Approved Code No. 16-Amendment No.4 Registry No. 241-02 

NATIONAL RECOVERY ADMINISTRATION 

AMENDMENT TOI 

CODE OF FAIR COMPETITION 

FOR THE 

HOSIERY INDUSTRY 

AS APPROVED ON AUGUST 14, 1934 

WE DO OUR PART 

UNITED STATES 

GOVERNMENT PRINTING OFFICE 

W ASWNGTON: 1934 

Fur-BBie by the Superintendent of Documents, Washington, D.C. • • • • • • • • Price 5 centa 

v 
l"bls publication is for sale by the Superintendent of Documents, Government 

Printing Office, Washington, D.C., and by district offices of the Bureau of Foreign 

and Domestic Commerce. 

DISTJ"UCT OFFICES OF 'fBE DEPARTMENT OF COMMEBCB 

Atlanta, Ga.: 504 Post Ofllce 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 Wells Street. 

Cleveland, Ohio : Chamber of Commerce. 

Dallas, Tex. : Chamber of Commerce Building. 

Detroit, Mich.: 801 First National Bank Building. 

Houston, Tex. : Chamber of Commerce Building. 

Indianapolis, Ind. : Chamber of Commerce Building. 

Jacksonville, lfla.: Chamber of Commerce Building. 

Kansas City, Mo.: 1028 Baltimore Avenue. 

Los Angeles, Calif.: 1163 South Broadway. 

Louisville, Ky.: 408 FPderal Building. . Memphis, Tenn. : 229 Federal Building. 

Minneapolis. Minn. : 21:J Federal Buildinc. 

New Orleans, La.: Room 225-A, Customhouse. 

New York. N.Y.: 734 Customhouse. 

Norfolk. Va.: 406 Enst Plume Street. 

Philadelphia. Pa.: 422 Commercial Trust Building. 

Pittsburgh. Pa.: Chamber of Commerce Building. 

Portland, Oreg.: 215 New Post Office Building. 

St. Louis, Mo.: !'i06 Olive Street. 

Snn Francisco, Cnli'f.: 310 Custom bou~e. 

Seattle, Wash.: 809 Federal Office Building. 
Approved Code No. 16-Amendment No. 4 

AMENDMENT TO CODE OF FAIR COMPETITION 

FOR THE 

HOSIERY INDUSTRY 

As Approved on August 14, 1934 

ORDER 

MoDIFICATION OF CoDE OF FA~ CoMPETITION FOR THE HosiERY 

INDUSTRY 

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 modification 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 President, including Executive Order No. 6543'-A, dated December 30, 

1933, 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 respects with the 

pertinent 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 Reo(Yl)ery. 

Approval recommended: 

RoBERT L. HousTON, 

Dimision Administrator. 

w .ASIDNGTON, D. c., 

August 14, 1934. 

80607°-1044-77-34 (1) 
REPORT TO THE PRESIDENT 

The PRESIDENT, 

The White House. 

Sm : This is a report on the Hearing covering the Amendment to 

the Code of Fair Competition for the Hosiery Industry, held in 

Room 3204, Department of Commerce Building, Washington, D.C., 

Friday, :March 9, 1934. The Amendment, which is attached, was 

presented by dul,r qualified and authorized representatives of the 

Industry, complying with statutory requirements and being the same 

Agency that originally submitted 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 AMENDMENT 

This is one amendment which defines the conditions under which 

all sales will be made in the Industry, and under which sales contracts should be entered into. 

FINDINGS 

The Deputy· Administrator in his final report to me on said amendment 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 amendment 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 obstructions to the free flow of interstate and foreign comn1erce 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 maintainin~ 

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 productive capacity of industries, by avoiding undue restriction of production (except as may be temporarily required), by increasin<Y the 

consumption of industrial and agricultural products through increasing purchasing power, by reducing and relieving- unemployment, 

by improving the standards of labor, and by otherwiSe rehabihtating 

industry. 

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

Subsection (b) of Section 10 thereof. 

(2) 
3 

(c) The National Association of Hosiery Manufacturers was and 

is an industrial associaton truly representative of the aforesaid 

industry and that said association imposed and imposes no inequitable restrictions on admission to membership therein and has applied 

for or consents to this amendment. 

(d) The amendment and the Code as amended are not designed 

to and will not permit monopolies or monopolistic practices. 

(e) The amendment and the Code as amended 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 process have 

not been deprived of the right to be heard prior to approval of said 

amendment. 

For these reasons this amendment has been approved. 

Respectfully, 

AuGusT 14, 1934. 

. . 

HUGH s. JOHNSON' 

Administrator. 
MODIFICATION OF CODE OF FAIR COMPETITION FOR 

THE HOSIERY INDUSTRY 

Amend Article VIII-Fair Trade Practice, Section 1. Contracts, 

by removing therefrom subsection (b) and renumbering and entitling 

it " Section 6-Listing ". 

Also remember Sections 6 to 15 to be Sections 7 to 16 respectively. 

Cancel subsections (a) and (c) o:f Section 1. Contracts, and substitute therefor an entire new section to read as :follows: 

1. Unifor1n Conditions of Sale.-The :following Conditions of Sale 

will be binding on all members of the Hosiery Industry : 

(a) All orders are subject to acceptance by the mill. 

(b) All orders are accepted subject to delays, partial delivery and 

non-delivery caused by labor difficulties, or conditions beyond control 

of the seller. In such cases, the seller shall promptly notify the 

buyer, and the buyer shall have the right to cancel any undelivered 

or unfinished portion of the order. Failure of the buyer to either 

cancel or confirm within ten days after receipt of notice shall be 

construed as cancellation. 

(c) ( 1) Anticpation of payment, if a.llowed, shall not be at a rate 

in excess of 6% per annum. 

(2) Any invoices not paid on due date shall be subject to interest 

at the rate of 6% per annum. 

(3) Dating in excess of seller's established terms shall be subject 

to interest at the rate of 6% Rer annum. 

( 4) A discount becomes 'unearned discount" and is forfeited 

upon failure of payment of invoices on due dates, according to terms. 

(d) Cancellation may be effected only: 

(1) By the buyer because of failure of the seller to make deliveries on the specified ~elivery dates, provided the buyer has furnished 

details in keeping with contract commitments, and provided the 

buyer has given the seller at least 10 days written notice, (either 

before or after the date) of his intention to canceljast due deliveries. Until or unless a past due delivery is cancelle in the manner 

provided herein, the commitment of the buyer therefor remains in 

force. 

l

2) By the seller, because of impairment of customer's credit. 

3) In accordance with sub-section {b) of this section. 

e) Any controversy or claim arising out of or relating to this 

contract or the breach thereof, shall be settled by arbitration, in 

accordance with the Rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be 

entered in the highest court of the forum, state or federal, having 

jurisdiction; provided this provision for arbitration shall not have 

been deleted by the purchaser upon, or prior to, the execution of this ~ntract. 

Approved Code No. 16---Amendment No. 4. 

Registry No. 241--{)2. 

(4) 

0 

UNIVERSITY OF FLORIDA 

\\\\\\\\\\\\\\ ~\ \\~ \1 ~ \\\\~ \\\\\\\~\ \~\\~\\ ~ \\\\\\\ 

3 1262 08482 7996