The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-01-08
NASH'S TURN.
OhiO's Governor Takes a Shot
at the Trusts.
His Inaugural Address Is De-
voted to Corporations.
Do AS THEY PLEASE.
Conduct Business Under Ap-
prOval of the State.
In q Manner Inimical TO the
Peoples Interests.

Columbus, o.. Jan. Sat noon today
IN the rotunda of the state capitol
George K. Nash was inaugurated gov
ernor of Ohio succeeding Asa S. Bush
nell. The oath of office was administer
ed by Chief Justice Snauclx of the su-
preme court, following which Governor
Bushnell presented the new governor
with his commission. Governor Nash
then delivered his inaugural address.
Referring to corporations he said:
Every year the amount and magnitude
of the business being done by corpora
dons organized under the laws of Ohio
are rapidly increasing. Under our pres
ent laws corporations may be created for
any purpose for which individuals may
lawfully associate themselves, except for
carrying on professional business. These
artificial persons except insurance COM
panles, railroad companies, building and
loan associations and certain banking
companies are practically under re-
straint by the state and make no reports
to her officers. Large mining manufac-
turing, commercial and other enterprises
cause they are Created by the state and
possess certificates bearing the impress
they are safer to do bnsfness win and
are 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 business before one dollar of
the capital stock has been paid.
This is unfortunate condition of
affairs. The state before she gives these
corporations. her approval and permits
them to do business ought to require all
their capital stock to be paid in money
and invested in the business they pro-
pose to transact She ought to make sure
of this fact by reports made to some COM
petent officer. We should go further and
require these companies to make annual
reports to be filed with and Inspected by
the officers 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 corporation that
it is worthy of credit and confidence 1
believe thai with some s11ch reo,,Iationa
as l have indicated, Ohio corporations
would be placed upon solid financial
"As a condition precedent to foreign
corporations doing business in Ohio. the
general assembly may make proper reg
ulations for their control. They should be
required to make to the proper officer as
complete disclosures in regard to the. fin
anclal condition and business as L have
suggested in connection with domestic
corporations. Wise regulations will do
much toward warding on the evils which
it is feared will come from the very ex-
tensive business now being done by large
corporations in this state In the above
suggestions, I do not claim to have pre-
scribed a remedy for all our ills. have
done little more than call your attention
to this subject in the hope that this gem
era1 assembly will have the wisdom to
devise additional laws in regard to cor
porations which will be of great benefit
to the people and legitimate enterprises"
Lieut.. Gov. John A. Caldwell of Gin
cinnau was inaugurated in the senate
chamber during the afternoon.
Following the inaugural ceremonies
itary. civic and political organizations
Tonight a public reception will be held
by Governor Nash in the senate chamber.
The governor and Ex-Governor Bushnell
| will also attend a ''shanty club smoker
to be given tonight by the newspaper