Article Text
PHILADELPHIA BANK FORCED TO SUSPEND. Philadelphia, June 21.-The city Trust and Safe Deposit Company, of this city, closed its doors today and has gone into the hands of a receiver, by order of the state banking department.
19013. City Trust and Safe Deposit Company (Philadelphia, PA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 21, 1905
- Location
- Philadelphia, Pennsylvania (39.952, -75.164)
Metadata
- Model
- gpt-5-mini
- Short Digest
45c56d13
Response Measures
None
Description
Multiple contemporaneous newspaper dispatches (June 21–23, 1905) report the City Trust and Safe Deposit Company closed by order of the Pennsylvania banking department and placed in temporary receivership after discovery of extensive forgeries by Benjamin H. Gaskill (~$80k loss). No run is described; the institution is closed and will liquidate/has a receiver.
Events (2)
1.
June 21, 1905
Receivership
- Newspaper Excerpt
- Albert L. Tabor, a state bank examiner, was appointed temporary receiver. The company will liquidate and J. Hampton Moore will probably be appointed permanent receiver.
- Source
- newspapers
2.
June 21, 1905
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Discovery that the bank held forged stock certificates and other forged securities executed by Benjamin H. Gaskill, producing losses around $80,000 plus surety liabilities; directors discontinued deposits and applied for a receiver.
- Newspaper Excerpt
- The City Trust and Safe Deposit Company... closed its doors today and has gone into the hands of a receiver. The trust company had been closed by the order of the Banking Department of Pennsylvania.
- Source
- newspapers
Newspaper Articles (16)
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Article Text
BIG BA NK FAILS The Gaskill Forgeries Causes the City Trust and Safe Deposit Company of Philadelphia to Suspend-Over Million Due Depositors. Philadelphia, Pa., June 21.-The City Trust and Safe Deposit Company closed its doors today and has gone into the hands of a temporary receiver. The receivership is due to the discovery that the bank was the victim of the forgeries of Benjamin H. Gaskill to the extent of $80,000. A statement issued May 29 showed the resources and liabilities to be $2,237,000 of which $1,386,000 was due depositors.
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Financially Embarrassed. (By Associated Press.) Philadelphia, June 21.-The City Trust and Safe Deposit company closed its doors today and has gone into the hands of a receiver. The concern was closed by order of the state banking department.
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TRUST COMPANY'S DOORS CLOSED. PHILADELPHIA, June 21.-The City Trust and Safe Deposit Company of this city closed its doors to-day and has gone into the hands of a temporary receiver. A notice was posted, signed by A. L. Tabor, acting receiver, stating that the trust company had been closed by the order of the Banking Department of Pennsylvania. The receivership is due to the discovery that the bank was a victim of forgeries of Benjamin H. Gaskill to the extent of $80,000. This, together with losses sustained by the surety department of the concern. determined the finance committee of the company to apply for receivership. The statement issued on May 29 showed resources and liabilities aggregating $2,236,591, of which $1,385,814 is due to depositors. The president is J. Hampton Moore, who recently resigned as chief of the Bureau of Manufactures of the Department of Commerce and Labor in Washington to take charge of the bank. Moore probably will be the permanent receiver. He says the depositors will be paid in full.
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PHILADELPHIA TRUST COMPANY CLOSES DOORS FAILURE DUE TO THE FORGERIES OF THE LATE BENJAMIN H. GASKILL. Belief of the Board of Directors That All Depositors will be Paid in FullInstitution Now in the Hands of a Receiver-Company Loaned to Gaskill a Total of $135,000-0f This Amount $70,000 Was Paid After His Death-To Liquidate. Philadelphia, Pa., June 21.-The City Trust and Safe Deposit company today closed its doors, and Albert L. Tator, a state bank examiner, was appointed temporary receiveer. The company will liquidate and J. Hampton Moore, its president, will probably be appointed permanent receiver. It is of the board of as well Tabor that the belief as Receiver directors, all depositors 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 his had raised many certiof stock from one to after ficates death, 100 shares this and borrowed money on them. In connection Mr. More said: 'Beginning in 1898 this company loaned to B. H. Gaskill & Co. upon most excellent securities, until the aggregate loan reached $155,000; of this after Mr. of $70,000 the was paid Gaskill's death, that left a balance due the company of $85,000 for which it was believed the collateral security amounted to $127,000. in value These several securities years left with the company ago were found upon examination Their yesterday. to have been forged actual value was a little over $5,000, making the loss to the company nearly $80,000. This loss, added to those sustained during the brief tenure of office of President A. E. Appleyard, who was compelled to resign six months ago, and the fact that the company had certain liabilities upon its surety bonds irduced the directors to discontinue the acceptance of deposits and to apply for a receiver. A meeting of the finance committee of the Institution was hurriedly called to-day and President Moore recommended the appointment of a receiver. beThe company's solicitor appeared fore State Deputy Attorney General Frederick W. Fleitz and States Banking Commissioner Robert McAfee, who The immediately appointed Mr. Tabor. latter at once took charge of the institution's books. He was unable to make an estimate of the concern's assets or liabilities nor could he state when the depositors would be likely to part of their issued May receive last statement any deposits 29, of to this The be showed the total resources be $2,236,591 year, and the total liabilities to $1,337,060, but the assets included the $80,000 of fictitious Gaskil securities and some Appleyard paper, the amount call of which could not be learned. The loans upon collateral amounted to $785,56 and the deposits subject to check were aggregated $1,385,814. President Moore was formerly city treasurer of Philadelphia and was later appointed chief of the bureau of in the and labor, at manufactures commerce department Washington. position of A few weeks ago he resigned that take the presidency of the City He Trust to and Safe Deposit company had been arranging a plan to disasso- the clate the surety business from the trust company as he regarded former as too hazardous. It was proposed to reduce the capital of the com- comand to organize a separate pany to conduct the surety business. pany The discovery of the Gaskill forger- The rendered the project impossible. one curety ies business of the company at amounted to $60,000,000 in all Moore parts , time the country, but after Mr. sureties of took charge he permitted no outside of this state.
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FINANCIAL HOUSE TOPPLES. Its Failure a Direct Result of the Forgeries of Gaskill. (By the Associated Press.) Philadelphia, June 21.-The City Trust and Safe Deposit Company, for years rated among the most reliable financial institutions in the community, today closed its doors and Albert L. Tabor, a State bank examiner, was appointed temporary receiver. The company will liquidate and J. Hampton Moore its president, will probably be appointed permanent receiver. It is the beliefof the board of directors, as well as Receiver Tabor that all depositors will be paid in full. The failure of the company was the direct result of the forgeries of the late Benjamin H. Gaskill, the broker. who, it was learned yesterday, a month after his death, had raised many certificates of stock from one to one hundred shares and borrowed money on them. In this connection President Moore said that the company T had loaned Gaskill $155,000, of which $70,000 had been paid. This left $85,000 due for which it was believed the collateral security was $127,000. These securities were found upon examination to be forged and their actual value is a little over $5,000, making the loss to the company nearly $85,000. In addition the company held papers of President A. E. Applegard. who resigned six months ago, and had certain liabilities on its surety bonds. The company had deposits amounting to $1,385,000.
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DUE TO GASKILL FORGERIES Trust and Safe Deposit Company Sus pends at Philadelphia. Philadelphia, June 22.-The City Trust and Safe Deposit company of this city closed its doors during the day and has gone into the hands of a temporary receiver. A notice was posted, signed by A. L. Taber, acting receiver, stating that the trust company had been closed by order of the banking department of Pennsylvania. The receivership is due to the discovery that the bank was a victim of forgeries of Benjamin H. Gaskill to the extent of $80,000.
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News of the Day: M: Nelidoff, Russian Ambassador to Paris, has been definitely appointed one of the Russian peaceplenipotentiaries. The National Association of PhotoE gravers in session at Buffalo, N. Y., yesterday adopted a resolution against the closed shop. The Pennsylvania Supreme Court today granted an injunction asked for to restrain the consolidation of Pittsbnrg and Allegheny. Clark University,at Worcester, Mass., yesterday bestowed the honorary degree of doctor of laws upon Mr. Roosevelt, who made an address. A dispatch from St. Petersburg says the commission appointed to investigate the capitulation of Port Arthur finds that the surrender of the fortress was justifiable. Mr. Brodrick, presenting the Indian budget in the British House of Commons, asked for an increase of the charge for military service by $12,200,000 for the defense of India. In official circles in Washington it is said that the stumbling-block in the way of an armistice between Russia and Japan is the unwillingness of either beligerent to take the initiative. Johann Hoch, the multibigamist, convicted of wife-murder, will be granted a reprieve by Governor Deneen, of Illinois, in order that his case may be carried to the Supreme Court of the State. The Massachusetts Supreme Court handed down a decision yesterday holding that the attempt to force all laborers to combine injunions is against the policy of the law, because it aims at monopoly of the labor market. Twice married to Dr. William A. Davis and twice divorced from him, Mrs. Bertha Winter Davis has married Mr. Alfred Tile of New York, according to a message received by the bride's mother, Mrs. Louise Winter, in Baltimore. Almas Patrol, of Washington, won the prize valued at $2,000 for the best drilled body at the exhibition drill at Niagara Falls yesterday of Arab foot patrols, held in connection with the Imperial Council, Ancient Arabic Order of the Mystic Shrine. By authority of Postmaster General Cortelyou, an emphatic denial was given at the Postoffice Department yesterday in the report coming from Chicago that the department had permitted the Continental Finance Company, an alleged get-rich-quick concern, to continue in business on a promise that it would change the form of its advertising literature. A marriage of much interest to Virginians was solemnized yesterday at St. Margaret's Protestant Episcopal Church, Westminster, London, when Miss Alice Atwater Carter, daughter of the late William Fitzhugh Carter, of Shirley, Va., and ward of Mr. Thomas M. Lanaham, of Baltimore, was married to Mr. Robert Valentine Reid, of Glasgow, Scotland. Fear and excitement over the treatment given her by a New York Health Board physician to prevent diphtheria killed Yetta Green, a little East Side girl, Tuesday, not the antitoxin which the doctor injected into her veins, 80 the autopsy made by Dr. Lehane, a cor oner's physician, and Prof. John H. Larkin, pathologist of Columbia University, yesterday proved. The City Trust and Safe Deposit Company, at Philadelphia, for years rated among the most reliable financial institutions in the community, yesterday closed its doors, and Albert L. Tabor, a State bank examiner, was appointed temporary receiver. This is a sequel to the stock forgeries of Benjamin H. Gaskill, invoving losses amounting to about $600, to the banks of Philadelphia. Running at the rate of fifty or sixty miles an hour, the Twentieth Century Limited, on the Lake Shore Railroad, dashed into an open switch at the passenger station at Mentor, Ohio, shortly before 10 0 clock last night. Seventeen persons were killed and twelve or fifteen badly injured. The combination baggage and smoking buffet car and the coach behind it caught fire and were destroyed. Chairman Paul Morton, of the Equitable board of directors, has accepted the resignations of several of the clerks who were employed in Mr. Hyde's office and who, it has been charged, rendered no service to the society, although they were carried on the Equitable payrolls. One of the men to go was Charles P. Williamson, who drew a salary of $7,200 a year from the Equitable as secretary to Mr. Hyde. The employing printers of the Middle States met in convention in Philadelphia yesterday and adopted resolutions in op-
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PHILADELPHIA BANK IN RECEIVER'S HANDS FAILURE OF THE INSTITUTION WAS DUE LARGELY TO THE FORGED STOCKS OF B. H. GASKILL HELD AS SECURITY. Philadelphia, June 21.-The City Trust and Safe Deposit company, associated among the most reliable financial institutions in the community, today closed its doors and Albert L. Tabor, a state bank examiner. was appointed temporary recelver, The company will liquidate and its president will probably be appointed permanent receiver. It is thought that all depositors will be paid in full. This however, will be determined by the permanent receiver. It is believed a new company will be organized, The failure of the company was the direct issue of the forgeries of the late Benjamin H. Gaskill, the banker who died a month ago who it was learned yesterday had raised many certificates of stock from one to 100 shares, and borrowed money on them. In this connection President Moore said: "Beginning in 1898 this company loaned to B. H. Gaskill & Co. upon most excellent securities, until the aggregate of the loan reached $155,000; of this amount $70,000 was paid after Mr. Gaskill's death; that left a balance due the company of $85,000, for which it was believed the collateral securities amounted in value to $127,000. These securities left with the company several years ago were found upon examination yesterday to have been forged. Their actual value was a little over $5000 making the loss to the company nearly $80,000." This loss. added to those sustained during the brief tenure of office of President A. E. Appleyard, who was compelled to resign six months ago, and the fact that the company had certain liabilities upon its surety bonds, induced the directors to discontinue the acceptance of deposits and to apply for a receiver.
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PHILADELPHIA TRUST COMPANY CLOSES DOORS Failure Attributed to Losses Through Forgeries Perpetrated by Late Benjamin H. Gaskill By Associated Press. PHILADELPHIA, June 21.-The City Trust and Safe Deposit company, for years rated among the most reliable financial institutions in the country, today closed its doors and Albert L. Tabor, a state bank examiner, was appointed temporary receiver. The company will liquidate, and J. Hampton Moore, its president, will probably be appointed permanent receiver. It is the belief of the board of directors, as well as of Receiver Tabor, that all depositors will be paid in full. This, however, will be determined by the permanent receiver. It is believed a new company will be organized. The failure of the company was the direct issue of the forgeries of the late Benjamin H. Gaskill, the banker, who, it was learned yesterday, a month after his death, had raised many certificates from one to 100 shares and borrowed money on them.
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TRUST COMPANY FAILS Philadelphia Concern Closes Its Doors Owing to Gaskill Forgeries. Philadelphia, June 22. - The City Trust and Safe Deposit company, for years rated among the most reliable financial institutions in the community, closed its doors, and Albert L. Tabor, a state bank examiner, was appointed temporary receiver. The company will liquidate, and J. Hampton Moore, its president, will probably be appointed permanent receiver. It is the belief of the board of directors, as well as of Receiver Tabor, that all depositors 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 a month after his death, had raised many certificates of stock from one to 100 shares and borrowed money on them. In this connection President Moore said: "Beginning in 1898, this company loaned B. H. Gaskill & Co., upon most excellent securities, until the aggregate of the loans reached $155,000; of this amount $70,000 was paid after Mr. Gaskill's death, and that left a balance due the company of $85,000, for which it was believed the collateral security amounted in value to $127,000. These securities, left with the company several years ago, were found upon examination to have been forged. Their actual value was a little over $5000, making the loss to the company nearly $80,000."
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CAUSED BIG FAILURE COMPEL GASKILL'S FORGERIES CLOSING OF DOORS. City Trust and Safe Deposit Company of Philadelphia is in the Hands of State Bank Examiner. Philadelphia, June 21-The City Trust and Safe Deposit Company. for years rated among the most reliable financial institutions in the community, today closed its doors, and Albert L. Tabor a State bank examiner, was appointed temporary receiver. The company will liquidate and J. Hampton Moore. its President, will probably be appointed permanent receiver. It is the belief of the Board of Directors as well as Receiver Tabor that all depositors will be paid in full. This, however, will be determined by the permanent receiver. It is believed a new company will be organzed. The failure of the company was the direct issue of the forgeries of the late Benjamin H. Gaskill, the banker who died a month ago and who it was learned yesterday. had raised many certificates of stock from one to 100 shares and borrowed money on them. In this connection President Moore said: "Beginning in 1898, this company loaned to B. H. Gaskill & Co., upon most excellent securities. until the aggregate of the loan reached $155,000; of this amount $70,000 was paid after Mr. Gaskil's death. That left a balance due the company of $85,000, for which it was believed the collateral securities, amounting to value to $127,000. were good. These securities, left with the company several years ago, were found upon examination yesterday to have been forged. Their actual value was a little over $50,000, making the loss to the company nearly $80,000." This loss added to those sustained during the brief tenure of office of President A. E. Appleyard, who was compelled to resign six months ago, and the fact that the company had certain liabilities upon its surety bonds. induced the directors to discontinue the acceptance of deposits and to apply for a receiver. Mr. Tabor took charge of the institution's books today. He was unable to make an estimate of the concern's assets or liabilities, nor could he say 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 $2,236,691, and of the total liabilities to be $1,337,060, but the assets included the $80,000 of fictitious Gaskill securities and some Appleyard paper, the amount of which could not be learned. The call loans upon collateral amounted to $786,556 and the deposits subject to check were aggregated to $1,385,814. President Moore was formerly city treasurer of Philadelphia and was later 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 disassociate the surety business from the trust company, as he regarded the former as too hazardous. It was proposed to reduce the capital of the company and to organize a separate company to conduct the surety business. The discovery of the Gaskill forgeries rendered the project impossible. The surety business of the company at one time amounted to $60,000,000 in all parts of the country, but after Mr. Moore took charge he permitted no sureties outside of this State. The actual value of the Gaskill sureties now in the possession of the company is but $1,775.
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FORGERIES WRECK BANK. Philadelphia Trust Company Lost $85,000 Through Gaskil. Philadelphia, June £1.-The City Trust and Safe Deposit Company, of this-city, closed its to-day gone a receiver. was A. L. doors temporary by Taber, and has acting A notice receiver, into the posted, stating hands signed of that the trust company had been closed by order of the banking department of Pennsylvania. The failure of the company was the direct result of the forgeries of Benjamin H. Gaskill, the banker, who. it was learned yesterday, a month after his death, had raised many certificates of stock from one to one hundred shares and borrowed money on them. In this connection President Moore said: Beginning in 1898 this company loaned to B. & Co., upon most the aggregate) of the H. until Gaskill loan excellent reached securities $155,000. of this amount $70,000 was paid after Mr death. That left a balance due the of. for was Gaskill's company collateral $85,000. amounted which it in value believed the security to $127,000. These securities, left with the comseveral years ago, were upon exyesterday to pany amination have been found $5,000, forged. making Their actual value was a little over the loss to the company nearly $80,000. This loss, added to those sustained during the brief tenure of office of President A. E. Applewho was compelled to and the fact that the company ago, yard. resign induced had six months certain the diliabilities upon its surety bonds, rectors to discontinue the acceptance of deposits and to apply for a receiver. A meeting of the finance committee of the inwas hurriedly called Moore recommended the dent stitution to-day, appointment and Presi- of a receiver. The company's solicitor appeared before State Deputy Attorney General Frederick W. Fleitz and State Banking Commissioner Robert McAfee, who immediately appointed Mr. Tabor. Hé at once took charge of the institution's books. He was unable to make an estimate of the concern's assets or liabilities, nor could he state when the depositors would be likely to receive any part of their deposits. The last statement issued, on May 29 of this year. showed the total resources to be $2,236,591. and the total liabilities to be $1,337,060, but the assets included the $127,000 of fictitious Gaskill securities and some Appleyard paper, the amount of which could not be learned. The call loans upon collateral amounted to $786,556. and the deposits subject to check aggregated $1,385,814. The president is J. Hampton Moore, who recently resigned as chief of the Bureau of Manufactures of the Department of Commerce and Labor at Washington to take charge of the bank. Mr. Moore will probably be the permanent receiver. He says it is probable the depositors will be paid in full.
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DENIALS OF GASKILL'S DEATH Philadelphia, June 23.-Financial circles were stirred yesterday by persistent rumors that Benjamin H. Gaskill, whose manipulation of stock certificates was one of the causes leading to the crash in the City Trust company, did not die in May, but was still alive and in hiding, awaiting an opportunity to slip away to Europe. This was strengthened by a statement today from the administrators of Gaskill's affairs, that his body was taken from North Laurel Hill cemetery and shipped to Boston for permanent burial. Inquiry at the cemetery elicited information that the box had been removed, but beyond the statement that it was ordered by a man armed with the necessary permit nothing could be learned. After the supposed death of Gaskill, the body was placed in a cault temporarily. When the crash in City Trust came yesterday the street began to revive old rumors to the effect that Gaskill had committed suicide. Then it was remembered that there had been on funeral for the broker; that for several days no one knew where the body had been buried, and that. altogether, the broker's death was mysterious, to say the least. Heidle Louden, manager of Gaskill's company, was then questioned. and he declared positively that he had seen the body, going. into circumstantial details such as how the body turned green after death. This would, of course, bear out the statement that Gaskill had died of cirrhosis of the liver. Coroner Dugan gave a death certificate, and this was the cause assigned for death. The coroner stated yesterday that if anyone would make an affidavit declaring that Gaskill was still alive he would begin an investigation, which would lead to bringing back the box from Boston and examining of its contents. BODY ARRIVES IN BOSTON. Boston, June 23.-The body of Benjamin H. Gaskill, a Philadelphia banker, whose name was mentioned in connection with the failure of the City Trust and Safe Deposit company of that city, arrived here today. Later in was placed in a receiving tomb in the Forest Hills cemetery.
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GASKILL'S OPERATIONS HIT DISTRICT BUILDING Suspension of Philadelphia Trust Company Renders Worthless the Bonds of Municipal Contractors. As a direct result of the brilliant irregularities in finance of Benjamin F. Gaskill, the Philadelphia broker who is said to have capped the climax of his stealings by labeling the body of a pauper with his own name and having it buried, that he might go into hiding without being forced to dodge pursuing police, there was much excitement beneath the surface at the District building this morning. As has been announced in connection with Gaskill's operations in securing large sums of money on gilt-edged stock certificates. which he raised to many times their face value, the City Trust and Safe Deposit Company, of Philadelphia, of which former Chief of the Bureau of Manufactures J. Hampton Moore is president, closed its doors. Bonds of Contractors. The feature of this whole series of transactions, most interesting to the District government, is that the City Trust and Safe Deposit Company appears as security on the bonds of many plumbers and other contractors who are engaged in work in the Capital. Probably the largest contract whose fulfillment is guaranteed by a bond of the concern now in the hands of receivers is one in connection with the new sewage disposal system. Sullivan Brothers are to do this work, their pending contract amounting to about $150,000. Auditor Garrison, after conference with other District officials, decided that all contractors on whose bonds the City Trust and Safe Deposit Company appear, will immediately be asked to furnish new security.
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PHILADELPHIA BANK FAILS Gaskill's Forgeries Wreck City Trust and Safe Deposit Company. The City Trust and Safe Deposit Company, of Philadelphia, for years rated as a reliable institution closed its doors and Albert L. Tabor, a state bank examiner, was appointed temporary receiver. The company will liquidate, and J. Hampton Moore, its president, recently appointed, will probably be appointed permanent receiver. A new company may be organized. The failure of the company was the direct result of the forgeries of the late Benjamin H. Gaskill, the bank losing, according to President Moore, nearly $80,000 on raised stock certificates. The bank also lost during the brief tenure of office of President A. E. Appleyard.