The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-09
INAUGURATION
Of Governor George K Mash, Of
Ohio, at Columbus
yesterday.
THE CORPORATION BUSINESS
Receives the Attention of the Cover
nor in His Inaugural, In the Course
of Which BE Points Out the Loose
Methods Pushed in Granting Char

COLUMBUS. o., Jan. Sat noon to.
day in the rotunda OF the state capt.
tol, Hon. George X. Nash was lHau-
gurated governor Of Ohio. succeeding
Asa s. Bushnell. The oath of office was
administered by Chief Justice John A,
shauck, Of the supreme court, follow
ing which Governor Bushnell present.
ed the new governor with his commits
sion. Governor Nash then delivered
his inaugural address. He said. in part:
every year the amount and masnl-
tude Of the business being done by cor
poratIons organized under the laws of
Ohio are rapidly increasing. Under our
present laws, corporations may be
created for any purpose for which In
dIvlduals may lawfully associate them
selves, except for carrying on profess
slonal business. These artificial per-
sons except Insurance companies, rail-
road companies. building and loan as
sociatlons and certain banking COM
panles are practically under no re-
straInt by the state and make no re-
ports to her officers. Large mining,
manufacturing. commercial and other
enterprises are carried on by and
through them. Because they are crea-
ted by the state and possess certif-
Gates bearing the Impress of her seal,
people are led to believe that they are
safer to do business with and are more
entitled to credit than are private
partnerships and individuals. In very
many cases they are less worthy OF
confidence. They are authorized by
the state to do business before one
dollar OF the capital stock has been
paid. This is an unfortunate condi-
tlon Of affairs. The state, before she
gives these corporations her approval
and permits them to do business, ought
to require that all their capital stock be
paid In money and invested in the bust
ness they purpose TO transact. She
ought TO make sure of this fact by re-
ports made to some competent officer.
we should so further and require these
companies to make annual reports to
be filed with and inspected by the OH
Ger indicated. This report should show,
among other things. how much of the
capital stock has been paid, how the
money is invested. what the assets are,
the amount of liabilities and the names
OF the stockholders. In fact there
should be such record Of every cor
poration that the people may know at
all times whether 1t is worthy Of credit
and confidence. / believe that with
some such regulations as have indl-
Gated. Ohio corporations would be
placed upon a solid financial basis.
As a condition precedent to foreign
corporations doing business in Ohio. the
general assembly may make proper
regulations for their control. They
should be required to make to the pro-
per officer as complete disclosures in re-
gard to the financial condition and
business as I have suggested in connec-
ton with domestic corporations. Wise
regulations will do much toward ward
ing OF the evils which 1t is feared will
come from very extensive business now
being done by large corporations in
this state. In the above suggestions I
do not claim to have prescribed rem
edy 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
corporations which will be of great
benefit to the people and legitimate en-
tcrprises
Lieutenant Governor John A. cald-
well. of Cincinnati, was inaugurated in
the senate chamber during the after
noon,
Following the inaugural ceremonies
came an elaborate parade, in which
military, civic and political organiza'
ttonE nnriicipated.