Word: nra
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...early December NRA proudly announced "an outstanding example of effective self-government and planned production in industry." To prevent "seasonal overproduction" the cotton textile industry would reduce its December output by 25%. There were good excuses for this failure of purchasing demand besides the increased price of cotton goods. In May and June before the code went into effect, buyers anticipating price increases had stocked up with large quantities of cotton goods which had to be sold to the public before steady demand could be resumed. And since the textile code was the first of its kind, it was necessary...
...January the mills went back to normal production allowed by their code (two shifts of 40 hours a week). They kept at it until June, but NRA's expected surge of public buying power did not develop. Unsold goods piled higher and higher. At the end of May, NRA proclaimed another 25% reduction in output to be effective for twelve weeks (TIME, June...
...which also cut down wages by 25%. But Labor had another major complaint. The mills were trying to offset high wages by resorting to the "stretch-out," the hated practice whereby a worker is forced to tend more and more looms. These were not the only two troubles which NRA had brought. Section 7 (a) had sent the A. F. of L. out on a mighty crusade to unionize the industry. With the prestige of the Recovery Act behind them, and the assertion that the President wanted workers to join the A. F. of L., union agents made great progress...
...public had not come to buy in volume at higher prices. With NRA wages, and with the Government pegging the price of cotton, the cotton mills were hung on a limb, all dressed up with high prices and few customers to sell...
Sept. 1. When General Johnson promised Tom McMahon that he would have the possibility of higher wages investigated, he kept his word. He appointed a committee of NRA economists to find out whether the industry could stand higher wages without further boosting prices, further reducing the demand for its goods. The investigators answered: "Under existing conditions there is no factual or statistical basis for any general increase in cotton textile code wage rates...