The Belding banner-news. (Belding, Mich.) 1918-1973, 1920-03-17
SLICK STRAnGER
SW|NOLES LOCAL
man OF $1,000
GETS VALUABLE STOCK AS Sc
CURITY ON PURCHASE THEN
SELLS IT TO BROKER

The old old story of the slick stock
and investment salesman against the
man who is not well versed in finan.
cial affairs and the stock markets in
particular was enacted in this city
when a man giving the name of J.
+. Camplin and representing himself
to be from the Alfalfa Cereal Com
pany came here and in looking around
for prospective stock buyers for his
customers, ran a4ross James tE.
C'Ed') Choate and in the persuasive
talk which followed, the latter was
pr.ed loose from practically every
dollar of cash and stocks which he
had saved up or invested in in the
past.
Mr.. Choate is we'll known as the
local bill distributor and during the
years which he has been a resident
of this city he has earned and laid
up considerable amount of money
for the rainy day which all frugal
people are looking for at some time
IN the future. A part of this money
or about 81 900 he had invested in
Citizens Telephone Co. stock, which
while not sufficient for a competency.
was always bringing in little money
on the investment and which had a
stable value and could have been
turned into cash at any time which
its owner desired to do that. In ad-
dltion to this telephone stock, Mr..
Choate also had at some time pur-
chased a number Of shares of stock
an the Alfalfa Cereal Co. and which
had cost him $475.
Camplin, who Choate claims is the
man who came to sell him the last
stock in the cereal company, visited
Choate and on the promises of the
glowing success of his company and
the wonderful strides which they
were making ahead in their business
he succeeded in selling Choate a lot
more stock in the concern. Choate
did not have the whole amount of
money to pay for this last purchase
of stock and told Camplin, so Choate
alleges, that he would rather not
purchase at that time. Camplin
however persuaded him to take the
block and told Choate that while the
matter would be alright with him,
has company would rather feel se-
cure and in order that they would be
satisfied he would take Choate's tele-
phone stock and his previous pur-
chase of cereal company stock and
send 1T in for security until the new
stock was issued and paid for. Choate
thought the matter over for a short
time and thinking that the fellow was
alright, consented and turned over
the stock for security.
The cereal company failed to write
Choate that they had received his
order for more stock and after writ
ing for considerable length of time
he became anxious and started in to
make inquiry regarding the fellow.
1t then turned out that the papers
which Choate had signed were In
reality nothing more nor less than
stock transfer forms which sold the
stock from Choate to its new owner.
After leaving here, so Choate alleges
Camplin went to Grand Rapids and
disposed of the entire two punches of
stock to a broker there and is now
gone, so far as Choate has been able
to ascertain, from his ownership for
ever.
Mr.. Choate tried to get a line on
his man through the cereal company
which the fellow was working for, or
at least claimed to be working for
them and they informed him that
they knew nothing Of his where
abouts and they could do nothing in
the matter. A short time later on it
was found that Camplin had joined
( the national service and doubt was
expressed as to the possibility Of
getting him out to answer to the
J charge on which he will be wanted
here.
Camplin or some other representa-
I tive Of the cereal company at one time
sold a lot of the stock to a number
of people of this city and so far as
we have been able to find out, in spite
of the great reports which the con-
Germ sent aut and which its represen-
tatives talked about. none have ever
been favored with the promised div
idend. The company seems to have
record of about one-half Of their
| stockholders and no record of the
other one-haf as only a few of the
local stock holders are ever notified
when a change is contemplated or
/ a meeting is to be held.