Approved Code No. 16-Amendment No.3 Registry No. 241-02 

NATIONAL RECOVERY ADMINISTRATION 

AMENDMENT TO \ I 

CODE OF FAIR COMPETITION 

FOR THE ( 

HOSIERY INDUSTRY 

AS APPROVED ON JUNE 7, 1934 

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WASHINGTON: 1934 

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Approved Code No. 16-Amendment No.3 

AMENDMENT TO CODE OF FAIR COMPETITION 

FOR THE 

HOSIERY INDUSTRY 

As Approved on June 7, 1934 

ORDER 

MoDIFICATION oF CoDE oF FAIR CoMPETITION Fon 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 o:f 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. 

HuGHS. JoHNsoN, 

Administrator for Industrial Recovery. 

Approval recommended: 

H. 0. KrNG, 

Division Administrator. 

WASHINGTON, D.C., 

June 7, 1934,. 

65684°----657-57----34 (1) 
REPORT TO THE PRESIDENT 

The PREsiDENT, 

The White House. 

SIR: This is a report on the Hearing 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 Hosiery 

Code, wholesalers of hosiery. 

2. An amendment giving the Code Authority power, in case 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. 

FINDINGS 

The Deputy Administrator in his final report to me on said amendments 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 obstructions 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 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 productive capacity of industries, by avoiding undue restriction of production (except as may be temporarily required), by increasing 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 rehabilitating industry. · 

(2) 
3 

(b) The Code as amended complies in all respects with the pertinent provisions of said Title of said Ac~, including without limitation Subsection (a) of Section 3, Subsection (a) of Section 7, an4 

Subsection (b) of Section 10 thereof. 

(c) The Code empowers the Code Authority to present the aforesaid amendments 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 

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 

amendments. 

For these reasons these amendments have been approved. 

Respectfully, 

JUNE 7, 1934. 

HuoH S. JoHNsoN, 

Administrato'r. 
MODIFICATION OF CODE OF FAIR COMPETITION FOR 

THE HOSIERY INDUSTRY 

Amend ARTICLE II-DEFINITIONS, 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 the 

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 time to 

time be included under the provisions of this Code. 

Amend ARTICLE IX-COORDINATION AND ADMINISTRATION by adding 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 pricecutting such as to render ineffective or seriously endanger the maintenance 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 tQ 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 therefor than the lowest reasonable cost of such products. 

(b) When it appears that conditions have changed, the Code Authority, 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--0"2. 

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