Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1905-06-24
RAISED STOCK Certificates
Sensational Case OF Forgery Comes To
Light In Philadelphia. Banks Lose
Nearly 81, 100000.

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 II was announced that GER
tificates calling for small numbers OF
shares of stock had been fraudulently
raised To hundreds of shares. causing
loss to certain banks and trust COM
panies OF this city of from $150sD00 to
$l.OOO.OOO. The forgery involves the
name of Benjamin II. 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 II. 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-
lieved to be worth about 100000. 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 K. G..
Miller 4 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 +. c. Miller & Co..
which firm Immediately notified the
stock exchange of which Gaskill was
a member. which in turn sent out no
tices to its members not to receive
stock certificates from the Gaskill es-
tate.
A further investigation brought to
light surprising state OF affairs. 1t
was found that Gaskill 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
Frankford and Southwark Street Rail-
way company. of this cityn,from two
to 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 $4,000 a 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
holding fraudulent securities for large
loans Not one of the institutions viii
make public the amount of money
they advanced. but a financier who has
been making an investigation said that
the amount OF money loaned on the
raised certificates will aggregate be-
tween $75O.OOO and 81. zoo. 900. 1t is be-
lieved that very little will be recovered
from the estate.
Gaskill was about IL years of age
when he died. and was a high liver
He was a member of the Manufactur-
ers' and other clubs and was well and
favorably known.