Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-08
NASH ON THE TRUSTS
Ohio Governor Recommends Strict
Supervision by the State.
THE SEAL GIVES THEM PRESTIGE
They Should Consequently Be Held
Strictly to Account.
INAUGURATION AND PARADE

LtMBUS. Ohio, January S.-Ar noon
today. in the rotunda of the state capitol.
Geo. h Nash was inaugurated governor IF
ONO, succeeding Asa s. Bushnell The
oath of Office was administered 10y chief
justice Shauck Of the supreme court fol-
lowing which Gov. Bushnell presented the
new governor with his commission Coy.
Nash then delivered his inaugural address
lie said, in part, on the subject of trusts
and corporations:
Every year the amount and magnitude
of the business being done bv corporttions
Organized under the laws Of Ohio are ran
IDLY increasing. Under our present laws
corporations may be created for ann pur-
pose for which individuals may lawfully
associate themselves. except for carving
on professional business. These artificial
persons. except insurance companies RAFT
road companies. building and loan :,ssnri.-
ti"ns. and certain banking companies are
practically under no restraint by the s-i,i,.
ana make no reports to her officers Large
mining manufacturing, commercial and
other enterprises are carried or 10y aud
through them.
state Seal Gives Them Pre.tige
Because they created by the stale
and possess certificates bearing the impress
of her seal, people are led to believe that
more entitled to credit than are private.
partnerships and individuals In very
many cases they are less worthy Of conf
dence. They are authorized by the stat. to-
DO business before one dollar of the capital
stock has been paid. This il an uufortu-
nate condition of affairs. The state. hrforo
she gives these corporations her approval
and permits them to do business. ought t.
require that all their capital stock h. paid
in money and invested in the business they
n not Sl.. .arrhnF Il
sure Cf this fact by reports made To some
competent officer. We should go further
and require these companies to maxi. an
nual reports, to be filed with and INSPECTED
by TIA" officer 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 liabiiiti..@ and
the names of The stockholders. Ia faeI.
there should he such record of every cor
poration. that the people may know at an
times whether it is worthy Of cre5i, and
confidence. l believe that with some such
regulations as L have indicated Ohio c"r-
poratiunS would be placed upon a Sold
financial basis.
As to Foreign Corporations.
As condition precedent TO foreign cor
porations doing business in Ohio The gen.
eral assembly may make proper regulations
for their control. They should be required
to make to the proper officer as complete
disclosures IN regard 10 the nlant4di con-
dition and business as / have suggested IN
connection with domestic corporations.
Wise regulations will do much toward ward-
ing off the evils which it is fear"d VIII
come from the very extensive business u"w
being done by large corporations in JhiS
state. In the above suggestions de not
claim to have prescribed a remedy for an
our ills. l have done little more than call
your attention to this subject, IN The hop"
that the general assembly Will have the
wisdom TO devise additional laws in regard
to the corporations which will he e great
benefit to the people and legitimat. enter
prises.''
Lieutenant Governor John Caldwell ~
Cincinnati was inaugurated in IN" ~rnat"
chamber during the afternoon.
Following the inaugural ceremoni,e came
an elaborate parade, in which military.
civic and political organizations parted
pated.
Tonight a public reception will b" held
ny Governor Nash i'm the senate chairl'"f.
The governor and eN-GoVernor Bu~nH'l
will also attend ''shauty club smoker
TO be given tonight by the newspaper m'n-