Approved Code No. 141. Amendment No. 1. Registry No. 1707-04 

NATIONAL RECOVERY ADMINISTRATION 

AMENDMENT TO 

CODE OF FAIR COMPETITION 

FOR 

INVESTMENT BANKERS 

AS APPROVED ON FEBRUARY 1, 1934 

WE DO OUR PART 

UNITED ST ATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON: 1934 

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DISTRICT OFFICES OF THE DEPARTMENT OF COMMERCE 

Atlanta, Ga. : 504 Post Office Building. 

Birmingham, Ala. : 257 Federal Building. 

Boston, Mass. : 1801 Customhouse. 

Buffalo, N.Y.: Chamber of Commerce Building. 

Charleston, S.C.: Chamber of Commerce Building. 

Chicago, Ill.: Suite 1706, 201 North "\Vells Street. 

Cleveland, Ohio: Chamber of Commerce. Dallas. Tex.: Chamber of Commer ce Building. 

Detroit, Mich. : 801 First National Bank Building. 

Houston, Tex.: Chamber of Commerce Building. 

Indianapolis, Ind.: Chamber of Commerce Building. 

Jacksonville, Fla.: ChambeT of Commerce Building. 

Kansas City, Mo.: 1028 Baltimore Avenue. 

Los Angeles, Calif. : 116-3 South Broadway. 

Louisville, Ky. : 408 Federal Building. 

Memphis, Tenn.: 229 Federal Building. 

Minneapolis, 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 Office Building. 

St. Louis, Mo.: 506 Olive Street. 

San Francisco, Calif. : 310 Customhouse. 

Seattle, Wash.: 809 Federal Office Building. 
Approved Code No. 141. Amendment No. 1 

AMENDMENT TO CODE OF FAIR COMPETITION 

FOR 

INVESTMENT BANKERS 

As Approved on February 1, 1934 

ORD'ER 

APPROVING MODIFICATION OF THE CODE OF FAIR 

COMPETITION 

FOR 

INVESTMENT BANKERS 

An application having been duly made pursuant to and in full 

compliance with the provisions of Title I of the National Industrial 

Recovery Act, and particularly with Section 10 (b) thereof, approved June 16, 1933, for approval of a modification of a Code 

of Fair Competition for Investment Bankers, and the annexed report on said modification, containing findings with respect thereto, 

having been m.ade 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 

President, including Executive Order No. 6543-A, dated December 

30, H)33, and otherwise; do hereby incorporate, by reference, said 

annexed report and do find that said modification and the Code as 

constituted after being modified comply in all respect's witl). the 

pertinent provisions and will promote the policy and purposes of 

said Title of said Act, and do hereby order that said n1odification 

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. 

Approval recommended : 

A. D. ,vI-IrTEs mE, 

HUGH s. JOHNSON' 

Aclministrato1· for I nclust1ial Recovery. 

Division Aclm,inist?-ator. 

,v AsHINGTON, D.C., 

February 1, 1934. 

37604°-313-180---34 (1) 
The PRESIDENT, 

The lV h:itc House. 

Srn : This is a report on a modification of the Code of Fair 

Competition for lnYestment Bankers, increasing the membership 

of the Investment Bankers Code Committee from five m.embers 

representing Investment Bankers to twenty-one such members. 

The Assistant Deputy Administrator in his final report to me on 

said modification of said Code, having found as herein set forth 

and on the basis o:f all the proceedings in this matteT : 

I find that: -

(a) The modification of said Code and the Code as. modified are 

well designed to· promote the policies and purposes of Title I of 

the N a.tional Industrial Recovery Act including the removal of 

obstructions to the jr_ee . fl.my_ of inte:r_~t_ate _ 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 maintaining united action of labor and management 

under adequate governmental. sanction and supervision, by eliminating unfair competitive practices, by promoting the fullest possible 

utilization of the present productiYe capacity of industries, by avoiding undue restriction of production ( except as may be temporarily 

required), by increasing t he consumption of industrial and agricultural products through increasing purchasing po,,er, by r educing 

and relieving unemployment, by improving standards of labor, and 

by otherwise rehabilitating industry. 

(b) The Code as modified complies in all respects with the pertinent provisions of said Title and said Act, including without limitation Subsection (a) of Section 3, Subsection (a) of Section 7, and 

Subsection (b) of Section 10 thereof. 

( c) The Investment Bankers Association of America was and i 

truly representative of the In,estment Bankers and that said Association imposed and im.poses no inequitable restrictions on admission to 

member hip therein and has applied for or consents to this modification. 

( d) The modification and the Code as modified are not designed 

to and will not permit monopolies or monopolistic practices. 

( e) The modification and the Code as modified are 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 proce s haYe not 

been deprived of the right to be heard prior to approval of said 

modification. 

(g) The enlargement of member hip on the Investment Bankers 

Code Committee is desirable and will result in the Committee being 

more representative of Investment Bankers, as a whole, by making it 

pos ible to have representatives thereon from all parts of the country. 

For these reasons this modification has been approYed. 

Re pectfully, 

FEBRUARY 1, 1934. 

(2 ) 

H uoH S. JoHNSON, 

Ad1ninist1·ator. 
AMENDMENT TO COD'E OF FAIR COMPETITION 

FOR 

INVESTMENT BANKERS 

Modification of Section 1, Article III: 

To cooperate with the Administrator in the administration of this 

Code there is hereby constituted an Investment Bankers Code Committee. Such Committee shall consist of fifteen members appointed 

by the President of the Investmen~ Bankers Association of America; 

six members chosen by a fair 1nethod a pp roved by the Administrator 

to represent employers not members of the In,estment Bankers 

Association of America; and a representative or representatiYes without vote appointed by the Administrator. The twenty-one voting 

members of the said Committee shall be appointed or chosen from 

assenting employers. 

Approved Code No. 141. Amendment No. 1. 

Regi try No. 1707-04. 

(3) 

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