The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-09
GOVERNOR NASH INAUGURATED.
Control of Corporations the Principal
Theme of His Address

COLUMBUS, o., Jan. Sat noon to-day,
in the rotunda of the State Capitol. Hon.
George X. Nash was inaugurated Gov
ernor of Ohio, succeeding Asa S. Bushnell
The oath of office administered by
Chief Justice Shauck, of the Supreme
Court. following which Governor Bushnell
presented the new Governor with his COM
mission. Governor Nash then delivered his
inaugural address. Referring to corpora
tons, he said:
Every year the amount and magnitude
of the business being done by corporations
organized under the laws of Ohio are rap
idly increasing. Under our present laws
corporations may be created for any pur-
pose for which individuals may lawfully
associate themselves. except for carrying
on proIessionl business. These artificial
persons, except insurance companies, rail-
road companies, building and loan asso-
Citations and certain banking companies,
are practically under restraint by the
State and make no reports TO her Of
Ulcers. Large mining, manufacturing, COM
mercial and other enterprises carried
on by and through them. Because they
are created by the State and possess GER
tificateS bearing the impress of her seal
people are led to believe 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 au-
thorized by the State to do business be-
fore one dollar of the capital stock has
been paid. This is an unfortunate condi-
ton of affairs. The State, before she gives
these corporations her approval and per-
mits them TO do business, ought to require
that all their capital stock be paid in
money and invested in the business they
purpose to transact She ought to make
sure of this fact by reports made to some
competent officer. We should go further
and require these companies to make an
nual reports, to be filed with and inspected
nv he off, indi tod nrt cho
show, among other things, how much of
the capital 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
a record of every corporation that peo-
pie may know at all times whether Ii is
worthy of credit and confidence. l believe
that with some such regulations as / have
indicated, Ohio corporations would be
placed upon solid financial basis.
'As condition precedent to foreign cor
IorationS doing business in Ohio, the Gen.
eral Assembly may make proper regula-
tons for their control. They should be re-
quired to make to the proper officer
complete disclosures in regard to the finan-
cial conditions and business as have sug-
gested in connection with domestic cor
porations. Wise regulations VIII do much
toward warding off the evils which 1t IS
feared will come from the very extensive
business now being done by large corpora
tons in this State. In the above sugges-
tions / do not claim to have prescribed
remedy for all our ills. 1 have done little
more than call Your attention to this sub
ject in the hope that this General As
sembly will have the wisdom to devise
additional laws in regard to corporations
which Will be Of great benefit TO the people
and legitimate enterprises.
Lieutenant Governor John a. Caldwell,
Of Cincinnati, was inaugurated in the Sen
ate chamber during the afternoon. Fol-
lowing the inaugural ceremonies came
magnificent parade. in which military. civic
and political organizations participated
Tonight q public reception was held by
Governor Nash in the Senate chamber The
Governor and Ex-Governor Bushnell also
attended a ''Shanty Club" smoker given at
the Great Southern Hotel by the newspaper
men.