15 October 2008

10-15-2008 This day 1914 Clayton Antitrust Act Passes in Congress

President Woodrow Wilson
15 October 1914: The U.S. House of Representatives approves the Clayton Antitrust Act. Here is a link to the text of the act http://www.teachingamericanhistory.org/library/index.asp?document=488. This act ammended and clarified the Sherman Antitrust Act of 1890.The act prohibited exclusive sales contracts, local price cutting to freeze out competitors, rebates, interlocking directorates in corporations capitalized at $1 million or more in the same field of business, and intercorporate stock holdings. Labor unions and agricultural cooperatives were exempted from provisions of this act. It also legalized peaceful strikes, picketing, and boycotts. It declared that "the labor of a human being is not a commodity or article of commerce."

p.s. President Woodrow Wilson was in office then.