industrial enterprises carrying on interstate commerce. The steps which
my predecessor took and the legislation passed on his recommendation
have accomplished much, have caused a general halt in the vicious
policies which created popular alarm, and have brought about in the
business affected a much higher regard for existing law.

To render the reforms lasting, however, and to secure at the same time
freedom from alarm on the part of those pursuing proper and progressive
business methods, further legislative and executive action are needed.
Relief of the railroads from certain restrictions of the antitrust law
have been urged by my predecessor and will be urged by me. On the other
hand, the administration is pledged to legislation looking to a proper
federal supervision and restriction to prevent excessive issues of
bonds and stock by companies owning and operating interstate commerce
railroads.

Then, too, a reorganization of the Department of Justice, of the Bureau
of Corporations in the Department of Commerce and Labor, and of the
Interstate Commerce Commission, looking to effective cooperation of
these agencies, is needed to secure a more rapid and certain
enforcement of the laws affecting interstate railroads and industrial
combinations.

I hope to be able to submit at the first regular session of the
incoming Congress, in December next, definite suggestions in respect to
the needed amendments to the antitrust and the interstate commerce law
and the changes required in the executive departments concerned in
their enforcement.

It is believed that with the changes to be recommended American