New-York tribune., 1891-05-03
TRAP FOR INVESTORS.
RESULT OF THE INVESTIGATION OF A
BOSTON CONCERN.
gHE EASTERN INVESTMENT COMPANY FOR
BIDDEN TO CONTINUE BUSINESS IN
MASSACHUSETTS.
rpr TELEGRAPH 70 THE rRIpuSE.I


rBY TELEGRAPH 70 THE TRIBUSEl
Boston, May q" The Journal says that E. NJ.
kePherson the Commissioner OF Foreign Corporations,
has been looking up the record OF the Eastern Invest
ment Company, and result Of his investigations
has ordered the concern Immediately to cease doing
business in Massachusetts,. The rise and progress of
the Institution shown by official documents is full
Of interest The advertisements declare that it has
been in business fourteen years; yet 1t was only
chartered in the State Of Maine in 1890. The author
iEed capital Is given s., 00,o00 OF which $1ooOoOo
Is alleged to have been subscribed, and 1t is stated
that the surplus is $4,000 AS further induce
ment the public is informed that the company has
always paid per cent, and regularly pays Z
pr cent, and that the company Invests It's funds
only in improved real estate in large Eastern cities
stock has been advertised for sale at 107 and 1o5
and sixty or seventy persons have seen III 10 invest
In it, 1t is found that at the time OF lis incorporation
only few hundred dollars was paid in as capital
stock, enough to charter. The list OF officers
ard directors contains the names OF reputable men,
who are ignorant of the true character OF the enter
prise and have either got out are trying TO get OUT
The active officers are Andrew A. Meyer the treasurer
benjamin 2. Walker, Boston lumber dealer VINO Is a
director and L. W. Cram, the general agent. Mr.
Meyers name figured in the newspapers last week as
the protector of mammoth theatre in COpley Square.
When the Commissioner asked Treasurer Meyer for a
statement Of the companys property, he was answered
iaIch 30) that IL consisted Of the following described
parcels: LAND (629 acres) and buildings on the ST.
j. and L. f. Il. r., Florida, near summit formerly
known as Saratoga Park, put in as worth Sooo'ooo
the Hotel Alton, in Savln-st., Boston, S4l'ooO'
mortgage on estate in DartmOuth-st., Boston.
s212, 900; estate, No. 431 Columbus-ave., Bos-
ton 500 900; two new buildings in Mner-st,
Boston, $4,000; present interest in Estate NO. 2o9'
IIuntngtOn-ave., Boston, $4,000; estate on HYDE
Parl-ave. Boston, $4,000 II appears that the
estates on Miner-st stand In the name of Estele NJ
Never wife Of the treasurer, and the on Hunting
ton-ave IS in the name of Benjamin p Walker.
Furthermore the Hotel Alton, which is put In as an
asset worth $41 900, is mOrgaged once for $2lOO
second time for SO 600 and third time for S2,145,
and is assessed for only S15,7OO The land on Dart
mouth-st., the site of the proposed Copley Square
Theatre is mOrtgaged for $212,OOO. The mortgage IS
from Mrs. Meyer. The land was conveyed TO her
subject TO mortgages for its entire cost except $1,000
On the same day she mOrtgaged 1t TO her husbands
Eastern Investment Company for $212,OOO, property
for which she had Just paid $1,000
IL these disclosures not enough 70 concemn
this concern which advises the public to beware OF
improved real estate in Eastern cities" u VIII De
interesting 10 look into the 629 acres OF lana IN
Florida. The bylaws of the concern say tat IL is AT
liberty 10 invest in the four cities Of Boston, New
York, Philadelphia and Washington, and Mr.. Meyer
Informed the Commissioner when the Florida properly
made the subject of inquiry that 1t was worth more
than $3.50 900, at which he had scheduled IT,
The fact is that this Florida property, is SAID 70
have cost the three persons, of whom Mr. Meyer Is
one. who owned il and supposed stin to own IL
instead OF the Eastern Investment Company only
SJ, 700. Last year it sold for nOIrpayment of
taxes, but afterwaTd the taxes were PAID ana the ue
was recovered.
j. C. DimOck and the Rev. J. W. Wincly, stock
the cement to recover money paid in under al
legged Misrepresentation and to-day attachment was
placed d on the Poper OF M t9 & GSP sH n aie Mever
and Benjamin II. Walker