William Jennings Bryan lost his third bid for the presidency to Republican nominee William Howard Taft.
20,000 shirtwaist makers—80 to 85 percent of whom were women—began a successful labor strike in New York City.
A devastating fire erupted at the Triangle Shirtwaist Factory in New York City, killing 146 people including many female employees. Outcry over the factory’s conditions led to factory safety reform.
The Ford Motor Company perfected the assembly line and introduced the $5 per day wage, double the industry standard.
The Sixteenth Amendment to the United States Constitution was ratified, allowing the federal government to “lay and collect taxes on incomes.”
The Seventeenth Amendment, requiring the election of senators by voters of each state (rather than by state legislatures), was ratified.
The Underwood Tariff reduced the tariff and instituted a graduated income tax to make up for revenue lost in tariff reductions.
The Federal Reserve Act created the Federal Reserve System to serve as the nation’s central bank.
The Clayton Antitrust Act prohibited some monopolistic business practices and protected unions and farmers’ organizations from prosecution under the Sherman Anti-Trust Act.
Twenty-five thousand suffragists marched in New York City.