This section is from the book "Business Finance", by William Henry Lough. Also available from Amazon: Business Finance, A Practical Study of Financial Management in Private Business Concerns.
The so-called "Clayton Bill" of October 15, 1914, now makes unlawful in the United States the practice of serving on the directorates of two or more banks, either of which has deposits, surplus, and undivided profits aggregating more than $5,000,000. The Act further provides that no citizen shall be a director in two or more competitive corporations engaged in whole or in part in commerce, any one of which has capital, surplus, and undivided profits aggregating more than $1,000,000. The purpose of this measure was to interpose obstacles in the way of improper restraint of trade. Its effectiveness in accomplishing this purpose is open to question. As a method of discouraging business men from attempting to serve on too many directorates and of opening up more opportunities to other men of perhaps equal ability but of narrower reputation, however, it will be beneficial so far as it goes.