Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1905-06-24
RAISED STOCK
CERTIFICATES
Sensational Case Of Forgery Comes
to Light in Philad lph.a
BANS LOsE NEARLY elaOl.O0l

Philadelphia. June 2t-One Of the
most sensational cases OF forgery that
has ever been brought 20 light In the
financial circles OF this city was dis
closed when 10 was announced that Ger
tifcates calling for small numbers OF
shares OF stock had been fraudulentiy
raised TO hundreds OF shares. causing
q loss to certain banks and trust COM
panies Of this city OF from $3.50. 900 TO
100000 The forgery involves the
name OF BENJAMIN H. Gaskul. 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. Gaskul & Co. He had
offices IN the financial district and his
credit was considered gilt edge
Gaskiu died about four weeks ago.
and at the tine OF his death he was be-
lieved 20 be worth about $500 600 He
left no will. and administrators began
20 close up his business. a patron OF
the firm. whose name Is not given.
bought from the estate 100 shares q
Philadelphia Traction company stock
He turned his account over 20 +. c.
Miller & Co. which firm sent the 100
shares OF Traction stock 20 the Phila-
delphia Traction company's Office to
have the transfer recorded The certif-
cate did not agree with the compauy's
books. and an investigation showed
that the certificate had been raised
from six shares 20 100. The discovery
was reported 20 p @. Miller g. Co.
which firm Immediately notified the
stock exchange. OF which Gaskill was
member. which in turn sent out no.
ticos 90 its members not Co receive
stock certificates from the Gaskill as
tate.
a further Investigation brought 20
lirht q surprising state ~ affairs IL
was found shat Casisil had credited
himself ou his own books with 60oo
shares OF Philadelphia Traction stock
valued at approximately 5000 oo0 while
the Traction company's books showed
that he had only 500 shares IL was
also discovered that he had raised
stock certificates OF the United Rail-
ways Company of New Jersey from two
20 200. and the certificates of the
Frankford and Southwark Street Rail-
way company. of this city. from two
20 90 The latter stock is worth $3.50
a share
Gasklll kept two accounts-Onc re-
cording the transactions az his custo-
mers. which was correct. and another
giving his own transactions His books
showed that L. was losing from $4,000
20 S25 600 n year I'm his business His
method OF operations was 10 obtain
certificates Of gilt-edge securities cali
ing for one two. three or some other
small number OF shares. raise the fg
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 will
make public the amount OF money
they advanced. but fnnncler who has
been making an investigation said that
the amount OF money loaned on the
raised certificates will aggregate be-
tween $3.50 600 and 81 600 000 IL Is be-
lievcd that very little win be recovered
from the estate
Gaskill was about Al years Of age
when he died. and was a high liver.
He was member OF the Manufactur-
ers' and other clubs. and was well and
favorably known
The administrators OF the estate.
Lincoln L. Eyre and George NJ. Wag-
ner. have retained John C.. Johnson 20
| protect the interests Of the estate
Gaskill left a wife. 20 whom the stock
exchange a few days ago paid $1,000
as life Insurance. His seat on the stock
exchange Is valued az $4,000.