Report of the Federal Trade Commission to the President in Response to the Executive Order of May 30, 1934, with Respect to the Basing Point System in the Steel Industry: November 30, 1934

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U.S. Government Printing Office, 1935 - 125 pages
 

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Page 50 - National Industrial Recovery Act, being the Act of Congress of the United States of America, approved June sixteenth, nineteen hundred thirty-three, entitled "An Act to encourage National Industrial Recovery, to foster fair competition, and to provide for the construction of certain useful public works, and for other purposes...
Page 39 - The aim and result of every price-fixing agreement, if effective, is the elimination of one form of competition. The power to fix prices, whether reasonably exercised or not, involves power to control the market and to fix arbitrary and unreasonable prices.
Page 51 - ... be punished by a fine of not to exceed five hundred dollars ($500), or by imprisonment in the county jail for a...
Page 53 - ... supplies as have been mined or produced in the United States, and only such manufactured articles, materials, and supplies as have been manufactured in the United States...
Page 53 - ... articles, materials, and supplies as have been mined or produced in the United States, and only such manufactured articles, materials...
Page 53 - ... as to such trade or industry he has become a party to and is complying with and will continue to comply with an agreement with the President under section 4 (a) of the National Industrial Recovery Act.
Page 50 - ... the Government may, by written notice to the contractor, terminate his right to proceed with the work or such part of the work as to which there has been a failure to pay said required wages and to prosecute the work to completion by contract or otherwise, and the contractor and his sureties shall be liable to the Government for any excess costs occasioned the Government thereby.
Page 50 - ... be considered unless it is accompanied by a certificate, duly executed by the bidder, stating that the bidder is complying with and will continue to comply with, each approved code of fair competition to which he is subject...
Page 53 - If any sales tax, processing tax, adjustment charge, or other taxes or charges are Imposed or changed by the Congress after the date set for the opening of this bid, and made applicable directly upon the production, manufacture, or sale of the supplies covered by this bid.
Page 35 - In economics, as in medicine, diagnosis is fundamental. The diagnosis which the Commission makes is that the basing-point system not only permits and encourages price fixing, but that it is price fixing. It is price fixing so absolute that purchasing agencies of the Federal Government are reduced to a position of such helplessness that they literally place each bid in a separate capsule, shake them up, and draw one out of a hat. It is price fixing so rigid that violations of the delivered price are...

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