7912. Globe Investment Company (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
September 6, 1895
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
087681fa

Response Measures

None

Description

The Globe Investment Company (a private mortgage/loan company) was found insolvent and the Massachusetts Savings Bank Commissioners petitioned for a receiver; Henry A. Wiman (Wyman/Wiman OCR variants) was appointed in early September 1895. There is no mention of a depositor run; the company was placed in receivership and later officers were indicted/convicted for embezzlement, indicating permanent failure/closure.

Events (3)
1. September 6, 1895 Suspension
Cause
Government Action
Cause Details
Massachusetts Savings Bank Commissioners asked the court to appoint a receiver alleging insolvency and that continuation would be hazardous to the public.
Newspaper Excerpt
Henry A. Wiman of Boston, was appointed receiver of the Globe Investment company of Boston, by Judge Holmes in the supreme court today. The appointment was made in the suit brought by the saving's bank commissioners against the company alleging insolvency and that to carry on a business would be hazardous to the public.
Source
newspapers
2. November 12, 1895 Receivership
Newspaper Excerpt
Receiver Henry A. Wyman of the Globe Investment Co., today, filed a report... The report states that the company collected over $500,000 in loans and has not paid the holders of the securities representing loans... the receiver is able to realize but $3434 out of securities representing $33,000. (report filed Nov. 12, 1895).
Source
newspapers
3. November 9, 1896 Other
Newspaper Excerpt
Allison S. Mason, president of the defunct Globe Investment company, was arrested this morning on an indictment charging him with the embezzlement of sums aggregating $10,000. Treasurer J. Lowell Moore of the company is now serving a three years' sentence on a similar charge.
Source
newspapers

Newspaper Articles (7)
1. September 7, 1895 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, September 7, 1895

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Article Text

NASHVILLE, Tenn:-At Fayetteville last night Doc King, colored, arrested on the charge of attempting criminally to assault Mrs. Charles Jones near Fayetteville, was taken from jail by 200 men and hanged. King protested his innocence, but was identified by Mrs. Jones and sister. PITTSBURG.-While Nicholas Ohm, and his daughter-in-law, Mrs. Nicholas Ohm, jr., were crossing the Baltimore and Ohio tracks near here, the buggy was struck by an express train. Mrs. Ohm was instantly killed and Mr. Ohm was so badly injured that he died while being taken to the hospital. SPRINGFIELD, Ill.-The grand jury today issued subpoenas for three Chicago persons, Governor Altgeld and two others, commanding them to appear before the grand jury and testify regarding boodling by members of the last general assembly. I NEW HAVEN, Conn.-The Cambridge Athletes who are to meet Yale's team are resting quietly here today and express themselvas as well satisfied with their surroundings. They have visited Yale's field and declare it to be a fine bit of ground, all right in every respect, except the cinder path, which is not hard enough. This defect will be remedied by wetting and rolling. BOSTON.-Henry A. Wiman of Boston. was appointed receiver of the Globe Investment company of Boston, by Judge Holmes in the supreme court today. The appointment was made in the suit brought by the saving's bank commissioners against the company alleging insolvency and that to carry on a business would be hazardous to the public. St. PAUL.-Davis, Kellogg & Severance today filed bills to foreclose two mortgages known as the Consolidated and extension mortgages on the Omaha & Republican Valley branch of the Union Pacifle railways. This mortgage amounts to $5,000,000. The bills were filed in Topeka, Kan., and Omaha. The American Loan and Trust company is complainant and the Omaha & Republican Valley.

2. September 7, 1895 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 7, 1895

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Article Text

Receiver for a Boston Concern. BOSTON, Sept. 6.-Henry A. Wiman, of Boston, was appointed receiver of the Globe Investment Company, of Boston, by Judge Holmes, in the Supreme Court today. The appointment was made in the suit brought by the Savings Bank Commissioner against the company, alleging insolvency, and that to carry on a business would be hazardous to the public. The banking firm of Stewart & Co., of Manchester, England, through its counsel, thought two receivers should be appointed, and requested that Arthur Carroll be associated as co-receiver. Assistant Attorneygeneral Travis, for the saving bank commissioners, said they would be satisfied with the appointment of one receiver.

3. November 13, 1895 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 13, 1895

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Article Text

ABQUT ALL MISSING. Sad State of Affairs Found By Globe Investment Co. Receiver. Company Collected Large Sums But None of It Can Be F.und. Boston, Nov. 12 -Receiver Henry A. Wyman of the Globe Investment Co., today, filed a report and Judge Barker issued an order of notice oL the same, returnable in 30 days. The report states that the company collected over $500,000 in loans and has not paid the holders of the securities representing loans. About $360,000 of this amount was paid for interest and other loans in cases where the interest was not paid by the borrowers. The receiver says the company kept a secondary set of books in which improper entries were made of transactions between the company and the Globe Investment Co. of Nebraska, the concern having the same officers. These books were not shown to the bank examiner. A necessary guarantee fund has been pledged for loans. The receiver is able to realize but $3434 out of securities representing $33,000.

4. November 10, 1896 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, November 10, 1896

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Article Text

BADLY TANGLED. President Mason of the Globe Investment Company Arrested. Boston, Nov. 9.-Allison z. Mason, president of the defunct Globe Investment company, was arrested this morning on an Indictment warrant charging him with the embezzlement of sums aggregating $10,000. Treasurer J. Lowell Moore of the company is now serving a three years' sentence on a similar charge. The Globe Investment company was the successor to the Dakota Mortgage Loan company. The company dealt almost exclusively in western property mortgages. In September, 1895, the Masrachusetta savings bank commissioners asked for a receiver for the Globe, and the supreme court appointed Henry A. Wyman. Upon taking charge of the concern the a fairs were badly tangled with $276,000 in thetreasury and liabilities amounting to $40,000,000, although there were assets in paper amounting to $200,000,000. He also found that funds collected on foreclosed mortgages had been used to pay back interest and it was on this charge that Moore was sentenced and that Mason was arrested to-day.

5. November 10, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 10, 1896

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Article Text

CHARGED WITH EMBEZZLEMENT. I Allison S. Mason Under Arrest-His Partner Alrendy Convicted. Boston, Nov. 9.-Allison S. Mason, president of the defunct Globe Investment Company, was arrested this morning on en indictment charging him with the embegalement of sums aggregating $20,000. Treasurer J. Lowell Moore, of the company, is now serving a three years' sentence on a similar charge. The Globe Investment Company was suceassor to the Dakota Mortgage Loan Commany, formed in this city in 1884, with a capital of $100,000. The company dealt almost exclusively in Western property mortgages. In September, 1895, the Massachusetts Savings bank commissioners asked for a receiver for the Globe, and the supreme court appointed Henry A. Wyman. Upon taking charge, Wyman found the affairs of the company badly tangled, with $276,000 in the treasury and liabilities amounting to $4,000,000, although there were assets in paper amounting to $200,000. He also found that funds collected on foreclosed mortgages had been used to pay back Interest. and It was on this charge that Moore was sentenced and Mason was arrested today.

6. November 10, 1896 The Herald Los Angeles, CA
Article from The Herald, November 10, 1896

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Article Text

CROOKED MANAGEMENT. Leads to the Arrest of a Loan Company President. BOSTON, Nov. 9.-Allison S. Mason, president of the defunct Globe Investment company, was arrested this morning on an indictment charging him with embezlement of sums aggregating $10,000. Treasurer J. Lowell Moore of the company is now serving a three-years' sentence on a similar charge. The Globe Investment company was the successor to the Dakota Mortgage Loan company. formed in this city in 1884, with a capital of $100,000. The company dealt almost exclusively in western property mortgages. In September, 1895, the Massachusetts savings bank commissioners asked for a receiver for the Globe, and the supreme court appointed Henry A. Wyman. Upon taking charge Wyman found the affairs of the company badly tangled, with $276,000 in the treasury and liabilities to the amount of $4,000,000, although there were assets in paper amounting to $200,000. He also found that funds collected on foreclosed mortgages had been used to pay back interest, and it was on this charge that Moore was sentenced and that Mr. Mason was arrested today.

7. November 19, 1896 Courier Democrat Langdon, ND
Article from Courier Democrat, November 19, 1896

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Article Text

PECULIAR FINANCIERING. During the early years of Cavalier county's history the Globe Investment Co., placed quite a number of farm loans here, but lately, through bad management has passed into the hands of a receiver The affairs of the comyany prove to be in bad condition as shown by the following account in the daily papers: Allison Z. Mason, president of the defunct Globe investment company, was arrested last week on an indictment warrant charging him with embezzlement of sums aggregating $10,000. The treasurer, J. Lowell Moore, of the company, is now serving a three-year sentence on a similar charge. The Globe Investment company was a successor to the Dakota Mortgage Loan company, formed in Boston in 1884, with a capital of $100,000. The company dealt almost exclusively in western mortgages. In September 1895, the Massachusetts Saving bank commissioners asked for receivers for the Globe and the supreme court appointed Henry A. Vyman. Upon taking charge Wyman found the affairs of the company badly tangled with $276 in cash in the treasury and liabilities amounting to $4,000,000 although there was assets in paper amounting to $200,000. He also found that funds collected on the foreclosed mortgages had been used to pay back inte est and it was on this charge Moore was sentencedand that Mason was arrested last week.