Thomas Arnold, Thomas Paine, and Marcel Shove started the Globe Manufacturing Company in 1827 which went bankrupt two years later, and was acquired by George Ballou in 1864. Ballou built a new state-of-the-art textile mill in 1873. The business evolved over time until the mill buildings were demolished in the 1940's but employee housing on Front and Lincoln Street still remains. Globe Park remains a popular recreation area in Woonsocket, RI.