The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1900-01-11
INAUGURAL ADDRESS.
Gov. Nash Scores the Corporations
and Suggests Many Reforms.
New C"mpanies should Pay More On Theis
Capital Stock and should BE Com
peiled to Make Annual Re
ports tO the State.

Columbus, o., Jan. 9.---1he inaugu.
ral address of Gov. Nash was delivered
10 the public on Monday lie said In
part:
.'Every year the amount and mag
n;tutlc of the business being don: by
corporations organized under the
laws of Ohio are rapidly increasing.
Under our present laws, corporations
may be created for any purpose for
which individuals may lawfully as
sociate themselves. except for carrying
on professional business. These cor
porations except Insurance companies,
railroad companies. building and loan
associations and certain banking com
panies. are practically under no re-
straint by the state. and make no re-
ports to her officers. Large mining.
manufacturing, commercial and 9TH
er enterprises are carried on by and
through them. Because they arc cre-
ntcd by the state and possess certi-
flcates bearing the impress Of her
seal, people are led to believe that
they arr safe ~ do business with and
are more entitled to credit than are
private partnerships and individuals.
In very ,nany eases they nre less
worthy of confidence. They are au-
tliorizctI 10y thu state to do business
before 81 Of HE capital stock has been
paid This l., an unfortunate condi-
lion OF annirs. Tho state. before She
givrs these corporations her nppro-
val. and permits hem to do business.
ought 10 require thiri all their capital
stock !n' paid in money and invested
in the business they propose to trans
act. She ought. 10 make sire OF this
fact by rrpuris made - some com
pc,rn, uiiircr. We should go further
and require ilIrst companies TO make
annual reports. To hr filed with and
inspected by the officer Indicated
This report should show. :i;ipng
Other things. how rnirh of the capital
stock has been pnid, how the money
is invested what the assets are. the
amount. Of liabilities and the names
Of the stoc!ihnltirrS. In fact. there
should he siicli II record of every cor
porli ion that II people may know ut
all times whether il is worthy of
credit and couii,irnrc. | believe that
with some such rtguaiionS as have
indicated. OHIO corporations would
be placed upon Il solid financial ba-
sis.
"As condition precedent to foreign
corporations doing business in Ohio.
the general assembly may make prop
er regulations for their control. They
should lie required to make to the
proper officer as complete disclosures
in regard to the financial condition
and business as I have suggested in
connection with domestic corpora
tions. Wise regulations will do much
toward warding off the evils which
it is feared will come from the very
extensive business being now done by
large corporations in this state. In
the above suggestions l do not claim
to have prescribed remedy for all
our ills. have done little more than
call your attention to this subject, in
the hope that this general assembly
will haze the wisdom to devise nddi-
tional laws in regard to corporations
which will be of great benefit to the
people and legitimate enterprises"