The 1906 Federal Food and Drugs Act was one of the first laws enacted to stop the sale of inaccurately labeled drugs.
19 O six ?
Yes, it should be read as "Nineteen-oh-six".
Yes, it's "nineteen oh six" in this case. But don't assume that's always true in any sort of context. For years, it's "nineteen oh six"; but in the following example:
The factory produced 1906 cars. [or 1,906 cars]
it would be pronounced "one thousand nine hundred six". This is because it is being used as an actual number of something being counted.
Basically per David Richerby's comment: It's worth noting that despite the rule above, if the last two digits are both 0 (in other words, if it's an "even hundred"), but if it's not an even thousand, people will very frequently say things like "nineteen hundred cars" or "twenty-two hundred cars". This isn't completely academically correct English per se, but it's a pretty well-accepted practice in general.
An extra thing I have been taught as an American: Despite what some people do, even in the US, you do not say "one thousand nine hundred and six", but you must leave the word "and" out. I originally stated this rule as an absolute, but there appears to be some disagreement on this point. It could be a regional thing, as indicated in this answer to the question linked by Catija.
Just to add to the other answer (which is correct in saying that you are correct), dates with the third number being zero, we say "nineteen-oh-six." If the third number isn't zero, we read the two halves as separate numbers. For example, "nineteen twenty six."
In most settings, years in English are read out like the title of Orwell's famous novel, Nineteen Eighty-Four. That is, they're read as a pair of two-digit numbers (or a one-digit number and a two-digit number if it's only a three-digit year). So, Charlemagne died in eight-fourteen, the Battle of Hastings was in ten sixty-six and the US declared independence in seventeen seventy-six.
If the year within the century begins with zero, that's pronounced as "oh", unless it's before 1000, in which case, it would be, e.g., "four hundred and six" rather than "four oh six". If the year within the century is 00, it's "eighteen hundred", "nineteen hundred" but "two thousand".
Which leads us to this millennium, which is more complicated. Most people said "two thousand and six" (British English) or "two thousand six" (American English), rather than "twenty oh-six". This year seems to be mostly "twenty-fifteen" but some people say "two thousand (and) fifteen". The Arthur C. Clarke/Stanley Kubrick novel/movie "2001: A Space Odyssey" was definitely "two thousand and one" (not "two thousand one" or "twenty oh-one") and is sufficiently well-known that essentially nobody called that year "twenty oh-one" (I don't know if Americans called it "two thousand one").
That covers general usage. In legal contexts, dates are often written out more fully, as "so many hundred and such-and-such", as in "nineteen hundred and eighty-four" or, for this millennium, "two thousand and fifteen".