Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-01-09
0HI0's NEW GOVERNOR
OHcrs some suHgesti0ns negardinG
the ChnrterinG and Controlling q

4
OHcrs some sungestions Regarding
the Chnrtering and COntrO1ing Of
Corporations.
COLUMBUS. Ohio, January Sat
noon to-day in the rotunda OF the State
capitol. Hon. George K. Nash was in
augurated Governor OF Ohio, succeed
| ing Asa S. Bushnell The oath OF of
fee was administered by Chief Justice
! Shauck, Of the Supreme Court. follow
| ing which Gov. Bushnell presented the
new Governor with his commission.
Gov. Nash then delivered his inaugu-
raj address, He said in part:
Every year the amount and magni-
tude of the business being done by cor
porations organized under the laws OF
Ohio are rapidly increasing. Under cur
present laws, corporations may be Gre
ated for any purpose for which indi-
viduals may lawfully associate them
selves, except for carrying On profess
SIGNAL business These artificial per-
sons, except insurance companies, rail-
road companies, building and loan as
sociations and certain banking COM
panies. are practically under no re-
straint by the State and make no re-
ports to their officers. Large mining,
manufacturing, commercial and other
enterprises are carried on by and
! through them. Because they are ere
ated by the State and possess certifi-
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 part
nerships 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 condition of
affairs. This State. before she gives
these corporations here approval and
permits them to do business, ought to
require that all their capital stock be
paid in money and invested in the bus
mess they purpose to transact. She
ought to make sure of this fact by re-
ports made to some competent officer.
We should go further and require these
companies to make annual reports to
be filed with and inspected by the Off
Ger indicated. This report should show
or nf hnr- oi,, as No
capital stock had been paid. how the
money is invested, what the assets are,
the amount Of liabilities and the names
CT the stockholders. In fact there
should be such record CT every corpora
ton that the people may know at all
times whether it is worthy of credit
and confidence. | believe that with
some such regulations as I have indi-
Gated. Ohio corporations would be
placed upon solid financial basis.
AS a condition precedent to foreign
corporations doing business in Ohio,
the General Assembly may make pro-
per regulations for their control They
should be required to make to the pro-
per officer as complete disclosures in
regard to the financial business as /
have suggested in connection with
domestic corporations. Wise regula-
tons will do much toward extensive
business now being done by large cor
porations in this State. In the above
suggestions / do not claim to have
prescribed remedy for all our ills. l
have done little more than call your
attention to this subject, in the hope
that this General Assembly will have
the wisdom to devise additional laws in
regard to the corporations which will
be of great benefit to the people and
legitimate enterprises
Lieut.. Gov. John A. Caldwell, Of Gin
cinnati, was inaugurated in the Senate
chamber during the afternoon.
Following the inaugural ceremonies
came an elaborate parade in which mill
itary, civic and political organizations
participated.
Tonight public reception was held
by Gov. Nash in the State Senate. The
Governor and Ex-Governor Bushnell al
so attended a "Shanty Club" smoker
given tonight by the newspaper men.