Milford chronicle., 1905-06-23
RAISED STOCK
J CERTIFICATES
Sensational Case of Forgery Comes
to Light in Philadelphia
BANKS LOSE NEARLY 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 it was announced that GER
tificates calling for small numbers Of
shares Of stock had been fraudulently
raised to hundreds Of shares, causing
a loss to certain banks and trust COM
panies of this city of from S75O,O00 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 H. 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 s50O,000. 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 Of
PHILADELPHIA Traction company stock.
He turned his account over to E. c.
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. 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 a 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 100000, while
the Traction company's books showed
that he had only 400 shares. It 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 city, from two
70 TO- The latter stock is worth s45O
q share.
Gaskill kept two accounts-one re-
c6rding 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 S25 900 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
trust companies of this city admit 2
holding fraudulent securities for large
loans. Not one of the institutions will
make public the amount of money [
they advanced, but a financier who has I
been making an investigation said that !
the amount of money loaned on the
raised certificates will aggregate be- I
tween $3.50 900 and $1,000, 600. 1t is be- [
lieved that very little will be recovered
from the estate.
Gaskill was about Al years of age l
when he died, and was a high liver. c
He was a member of the Manufactur- L
ers' and other clubs, and was well and y
favorably known. n
The administrators of the estate. G
Lincoln L. Eyre and George NJ. Wag- I
ner, have retained John G. Johnson to II
protect the interests of the estate. c
Gaskill left a wife, to whom the stock n
exchange a few days ago paid $4,000
IS life insurance. His seat on the stock =
exchange Is valued at $4,000. T