National Republican., 1886-10-26

frauds, yet nevertheless Il IS very clear that
there may be q partnership among brokers for
the purpose of dealing in landed estate-that
is as acting agents for other parties to buy and
sell on account Of other parties Now, sun
pose that is the sole limitation of the partner
ship here. The facts show tnat Latta, within
the terms and principles of this section Of
Story which | have quoted, did violate his
partnership obligations by going outside of
II and receiving secretly from the man with
whom he was dealing, over and above the off
dlinsary brokerage profits, certain profits to him
self out Of the transactions which ought to
have been partnership transactions, to wit:
Half the profits of the speculation of tae man
for whom he was dealing in the name Of the
:. Under such circumstances clearly within
the terms and principles Of this section, he
would be responsible TO his co.partners for
that share ofillioit profit which he had made
nership which he had taken advantage Of
them to make in fraud of their rights. That
Is entirely outsideof the objection of the st Vt.
ute of frauds with regard e. that phase Of the
partnership relations which contemplated n
purchase and sale by them of real estate in or
der TO their own advantage, So, also, in sec.
tiOn 1I5 Of the same work, II says:
1.-THE same doctrine Is applied to other an.
alagous cases. In all purchases and sales
made on account of the partnership, every
partner is bound to act expressly for the BEN
right and cannot consistently, with his duties
voluntarily place himself in situation in
WnlCn MS DluS, as Wcll us MS interest, is IN OD
position to the interest of the partnership"
Also, in section III, 1t is said;
Upon similar grounds II Is the implied obli-
CATION and duty of every partner not TO engage
In any other business this applies to the phase
of 1t of which | am now speakingl-or specula-
tion which must necessarily deprive the part.
nership OF portion Of the skill, industry, dill.
gence, or capital which he is bound to employ
therein. In other words he is not at liberty to
deal on his own private account In any mntler
OF business which Is obviously at variance with
or adverse TO tho business or interests of the
"sEc. liS. And If, therefore, one partner
should clandestinely carry on any other trade
or the same trade for his own profit and al
vantage and in manner injurious to the true
interests OF the partnership or should divert the
capital of funds of the partnership to such
secret and sinister purposes, he will be CO n
made thereby"
AS have said, the proof is clear, in either
aspcctof the case, whether the partnership ue
proved only TO be q paitnershiD Of brokerage or
whether 1t lie a partnership extending to the
right to deal in real estate and TO buy and sell
" for their own profit, in either aspect that
this defendant, within the principles laid
down here, has violated the partnership
obligation, taken advantage OF his own
skill, diligence, time, and knowledge, which
II was his boundcn duty to dedicate eNclu-
sively to the benefit of his partnership and has
rCHpcd this secret advantage from these deal.
| ings. The knowledge aud skill Of the partner
| ship, the state of the real estate market, was
their capital In trade and he w6s bound n
| share all the beneficial results which would
| How from the knowledge with his co.partncrs.
He has not done It, He has been guilty of one
| of those frauds which. by the terms OF tho
| commercial law Is characterized with tho
| uttcrmost TeprObn'iOn, and court of Justice,
and this court sitting in chancery whenever
| such case shall come before IT, will not he
behind any other court In administering the
| full measure of redress
| Therefore the decree will be that the parties
account, that that the case be remanded to the
| circuit in order that IL may be referred to the
| auditor to take nm account of the profits which
| he may have made according to the alleg l.
tions and proofs of this bill and be responsible
| TO his copartnors for their just proportlonatc
| share according TO the terms set out in the
| third paragraph of tho bill.
A BALTIMORE negro who emlgrated TO Liberia
| years aGo ordered a quantity of DIR. Bulls
Cough Syrup, stating that he didn't like to be
without n