed shall become effective im-
3. No member of the Trade shall quote prices or terms, contract
for the sale of or sell any service except upon such current prices
andi terms as he shall have established by filing with the Code
Authority as hereinabove provided. Provided, however, that bons
fide quotations made to advertisers or their representatives shall
be firm if covered by contract placed with member of the Trade
within 90 days fromt date of making such quotations subject to prior
AnRICLE IX 1\IODIFICATION
1. This Code and all the provisions thereof are expressly made
subject to the right of the President, in accordance with the provi-
sions of subsection (b) of Section 10 of the National Industrial Re-
c~over~y Act, from time to time to cancel or modify any order, ap-
prevall, license, rule, or regulation issued under Title I of said Act
andi specifically, but without limitation, to t~he right of the President
to cancel or modify his approval of this Code or any conditions im-
posed by him upon his approval thereof.
See paragraph 2 of order approving this Code.
2. This Code, except as to prprisions required by the Act may be
modified on the basis of experience or changes in circumstances, such
modification to be based upon application to the Administrator and
such notice and hearing as he shall specify, and to become effective
on approval of the President.
No provision of this Code shall be so applied as to permit monopo-
hies or monopohistic practices, or to eliminate, oppress, or discriminate
against small enterprises.
ARTICLE XI--PRICE INUCREASES
Whereas the policy of the Act: to increase real purchrasing power
will. be made difficult of consummation if prices of services increase
as rapidly as wages, it is recognized that price increases should be
delayed, and that when made the same should, so far as reasonably
possible, be limited to actual increases in the seller's costs.
ARTICLE XII--EFFECTIVE DATE
This Code shall become effective on the tenth day after its ap-
proval by the President.
Approved Gode No. 304.
Registry No. 1702-23.