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Show SHARPER THAN A RAZOR. A Barber Snes His Benefactor, s Wealthy Railroad Man. The suit of William Herbert against Charles B. Wright, ex-president of the Northern Pacific Railroad company, to recover $58,000 on a speculative deal in Northern Pacific preferred stock as Her-f Her-f rt's share of the profits attracts considerable con-siderable attention on the street. Herbert is a Third street barber, who had for his customers most of the prominent promi-nent bankers and brokers when Third streej wa3 the center of stock speculations. specula-tions. Among his customers was Mr. Wright, and Mr. Herbert would perform per-form tonsorial duties for the millionaire at his office on Third street and his palatial residence in West Philadelphia. The railroad magnate took a fancy to the young barber, and besides giving him liberal fees Mr. Wright undertook to make a few dollars for his protege in the market. Mr, Wright authorized Herbert, so the story goes, to buy several hundred shares of Northern Pacific preferred, pre-ferred, Mr. Wright furnishing all the money for margins. The orders were placed with the old firm of L. H. Taylor & Co., and it soon became noised about that C. P. Wright was buying Northern Pacific preferred. The other customers in the office would make a scramble for the stock, and while Mr. Wright only bought a few hundred shares, the total purchases engendered en-gendered by his orders amounted to as many thousand shares, giving Mr. Wright the opportunity, if be chose, to resell at a good profit all the stock which ho bought through Herbert. Matters drifted along for three or four years in this way, and Herbort was the gainer by $2,000 to $7,000 annually. The suit is based upon one particular deal which was of unusual magnitude, in which Mr. Wright placed not less thai $30,000of bonds as margin to protect the brokers. Mr. Wright became tired of carrying the load, and about a year ago, when the stock was selling around sixty, ho wanted to sell out. To this Herbert objected. Mr. Wright, however, dis- posea or ms noiaings. Now the stock has become a dividend payer, drawing 1 per cent, quarterly, and recently sold at $85 por share. Herbert Her-bert claims that the account should be closed out at the present market value, and his claim for profits is based upon the present market value of the stock, which is about $20 per share greater than it was when Mr. Wright closed the transaction. Philadelphia Times. |