New-York tribune., 1902-01-17
THE NEW IOWA GOVERNOR.
s. B. CUMMINS INAUGURATED AS SEC
RETARY SHAW'S SUCCESSOR.

Des Mones Iowa. Jan. 1G-The inauguration
of Governor A. T. Cummins took place at 2:30
o'clock this afternoon with exercises at the
Auditorium in the presence of five thousand per-
sons. The parade, which moved from the State
House through the principal streets of the city
TO the Auditorium, was escorted by five COM
panies of the State militia, and consisted Of the
full membership of the Legislature, State Off
Gals eX-Governors and United States Senators
Allison and Dolliver in carriages.
At the Auditorium the exercises were opened
by Lieutenant Governor AIilliman. Bishop Nor
rison, of the Episcopal Church, delivered the
invocation, and this Immediately followed
by the administering of the oath of office 10 Gov
ernor Cummins by Chief Justice Scott NJ. Ladd.
The Governor then delivered his inaugural ad-
dress
At its conclusion the Governor was escorted
by the members Of the legislature in carriages
TO the State House, where he formally took
charge Of the office.
This evening Governor and Mrs. Cummins held
q reception at the State House
The first message of Governor Cummins was
read to the joint session of the Legislature to-
day. He returned thanks for the honor con-
ferred in his election. Speaking of commercial
commissions and industrial trusts he said he
conceded the right of association under estab-
Hshed forms and did not believe that industrial
organizations however large their capital or eX-
tended their operations, if competition remains,
constitute a menace 10 the prosperity and well
fare Of the people"
He insisted, however, that it cannot be sue
cessfully denied that every consolidation, even
though it does not draw in all the products IN
which il deals. narrows the field of competition.
There may be sharp and effective competition
with two competitors, but it is, however. not
so likely as with a greater number going on
TO say:
I have mentioned these things not to indicate
that think there is perfect remedy within our our
laws OF individual enterprise; but rather to point
permissible, but demanded. First, the motive TO
organic such corporations could be and should ne ne
limited to the material desire TO make proht from
the business in which the corporation is to engage
8Iy observation leads me 10 believe that many Of
the large industrial combinations would have
been proposed or effected had it not been for the
make stupendous fortunes in the mere operation
OF consolidation
Governor Cummins maintained that every
corporation should be required to have its capi-
tai stock paid for at par in money, before it is
authorized TO transact business" He said the
evil of overcapitalization furnished an negiti-
mate motive for excessive prices. Speaking of
a remedy, he said:
I believe the question is a natioral one and that
the time has come to nationaize it recognize
United states, but know that whenever the ,Peo-
done Before corporations, which are to do bust
ness throughout the country. and I'm which the
people of one State are a. much interested as the
people Of another. permitted organize, they
should bc compelled to show that their capital
stock has been paid for in money. and that the
real value Of the property they acquire is great
as the stock which represents =.
Governor Cummins spoke briefly the tariff
and reciprocity. discussed the relations of labor
and capital, which he thought must ultimately
be treated by the national Congress, under pow
ers conferred by new constitutional amend
ment and favored stricteT laws governing
porations and a revision Of the tax laws, es-
pecially those relating TO railroads