Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-06-22

Philadelphia, June 21.-The cases Of
forgery mentioned briefly in yester-
days dispatches as having been discov-
cred in connection with the banking
concern of Benjamin H. Gaskill & Co.
appears to be the most sensational
ones ever known in this city. The facts
were disclosed yesterday Afternoon,
when it was announced that certificates
calling for small numbers of shares of
stock had been fradulently raised to
hundreds Of shares, causing a loss to
certain banks and trust companies of
this city of from $750,000 to $1,OOO,00O.
The forgery involves the name OF Ben
jamin H. Gaskill, who went to his
grave four weeks ago. Gaskill was
the sole member of the banking and
brokerage concern known as Benjamin
H. Gaskill & Co. He had offices in the
financial district and his credit was
considered gilt edged.
Gaskill died about four weeks ago
and at the time of his death he was
believed to be worth about half mil
lion dollars. He left no will and ad'
ministrators began to close up his
business. A patron of the firm, whose
name is not given, bought from the
estate 100 shares of Philadelphia Trac
tion company stock and 100 shares o.
stock of the United States Steel cor
poration. He turned his account ovel
to E. C. Miller & Co., which firm sem
4 the 100 shares of traction stock to the
4 Philadelphia Traction company's of
fee to have the transfer recorded. Tht
certificate did not agree with the com
4 Epanys books and an investigation
/ showed that the certificate had beer
raised from six shares to 100.
Discovery Of the Fraud.
The discovery was reported to E
iC. Miller & Co., which firm immediate
ly notified the stock exchange o
which Gaskill was member, whicl
In turn sent out notices to its mem
, bers not to receive stock certificate
. from the Gaskill estate. A further In
,, vestigation brought to light surpris
ing state of affairs. 1t was found tha
Gaskill had credited himself on hi
own books with 5000 shares Of Phils
delphia Traction stock, valued at al
, proximately 100000, while the trat
tion company's books showed he ha
only 400 shares. 1t was also discovere
ludL uS 1du lQloCu St1Sh vi SAi1SoIS
of the United Railways of New Jerse
from 2 to 200 and the certificates {
the Frankford and Southwark Stree
Railway company of this city from tw
', to twenty The latter stock is wort
$43O share.
/ Gaskill kept two accounts-one r
0 cording the transactions of his GU
e toners, which was correct, and anotl
e er giving his own transactions. H
:, books showed that he was losing fro
t $4,000 to $25,000 year in his bus
/. ness. His method of operations we
s to obtain certificates of gilt edged S
d curities calling for one, two, three (
o some other small number of share
e raise the figures and give them as S
il curities for large loans. At least S
banks and trust companies Of this eli
admit holding fraudulent securities f,
large loans. Not one of The institution
will make public the amount of none
they advanced, but tnancier wi
4 has been making an investigation sa
last night that the amount of mont
e. loaned on the raised certificates W
1t aggregate between $750,000 and S
" 100000 1t is believed that very lit
will be recovered from the estate.