Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-01-09
NASH INAUGURATED.
unsee--.lent GOV Caldwell
Afierward fnaugurated.

COLUMBUS Jan 9.-Hon. George K.
Nasn was .aaugurateG governor of Ohio
10 the retuEda of the state capitol, sue.
ceediIg Asa S Bushnell. The oath Of
office was administered by Chief Justice
cnaGcS OF the supreme court, following
which Governor Bushnell presented The
new governor with his commission.
Governor Nash then delivered his in
augural address
lie said III part.
Every year the amount and magnitude Of
the business being done by corporations
organized under the laws of Ohio are rapidly
increasing. Under our present laws, corpora.
tions may be created for any purpose for
which individuals may lawfully associate
themselves, except for carrying IN profes
sonal business. These artificial persons, ex
cept insurance companies, railroad ccnEa
MES building and loan associations and Ger
tain banking companies, are practically under
no restraint by the state and make no reports
to her officers. Large mining, manufacturing.
commercial and other enterprises are carried
on by and through them. Because they are
created by the state and possess certificates
bearing the impress of her SEAL people are led
to believe that they ars safer to do business
with and more entitled to credit than are pri
vate partnerships and individuals In very
many cases they are less worthy of confidence.
They are authorized by the state to do bust
ness before one dollar of the capital stock mas
been paid. This is an unfortunate condition
of affairs.
The state, before she gives these corpora.
tions her approval and permits them to do
business, ought to require that ali their CAPT
tai stock be paid III money and invested in the
business they purpose to transact She ought
to make sure of this fact by reports made to
off
Their and require these companies to make an
nual reports, to be filed with and inspected by
the officer indicated. This report should show,
among other things, how much of the capital
stock has been paid, how the money Is in
vested, what the assets are, the amount of LA
bllitles and the names of the stockholders. In
fact. there should be such record of every
corporation that the Peep lie may know at all
times whether 1t is worthy of credit and con
fdence. believe that with some such regula-
tions as | have indicated Ohio corporations
would be placed upon a solid financial basis.
As condition precedent to foreign corpora
tions doing business in Ohio, the general as
sembly may make proper regulations for their
control. They should be required to make to
the proper officer complete disclosures in
regard to the financial condition and business
as | have suggested in connection with do
nestle corporations. Wise regulations will
do much toward warding off the evils which it
10 AVoiVo VII Soiio Aiolii very eAbSuSiNe DuSl-
ness now being done by large corporations IN
this state. In the above suggestions 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 have the wisdom to de
wise additional laws in regard to the corpora
lions which will be of great benefit to the
people and legitimate enterprises.
Lieutenant Governor John A. Cald-
well of Cincinnati was inaugurated in
the senate chamber.
Following the inaugural ceremonies
came an elaborate parade in which mill
tary, civic and political organizations
participated.