Approved Code No. 178 Registry No. 1225-01 

NATIONAL RECOVERY ADMINISTRATION 

CODE OF FAIR COMPETITION 

FOR THE 

WATCH CASE 

MANUFACTURING INDUSTRY 

u. 

AS APPROVED ON DECEMBER 23, 1933 

BY 

PRESIDENT ROOSEVELT 

WE DO OUR PART 

tive Order 

2. Letter of Transmittal 

8. Code 

UNITED STATES 

GOVERNMENT PRINTING OFFICE 

WASHINGTON : 1933 

i'or sale by the Superintendent ol Documents, Washington, D.O. - - - - - - - - Price 5 cents 
This publication is for sale by the Superintendent of Documents, Government 

Printing ffice, \Va hington, D.C., and by di trict offices of the Bureau of 

Foreign and Domestic ommerce. 

DISTRICT OFFICES OF THE DEPARTME T OF COMMERCE 

Atlanta, Ga.: 504 P ost Office Building. 

Birmingham Ala.: 257 Federal Building. 

Bo ton, l\Ia~ . : 1 01 Customhouse. 

Buffalo, J.Y.: hamber of Commerce Building. 

Charle ton hamber of Commerce Building. 

Chi ago Ill.: uite 1706, 20 1 orth "\Yells treet. 

leYeland, Ohio: hamber of Commerce. 

Dalla , Tex. : hamber of Commerce Building. 

Detroit :.\Iich.: 2213 Fir t ... ~ational Bank Build ing. 

H u ton, Tex.: hamber of Commerce Building. 

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Jack onYille, Fla.: r,hamber of Commerce Building. 

Kan ·a Cit" Mo.: 102 Baltimore venue. 

Los . .\.ngeles, alif.: 1163 outh Broad,Yay. 

Loui ville, r y.: 40 Federal Building. lernphis, Tenn.: 2:?9 Federal Building. 

l\linneapoli , "i\linn.: 21: Federa1 Building. 

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~ orfol k, \ a.: 406 Ea t Plume , treet. 

Philadelphia, Pa.: 933 ommercial Tru t Building. 

Pitt buro-h, Pa.: hamber of Commerce Building. 

P ortland, Orea.: 215 X w Post Ofli e Building. t . Louis, :\Io.: 50 li\·e treet. 

San Frnnci co, Calif.: 310 ustomhouse. 

Seattle, Wa~h .: 809 Federal Building. 
Approved Code No. 178 

CODE OF .F Affi COMPETITION 

FOR THE 

WATCH CASE MANUFACTURING INDUSTRY 

As Approved on December 23, 1933 

BY 

PRESIDENT ROOSEVELT 

Executive Order 

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 my approval of a Code 

of Fair Competition for the Watch Case Manufacturing Industry, 

and hearings having been held thereon and the Administrator having rendered his report containing an analysis of the said code of 

fair competition, together with his recommendations and findings 

with respect thereto, and the Administrator having found that the 

said code of fair competition complies in all respects with the pertinent provisions of Title I of said Act and that the requirements of 

clauses (1) and (2) of subsection (a) of section 3 of the said Act 

have been met: 

NOW, THEREFORE, I, Franklin D. Roosevelt, President of 

the United States pursuant to the authority vested in me by Title 

I of the National Industrial Recovery Act, approved June 16, 1933, 

and otherwise, do adopt and a pp rove the report, recommendations, 

and findings of the Administrator and do order that the said code 

of fair competition be and is hereby approved. 

FRANKLIN D. ROOSEVELT. 

Approval recommended: 

HUGH S. JOHNSON, 

.Adminwtrator. 

THE WHITE HousE, 

December 1/33, 1933. 

28704°-29!>-50-83 (403) 
DECEMBER 18, 1933. 

The PRESIDENT 

The -white House. 

Srn: A Public Hearing on the Code of Fair Competition for the 

Watch Case Manufacturing Industry of the United States submitted 

~y the National Watch Case Manufacturers A sociation, 20 v\ est 47th 

Street, ew York City, was conducted in Wa hington on the 29th 

of September 1933 in accordance with the provisions of the National 

Industrial Recovery Act. The As ociation claim to repre ent approximately 79 percent of the industry. 

The maximum hours established in thi code are forty ( 40) per 

week, with a provision for peak demand periods of 96 hours per year 

in excess of the maximum, provided time and one third i paid for 

all hours per week over forty ( 40) . 

The establishment of a 40-hour week by the code will not reab orb 

any of the unemployed in this-indu try, numbering approximately 

2,250 workers. The amount of product10n a well as the number of 

worker employed in this industry has teaclily fallen since 1923, 

with the result that where 4,325 worker were employed in 1923, only 

1,150 were employed in the indu try during the fir t six months 

of 1933. 

In order to reemploy the workers who haYe become detached from 

the industry since 1923 it would be nece ary to establi. h an elevenhour week assuming that production will b maintained as of 

April 1933. 

The average for all factory employee in this industry in 1929 was 

55.5 hours per week. In April 1932 average hours had dropped to 

29 per week. A slight improvement was regi tered in pril 1933, 

when the average rose to 32 hours per week. 

The minimum wage established in the code i 35¢ per hour or 

$14.00 per week. It is estimated that raising the wage of emplo ees 

receiving below this minimum (approximately 26 percent of the 

total) would add about 5 percent to the pay roll of the indu tr . 

However the code also _provide that the wage of thos mployees 

receiving compensation 1n excess of the minimum hall be equitably 

adjusted where practicable which will undoubte 11 increase the pay 

roll to some extent. 

The effect of wage increases on selling pri e should not a mou 1t to 

more than three or four percent. However the increa ing pri e of 

gold will undoubtedly have a consid ra ble eff t on the pri s of the 

product of this industry. 

t the Public Hearing all factor were in compl t a reem nt that 

the pre ent loose stamping tandard are w efully inad qua e and 

operate to the distinct and definite di advanta of the on umer the 

employer and the employee. The ode, th refore, provide standard for th products of this in u try which ill eliminat th e 

evils and w rk to the advantage of everyone on erned. 

(404) 
405 

FINDINGS 

The Administrator finds that : 

(a) The ode a recomm nd d complie in all respects with the 

pertinent provi ion or Title I of the ct including, without limitation, subsection (a) of Section 7 and subsection (b) of Section 10 

thereof· and that 

(b) The Watch Case Manufacturers Association, the applicant 

group herein, impo e no inequitable restrictions on admission to 

membership and is truly repre entative of the v\ atch Case 11anufacturing Industry; and that 

( c) The Code a recommended is not designed to/romote monopolies or to eliminate or oppress small enterprises an will not OJ?erate 

to discriminate ao-ainst them and will tend to effectuate the pohcy of 

Title I of the National Indu trial Recovery Act. 

The Watch Case 11anufacturing Industry has cooperated in a most 

satisfactory manner with the Administration in the preparation of 

this Code. From the evidence adduced during this hearing and 

from recommendations and reports of the various Advisory Boards 

it is believed that this Code as now proposed and revised represents 

an effective practical, equitable solution for this industry, and its 

approval as herewith submitted is recommended. 

Respectfully, 

HUGH s. JOHNSON' 

Administrator. 
CODE OF FAIR COMPETITION 

FOR THE 

WATCH CASE MANUFACTURING INDUSTRY 

ARTICLE I-PURPOSES 

To effectuate the policies of Title I of the T ational Industrial 

Recovery Act, this code is submitted as a Code of Fair Competition 

for the Watch Case Manufacturing Industry and upon approval by 

the President its provisions hall be the standard of fair competition 

for such industry and shall be binding upon every member thereof. 

ARTICLE II-DEFI ITIONS 

1. The term 'Watch ase Manufacturing Industry" as used 

herein is defined to mean the manufacture and ale by the manufacturer, of an ca e, covering or housing of any quality or de cription, 

for a time-keeping de ice intended to be worn on or about the person. 

2. The term ' employee" as used herein shall include all per ons 

employed in any capacity in the conduct of any branch of the watch 

ca e manufacturing indu try, as defined above, rec iving compen ation for his service irre pective of the nature or method of payment 

of uch compen ation. 

3. The term employer as used herein shall include all those who 

employ labor in the conduct of any branch of the watch case manufacturing indu try as defined above, and anyone by whom uch 

employee i compen ated or employed. 

4. The term · member of the industry" includes anyone enga 0 ed 

in the indu try as defined, either as an emplo er or on hi own 

behalf. 

5. The terims Act ' and ' Administrator ' as u ed herein hall 

mean, re pectiYely, Title I of the ational Indu rial Reco ery Act 

and the Administrator for Industrial Recovery. 

AnTI LE III-HoURs 

1. No emplo ee shall be permitted to work in excess of forty (4:0l 

hours in any one week, or eight ( 8) hours in any t enty-four (u4 

hour period, except that due to seasonal peak d mand perio 1s, , it 

the approval of the dmini trator, an aggr gate of ninety-six ( 6) 

hour per year in exc s of the maximum shall be allowed provided, 

ho ever, that time and one third hall be paid f r all hours p r we k 

ov r f rty ( 40) . 2. The ma imum hours fixed in the for goin · sl all not a 

ex utiY and mploy es in managerial capaciti who no 

thirty-fl e dollar ( 35.00) per w ek or mor · n r to ut i 

men ; nor to m rg n y r pair crews while engag d in n erg ncy 

(406) 
repair work involving breakdowns or protection of life and property; provided, however, that emergency repair crews shall be paid 

one and one hal:f times their normal rate of pay for all hours in 

~xcess of forty ( 40) per week. 

ARTICLE IV-W .AGES 

1. No employee in the Watch Case Manufacturing Industry shall 

be paid at less than the rate of fourteen dollars ($14.00) per week of 

forty ( 40) hours or thirty-five cents (35¢) per hour. 

2. In the case of employees performing work for which they are 

paid per piece of work performed, the minimum pay which each 

member of the indu try shall pay for such work shall not be less 

than thirty-five cents (35¢) per hour of labor. This Article establishes a minim.um rate of pay, regardless of whether an employee 

is compensated on time rate, piecework performance, or other basis. 

8. It is the policy of the m0 mbers of this industry to refrain from 

reducing the weekly rate of compensation of employees whose said 

rate of compensation is above the minimum rate established in this 

Article. As far as practicable the rates of compensation for various 

labor operations which receive more than the minimum shall be 

equitably adjusted, due account being taken of the number and extent of such downward adjustments as may have been made in any 

individual case prior to May 1, 1933, as well as of the number and 

extent of such upward adjustments as may have been made subsequent to that date. Within thirty (30) days each manufacturer 

shall report to the Administrator through the Code Authority all 

readjustments of wage rates made in accordance with this section. 

4. Female employees performing substantially the same work as 

male employees shall receive the same rates of pay as male employees. 

ARTICLE V-GENERAL LABOR PROVISIONS 

1. No person under sixteen (16) years of age shall be employed 

in the industry, nor anyone under eighteen (18) years of age at 

operations or occupations which are hazardous in nature or detrimental to health. The Code Authority shall submit to the Administrator before January 1, 1934, a list of such 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 perm.its, showing that the employee is of the required age. 

2. In compliance with Section 7 (a) of the Act, it is provided: 

(a) Employees shall have the right to organize and bargain collectively, 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 purpose of 

collective bargaining or other mutual aid or protection. 

(b) No employee and no one seeking employment shall be required 

as a condition of employment to join any company union or to refrain 

from joining, orgaruzing, or assisting a labor organization of his own 

choosing; and 
408 

( c) Employers shall comply with the maximum hours of labor 

minimum rates of pay, and other conditions of employment approved 

or prescribed by the President. 

3. Within each State this Code shall not supersede any laws of 

such State imposing more stringent requirements on employers regulating the age of employees, wages-1 hours of work, or general working conditions than under this Code. 

4. Employers shall not reclassify employees or duties of occupations performed by employees so as to def eat the purposes of the 

Act. 

5. Each employer shall post in conspicuous places full copies of 

this Code. 

6. On and after the effective date· of this Code all home work shall 

be . prohibited. 

1. No employee shall be permitted to work for a total number of 

hours in excess of the number of hours prescribed, whether he be 

employed by one or more employers. 

8. If any employer in the Watch Case Manufacturing Industry is 

also an employer of labor in any other industry, the provisions of 

this Code shall apply to and affect only that part of the business of 

such employer which is included in the Watch Case Manufacturin!! 

Industry. 

ARTICLE VI-ADMIN1STRATION 

To further effectuate the policies of the Act, a Code Authority is 

hereby established to cooperate with the Administrator in the administration of this Code. 

SEOTION 1. Orgwnization and Constitution of OodJe Authority.-

(a) The Code Authority shall consist of five members of the Industry, or such other number as may be approved from time to time by 

the Administrator, to be chosen by a fair method of selection, approved by the Administrator. The Administrator at his discretion, 

may appoint not more than three additional members, without Yote 

and without compensation from the industry, to represent the Administrator and to serve for such time as he may designate. 

(b) The National Watch Case Manufacturers' Association shall be 

the agency under the Code Authority for administering the provisions of this Code. This Association or any other industrial a sociation directly or indirectly participating in the selection or activities 

of the Code Authority shall submit to the Admini trator true copies 

of its articles of association, bylaws, regulations, and any amendments when made thereto, together with such other information as to 

membership, organization, and activities as the Administrator may 

deem necessary to effectuate the purposes of the Act. 

( c) In order that the Code Authority shall at all times be truly 

representative of the industry and in other respects comply with the 

provisions of the Act the Administrator may provide such hearings 

a he may deem proper; and thereafter if he hall find that the Code 

Authority is not truly representative or does not in other re pects 

comply with the provisions of the Act, may require an appropriate 

modification in the method of selection of the Code Authority. 
409 

( d) No inequitable restrictions on admission to membership in the 

National Watch ase Manufacturers' Association or any other trade 

association or organized group, participating in the activities of the 

Code Authority shall be imposed, and any member of the industry 

shall be eligible for membership in any such trade association or 

organized group upon compliance with the provisions of the bylaws 

relating to membership, provided that any person applying for such 

member hip shall, in addition to the payment of such dues as are 

imposed and paid by all other members, accept a reasonable and 

equitable share of the expenses of administration. Such members 

of the industry who do not choose to become members of any trade 

as ociation or organized group may :participate in the activities of 

the f'1ode Authority as herein provided by paying to the Code 

Authority such proportionate part of the expenses of administration 

as the Code Authority, subject to the Administrator's approval, shall· 

prescribe as fair and equitable. 

SEo. 2. Powers and Duties.-The Code Authority shall have the 

following further powers and duties, the exercise of which shall be 

reported to the Administrator and s4all be subject to his right, on\ 

review, to disapprove any action taken by the Code Authority. , 

(a) To insure the execution of the provisions of this Code anq I 

provide for the compliance of the industry with the provisions of 

the Act. 

(b) To adopt bylaws and rules and regulations for its procedure 

&nd for the administration and enforcement of the Code. 

( c) To obtain from members of the industry such information 

and reports as are required for the administration of the Code and 

to provide for submission by members of such information and 

reports as the Administrator may deem necessary for the purposes 

recited in Section 3 (a) of the Act, which information and reports 

shall be submitted by members to such administrative and/or government agencies a the Administrator may designate; provided that 

nothing in this Code shall relieve any member of the industry of any 

existing obligations to furnish reports to any government agency. 

No individual reports shall be disclosed to any other member of the 

industry or any other party except to such governmental agencies as 

ma_y be directed by the Administrator. 

(d) To regulate the disposal of distress, obsolete and/or discontinue merchandise in a way to secure the protection of the owners 

and to promote sound conditions in the Industry. 

SEo. 3. For the purpose of administering the provisions of this 

Code, the Code Authority, by its duly authorized representatives, 

not engaged in the Industry, shall have access to any and all statistical data that may be furnished in accordance with the provisions of 

this Code, and wherever such representatives may discover supportino- facts indicating a violation of this Code, they shall furnish any 

and all statistical data pertaining to such violation to the Code Authority and the Admirnstrator. 

ARTICLE VII-TRADE PRACTICES 

The following practices constitute unfair methods of competition 

and are prohibited. 
410 

SECTION 1. To sell or offer for sale any product of the industry 

below cost, as determined by an adequate cost accounting system to 

be formulated by the Code Authority and approved by the Administrator. However, any member of the industry shall be permitted 

to sell below cost when necessary to meet the competitive price of a 

lower cost producer. 

SEc. 2. To manufacture any merchandise so as to simulate obsolete and/or discontinued merchandise, and to sell or offer to sell the 

same in such a manner as to frustrate the spirit of this Code. Provided that any actually obsolete and/or discontinued merchandise 

may be sold at less than cost; such sales to be reported to the Code 

Authority within five days of the date thereof giving the quantity 

and price, together with any pertinent facts requested by the Code 

Authority. 

SEo. 3. No member of the industry shall give, permit to be given, 

or directly offer to give, anything of value for the purpose of influencing or rewarding the action of any employee, agent, or representative of another in relation to the business of the employer of such 

employeeh the principal of such agent, or the represented party, 

without t e knowledge of such employer, principal, or party. Commercial bribery 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. 

SEo. 4. The making, or causing, or knowingly permitting to be 

made or published, any false, substantially inaccurate, or deceptive 

statement, by way of advertisement or otherwise, whether concerning 

the grade, quality, quantity, substance, character, nature, origin, 

size, finish, or preparation of any product of the industry; or the 

credit terms values, policies, or services of any member of the industry, or otherwise, tending to mislead or deceive customers or prospective customers. 

SEc. 5. The imitation of the trade marks, trade names, slogans, 

original designs, or brands, or other marks of identification of competitors, having the tendency and capacity to mislead or deceive 

purchasers or prospective purchasers. 

SEC. 6. To make and supply exclusive models without including in 

the invoice as a separate item, the cost of any dies and tools especially 

made for the production. 

SEC. 7. To supply, without charge, crystals, straps, bracelets, 

crowns, bo,ws, pendants, or other parts; or to repair without charge 

except for manufacturing defects, worn cases, crystals, straps, bracelets, or parts. 

SEo. 8. To disseminate, publish, or circulate any false or misleading information relative to the conditions of employment of any 

member or to any product or price for any product of any member 

of the industry, or the credit standing or ability of any member 

thereof to perform any work, or manufacture or produce any product. 

SEo. 9. To make or give any guaranty of protection in any form 

against advance or decline in the market price of any product. 

SEc. 10. To grant secret payments or allowances of rebates, refunds, commiss10ns, credits, or unearned discounts, whether in the 
411 

form of money or otherwise, or to grant any secret extension to 

certain purchaser of special services or privileges not extended to all 

pur ha ers on like term and conditions. 

EC. 11. T ship goods, except samples, on on ignment or memorandum. 

SEC. 12. To sell on terms greater than two (2) percent tenth (10th) 

of month following, net sixty (60) days. 

ARTICLE VIII-STANDARDS 

1. No member of the Industry shall manufacture, sell, or offer 

for sale, any watch case, on the outside surface of which he has not' 

indelibly and legibly stamped in some visible place his name or 

duly registered trade mark, accompanied by a quality mark equally 

indelible and legible, in accordance with the following standards 

and conditions. 

(a) No watch case may be stamped, tagged, or described with 

the word " Qualit:r, " or with any other words or form of words 

denoting " quality ', other than with one of the six specific quality 

mar ks as follows ; 

(1) No watch case may be stamped, tagged, or described with 

the quality mark "Platinum" unless every part of said case, free 

from solder, and excepting the crown, shall consist of at least 

985/ lOOOth parts of platinum, iridium, palladium, ruthenium, 

rhodium and/or osmium, and unless in addition the entire watch 

ca e, exclusive of the crown, shall consist of at least 950/lOOOth 

parts of pure platinum. In no case may the word " Platinum " be 

abbreviated. 

(2) No watch case may be st~:Led, tagged, or described with 

the quality mark "Solid Gold" ess accompanied by its proper 

karat mark, and unless every part of the case, free from solder, 

shall assay in actual fineness, within three one-thousandth 

(3/lOOOth) parts of the fineness indicated by said karat mark; and 

unless in addition, the entire case exclusive of the crown, shall assay 

within one half karat fineness of the fineness indicated by said karat 

mark. In no case may the works " Solid Gold " be abbreviated. 

(3) No watch case ma1, be stamped, tagged, or described with the 

quality mark "Sterling ' unless every part of the case, free from 

solder, shall assay nine hundred and twenty-five one-thousandths 

(925/lOOOth) pure silver with a tolerance of four one-thousandths 

( 4/lOOOth), and unless in addition, the entire watch case exclusive 

of the crown, shall assay nine hundred and twenty-five one-thousandths (925/lOOOth) pure silver, with a tolerance of ten one-thousandths (10/lOOOth). In no case may the word "Sterling" be 

abbreviated. 

( 4) No watch case may be stamped, tagged7 or described with the 

quality mark " Gold Filled " unless accomparued by its proper karat 

mark, and unless the sheet of gold affixed, brazed, or fused to the 

outer surface of the back, center, lugs, open face bezel, pendant, 

crown, and bow, shall be three one-thousandths (3/lOOOth) of an 

in~h in thickness as a minimum; and unless the sheet of gold affixed, 

brazed, or fused to the inner surface of the back, the inner and 
412 

outer surfaces of the cap, and the outer surface of the hunting bezel, 

shall be one one-thousandth (1/l000th) of an inch in thickness as 

a minimum. In no case may the words " Gold Filled " be 

abbreviated. 

(5) No watch case may be stamped, tagged, or described with the 

quality mark" Rolled Gold Plate" unless accompanied by its proper 

karat mark, and unless the sheet of gold affixed, brazed, or fused to 

the outer surface of the back, center, lugs, open face bezel, pendant, 

crown and bow, shall be one and one-half one-thousandths 

(11⁄2/ l000th) of an inch in thickness as a minimum. In no case may 

the words " Rolled Gold Plate " be abbreviated. 

( 6) No manufacturer shall make or offer for sale any watch case 

which does not contain Platinum, Gold, or Silver in quantity as 

determined by the Code Authority, unless he shall stamp the words 

" Base Metal " legibly and indelibly on the outside surface of said 

watch case, as provided in the first paragraph of this Article. In no 

case may the words " Base Metal " be abbreviated. 

2. The quality mar ks " Solid Gold ", " Gold Filled "1 and " Rolled 

Gold Plate" shall be accompanied in every instance with the proper 

karat mark: provided, however, that no watch case may be stamped 

with any such quality mark). unless it shall be of a quality of 10 

karat fineness or greater. buch marks shall mean that the gold 

employed in all component parts of such watch case are of the 

fineness so stamped. 

3. For the purpose of determining the legitimate use of specific 

trade names or marks on or in connection with watch cases of any 

given quality, each manufacturer shall file with the Code Authority 

a complete list of trade names or marks specifying in each case the 

grade or quality of the cases on which he proposes to stamp such 

names or marks; and the Code Authority, with the approval of the 

Administrator, shall decide as to the proper use of such names or 

marks. 

4. It is hereby specifically provided that watch cases completely 

manufactured prior to the effective date of this Code shall be exempt 

from the provisions of this Article, provided that each member of 

the Industry shall, within thirty days after said effective date, 

certify under oath to the Code Authority, the number, type markings, quality, and serial numbers, if any, of such completed watch 

cases as he has in finished stock on that date, and that sales of all such 

watch cases shall be rer.orted monthly to the Code Authority, by the 

manufacturer, in detail, as to the date of sale, name of purchaser.] 

number, type, markings, quality, and serial number, if any; anct 

provided further that unless stamped in compliance with the provisions of this Article, regardless of the date of its manufacture, 

no watch case shall be sold, or offered for sale, after July 1, 1934, 

or such reasonable extension beyond said date as may be granted by 

the Administrator upon application therefor. 

ARTICLE IX-MODIFICATION 

SECTION 1. This Code and all the provisions thereof are expres$ly 

made subject to the right of the President, in accordance with the 

provisions of subsection (b) of Section 10 of the Act, £roll\ time to 
413 

time to cancel or modify any order, approval, license, rule, or 

regulation i u d under aid Act. 

E . 2. Thi ode, x er t as to provisions r quired by the Act, 

may be m lifi l or amended on the basis of experience or changes 

in ir um tan , uch modifi ·ations or nmendments to be based 

upon appli ation to the Admini trator and such notice and hearino- a h ·hall pe ify, and to become effective on approval of the 

President unle ·s otherwise provided. 

ARTICLE X-MONOPOLIES 

ECTIO:N 1. No provi ion of this Code shall be so applied as to 

permit monopolies or monopoli tic practices, or to eliminate, oppress, 

or di criminate again t mall enterprises. 

ARTICLE XI-PRICE INCREASES 

SECTION 1. vVherea the policy of the Act to increase real purchasing power will be made more difficult of consummation if prices 

of good and ervices increase as rapidly as wages, it is recognized 

that price increases, except such as may be r equired to meet individual o t, should be delayed, but when made such increases should, 

so far as pos ible, be limited to actual additional increases in the 

seller's co t . 

ARTICLE XII-EFFECTIVE DATE 

This Code hall become effective on the second Monday after its 

approval by the Pre ·ident. 

Approved Code No. 178. 

Registry No. 12.25-01. 

0 


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