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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 18, 1960)
Medford Tribune SECTION E MEDFORD, OREGON, THURSDAY, AUGUST 18. 1960 PAGES 1 to 8 Stock Sharpies Take Millions Of Dollars on Rash Promises Editor's note: Lured by tret-rich Prnilses, Americans pour """"" ul aouars every year Into stocks they know nothinr about. ery otten they net stunt. Washington - IUPD - Oliver H. Campbell is a retired su perintendent of schools in Manhattan, Mont.' In letters lo the Securities and Ex change commission and Unit ed Press International he re lated that he and his wife, a retired school teacher: "Have a little money in the bank drawing low interest which last year we tried to invest to a better advantage. We needed more funds to sup plement our small retirement pension income . . . Pressure Bombardment "Somewhere and from someone the XYZ company got our names and subjected us to a high-pressured tele phone bombardment (about nine calls total) asking us to invest in Pot of Gold stock." The Campbells resisted for a while. "We informed them that we were elderly people who could not afford to speculate with our money, at which they replied that it was just such folks as ourselves that they wanted to sell and help by letting us in on a sure thing and sound investment. So we bought 500 shares at $3.25, $3.30 and $3.75. To us this was a big sum. Maybe we were gullible but these re peated telephone calls were satisfying. Those boys were reassuring salesmen." XYZ is not the real name of the brokerage house and Pot of Gold is not the real name of the company, which has merged and adopted a new name. The stock of the merg ed firm recently was quoted at 25 cents a share. Story Typical The Campbells' story is typ ical of what has happened to thousands of people through out the nation who have snap ped up stock purchase offers from people they did not know and did not investigate. Fortunately, the XYZ com pany has been put out of busi ness by the SEC. So have oth er "boiler room" outfits which worked their racket over the long-distance telephone. But SEC officials say they cannot clean up the racket unless people get wise to it, refuse to buy and report sus picious salesmen. One of the ways to spot a slock sharpie is the extrava gant claims he makes. Camp bell was assured over the phone that. "Pot of Gold would double in price by the year's end, that Pot of Gold had enough cash on hand to return to all of its stockhold ers if necessary, all of the money they had invested . . ." Insiders sometimes create a rising market to make a stock look attractive. "lis price, after our pur chase, rose steadily about 5 cents per week until it was over $4," Campbell related, being pushed up by very ques tionable means to promote sales and profit - and then something happened that made it skid to its actual worth." Risks Greater The slock Campbell bought was in a Canadian mining company. Afler the slock plummeted in value Campbell wrote to the company. It replied that "Pot of Gold by its very na ture is speculative and while the prize may be great, the risks are greater. Certainly the company is not in the same category as a mutual fund." In revoking the broker-deal-iinonp nf the XYZ securi ties house, the SEC found it had made false claims about Pot of Gold's financial condi tion, dividends and future stock prices. It also falsely represented it had been in business a long time and had a good reputation, a claim which Campbell said had car ried weight with him. Making false claims about a stock is a violation of fed eral law. SEC hopes it has enough evidence to build a criminal case against the XYZ firm. But that won't bring back Mr. and Mrs. Campbell's money. Nixon Pleased With Reception Given On Southern Foray Washinelon-WPD-Vi pp Prpsi.. Trip vii'p nrpsirlpnl sairf tin, viurl npu.e rn.t i n. i 1 , . n . , ..... Washinglon-IUPD-Vice Presi dent Richard M. Nixon re turned today from his first campaign foray into the South, pledged to a firm civil rights stand and highly pleased with his reception. The Republican presidential nominee addressed an estimat ed crowd of 14,000 in Greens boro, N.C. Police said another 2,000 were outside Memorial Coliseum where he spoke. Nixon, who arrived back in the capital at 1:07 a.m. e.d.t. said he was so elated at his re ception that he definitely would return to the state. It was learned he planned to visit Durham and Charlotte later. The vice president said he thought he had a chance to carry North Carolina. He said he was surprised not only at the size of the crowd that greeted him but its "respect ful" attitude toward his re marks on civil rights. Nixon told both a local tele- House Is Crowded By 8,000 Rocks Rutherford, N.J. - Mr. and Mrs. Scott Staples have 8,000 rocks - not in the garden but in their house. Gathering things comes naturally to Staples. He is Rutherford's tax collector and treasurer. vised news conference anrl Hip Coliseum audience that he would stick by his "strong convictions" on civil rights wherever he spoke in the South. "I still do not believe in going into the South and demogoguing about civil rights and making statements that will sound good in the North," he told reporters on his return to Washington. He made a similar declaration in Greensboro. Nixon scheduled a later afternoon meeting with farm advisers to follow up talks he held in Chicago two Havs rinr he was nominated. Invited to the meeting were several sen ators, headed by Sen. George D. Aiken, R-Vl., and about a dozen House members from farm states. Draws Applause The GOP candidate told his news conference in the "birth- Lecture Helpful To Jittery Physicians Los Angeles - A group of physicians at a lecture became jittery when they saw smoke blowing into the room. They calmed down, however, when they learned it was just a smoldering waste basket. The subject of the lecture: tranquilizers. place" of Negro sit-ins that he supported the demonstrations because "any American should have the same right to use any facilities" in a store which accepted his patronage "without discrimination." But, he added, solution of legal problems involved in sit ins must consider local laws. The final decision, he said, must be left up to the courts. Nixon drew applause from the big Coliseum audience when he declared, "law alone is not the answer to the prob lem of human rights." "A law is only as good as the will of the people to obey it," he said. "The responsibil ity of those in leadership is to develop the will of the people to keep the law and to make) progress" in civil rights. : "This is tile way to prog ress and is the way I'm sure you'll support in this state," Nixon said. Stranger Says He's ' ' . 'Just a Burglar' St. Paul, Minn. - Milton Beilder discovered his gold watch and cuff links wera missing after a strange man strolled through his parlor toward the front door and said: "Oh, it's all right. I'm just a burglar." LOW PRICES? More and more folks are discovering that they can get real, honest-to-goodness savings at Grandview. Why don't you shop here this week end and see for yourself? 7 Gold Medal FLOUR 25 lbs. Regular 2.45 Sj89 U Save 56c Snider's or Jorgenscn's Ice (ream Vi Gallon Reg. 99c ?j)C SAVE 3) 20c GREEN STAMPS Lots and Lots of Free Parking! n Swift's JEWEL BRAND UIL Quart Regular 59c SAVE 24c Hills Bros. COFFEE Pound Can 57 Reg. 75c Save 18c ib. 5113Reg. $1 an Save 2 Can .49 36c Four-Sew Nifty Brand BROOMS OC Regular $1.29 Save 50c 79' Cotton Deck Complete MOP Regular 89c - Save 10c 79 Laura Scudder's II Ilfl II mayonnaise Quart Reg. 57c 43c T -A-Walt's Grandview Mkt. Is Headquarters for Pickling Needs! 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