The daily morning journal and courier., 1905-06-22
PHILADELPHIA TRUST COMPANY CLOSES DOORS
FAILURE DUE TO THE FORGER- IESoF THE LATE BENJAMIN
 IT. HASKELL. -.

Belief of th. Do1rd of Directors ThnT
 All DeposItors Will be Paid in Full
 Institution Now in the Hands of a
 Reeeiyer-Cornpany Loaned to Cas-
 Kill Total of s1ss,O0O-Of This
 Amount s7O,00o Was PnId After Ills
 Deatll-To Liquidate.
 Philadelphia, Pa, June 2t-The City Trust and Safe Deposit company to- day closed it's doors. and Albert l. Ia bor. a state bank examiner, was ap- pointed temporary receiveer. The com. pany will liquidate and J. Hampton Moore. it's president. will probably be appointed permanent receiver. It is the belief of the board of directors, as well as Receiver Tabor that all de- positors will be paid in full.
 The failure of the company was the direct result of the forgeries of the late Benjamin H. Gaskill, the banker who, it was learned yesterday. a month after his death. had raised many certf- hcates of stock from one to 100 shares sbllu pOIIOAGQ sOIl IllStIls Ill Lllls connection MT. More said:
 Beginning in 1898 this company Ioan- ed to B. H. Gaskill & Co. upon most excellent securities, until the aggregate lof the loan reached 1000; of this $70.0OO was paid after MT. Gaskill's death, that left a balance due the conn pany or $s5,000 for which it was be lieved the collateral security amounted | in value to $127,0O0. These securities left with the company several years ago were found upon examination yes terday. to have been forged Their actual value was a little over s5, 900, making the loss to the company nearly $50, coo n
 This loss, added to those sustained during the brief tenure of office of
 President A. F. Appleyard, who was compelled to resign six months ago, and the fact that the company had cer- ltain liabilities upon its surety bonds l irduced the directors to discontinue the lacceptance of deposits and to apply l for a receiver.
 A meeting of the finance committee I lof the institution was hurriedly called to-day and President Moore recom- mended the appointment of a receiver The company's solicitor appeared be- lfore State Deputy Attorney General
 Frederick w. Fleitz and States Bank ing Commissioner Robert McAfee, who Immediately appointed MT. Tabor, The latter at once took charge of the in | Istitutions books. He was unable to make an estimate ofsthe concerns as- sets or liabilities nor could he state when the depositors would be likely to
 receive any part of their deposits. The
 last Statement issued May 29, of this year, showed the total resources to be 1 $2,2S6,591 and the total liabilities to be
 $l3S5060 but the assets included the $80,000 of fictitious Gaskil securities and
 some App1eyard paper, the amount Of
 whic.s could not be learned. The call
 loans upon collateral amounted to $7S5,-
 56 and the deposits subject to check were aggregated $1, ,SS5, ,st4 .S l s President Moore was formerly city treasurer of Philadelphia and was ! later appointed chief of the bureau of
 manufactures in the department of
 commerce and labor, at Washington. A
 few weeks ago he resigned that position
 to take the presidency of the City
 Trust and Safe Deposit company. He
 had been arranging a plan to disasso-
 ciate the surety business from the
 trust company as he, regarded the
 former as too hazardous. It was pro- lposed to reduce the capital of the con-
 Dany and to organize a separate com pany to conduct the surety business. E The discovery of the Gaslsill forger-
 ies rendered the project impossible. The
 curety business of the company at one
 time amounted to $60,oOO 900 in all parts
 of the country, but after Mir. Moore
 took charge he permitted no sureties
 outside of this state. g