Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1905-06-22
RAISED STOCK
CERTIFICATES
Sensational Case Of Forgery Comes
to Light in Philadelphia.
BANKS LOSE NEARLY $1,000 900


Philadelphia, June 21-One Of the
most sensational cases OF forgery that
has ever been brought to light in the
financial circles of this city was dis
closed when it was announced that GER
tificates calling for small numbers OF
shares Of stock had been f~ludulently
raised to hundreds OF shares, causing
loss to certain banks and trust com
panies Of this city of from S750000 to
81 100000. The forgery involves the
name of Benjamin H. Gaskill, who
went to his grave four weeks ago. Gas
kill was the sole member of the bank
ing and brokerage concern known as
Benjamin Fl. Gaskill & Co. He had
Offices in the financial district and his
credit was considered gilt edge
Gaskill died about four weeks ago,
and at the time of his death he was be-
lieyed to be worth about $500, 600 He
left no will and administrators began
to close up his business. A patron Of
the firm, whose name Is not given,
bought from the estate 100 shares CT
Philadelphia Traction company stock.
He turned his account over to e. G.
Miller & Co., which firm sent the 100
shares of Traction stock to the Phila-
delphia Traction company's Office to
have the transfer recorded. The certifi-
cate did not agree with the company S
books, and an investigation showed
that the certificate had been raised
from six shares to 100 The discovery
was reported to E. G.. Miller & CO.,
which firm Immediately notified the
stock exchange, of which Gaskill was
member, which in turn sent out no
tees to its members not to receive
stock certificates from the GaskilI es-
tate
A further investigation brought to
light a surprising state of affairs It
was found that GaskilI had credited
himself on his own books with 5000
shares of Philadelphia Traction stock,
valued at approximately $500, 900, while
the Traction company's books showed
that he had only 400 shares 1t was
also discovered that he had raised
stock certificates of the United Rail-
ways Company of New Jersey from two
to 200, and the certificates of the
frankfort and Southwark Street Rail-
way company, of this city, from two
10 20. The latter stock is worth $3.50
a share
Gaskill kept two accounts one re-
cording the transactions of his custo-
mers. which was correct, and another
giving his own transactions. His books
showed that he was losing from $4,000
to $25 900 year in his business His
method of operations was to obtain
certificates of gilt-edge securities call
ing for one, two, three or some other
small number of shares, raise the fig
ures and give them as securities for
large loans At least six banks and
trust companies of this city admit
holding fraudulent securities for large
loans. Not one of the institutions viii
make public the amount of money
they advanced, but a fnancier who has
been making an investigation said that
the amount of money loaned on the
raised certificates will aggregate be-
tween s750,a0o and 81 .000, 000 1t is be-
lieyed that very little will be recovered
from the estate
Gaskill was about Il years Of age
when lie died. and was high liver
He was a member of the Manufactur-
ers and other clubs, and was we'll and
favorably known.