Every evening, Wilmington daily commercial., 1921-05-07

Co. and the check was made payable Z"
William &. Lofinud, president Of loweH
FieharIen Co. and the contract ~ sale
was signed by Iofiand Ia that capacity.
In his answer flied H. th. case, fening~
ton stated that the check and contract
were So drawn because tho title 20 ~"
steamer was in the company ana tpr
no other purpose and with no other hc-
sign" Iofiand. in his answer, gave -
further reason that the receipt ~ ~"
purchase money for the steamer "ar
thereby secured.
On August 1. a special meeting 1f the
directors Of the Iewen FisherieH 20.
was held. ali Of the directors being
nroaept. 10 act on the offer made ~
Pennington. hut no report Was mad" ~
the reaato by Lonand AZ agent % ZEN
iugfou. and none Of tho directors, eA-
cept f0flapd knew Of IL. 4 resolnti"n
sgas adoutcd accepting Peningtonh onet.
vith the price Of the clifford Increased
from x40. 600 10 100000 and subse'
suent resolution authorized the cali ~
| specini meeting of stockhoiderH l"i
August 10 FOR the purpose ~ confirm
ine the sale Of tho plant. stcamors ana
equipment 10 Robert Pennington t'n
| 1895 900.
gy letter dated August 3. 1917. Pen
/ fugton stated he Understood mat ~"
/ two steamers had ben sold % MIN ana
/ the price Of the Clifford Increased 70
/ $50 600 and that the st0ckholders meet
/ ing would be held for the purpose OF
| ratifving the sale Of the entire assets y
The minutes of the st0ckhplders meet
inc Of August 10 show the purposo
| ~ the meeting 70 have been ~ confirm
the sale of the whole plant steamers ana
/ factory as an entirety. and the minutes
of the directors meetings and letters II
! Pennington were read. that William u.
| ponk hammer introduced Information
that the "Henlopen" had been sold for
zI76. 900 to the French Government IN
tho strength II which number u
talks were made. and thaf thereafter a
resolution waa adopted confirming the
sale of the steamers Henl"pen" and
clifford and the manufacturing plant
of the company. together wlih ali rna
chinery and equipment
Cannot serve Two Masters.
The Chancellor reviewed sutnrritier
respecting the relation anc duties III ar
agent to his principal. and held that ~
agent win not br permitted ~ ssr, fwt
masters without the intelligent consent
~ both that any Hurrpptiti"us deaiinE'
between one principal and thf agent u
the other principal is q fraud 'h ft'
other principal. that cord faith 1r.
tnvaIfy ~ an agent towards his prinsi
1,at ia essential. and he cannot rIRhtli
assume Il position. or nut hirnFff in ~
attitude Inconsistent with his d1fy p
hia principal or antagonist ~ his in
! toreeta that an agent cannot ast r.
! partiaa 10 IA ira naact ctigu with divergent 2
conflicting interests. and TINT il u fn
dufy Of an agent ~ Disclose ~ his prir
cipal knowledge as q the subject UHt
ter I,ofIand did mot disclose r. th
, ether directors and stockholders ~ ih
company the fart that ne as me tErr
! af Robert Pennington md reFold III
I Heniopen for sf75 0ho and in rir'v
! tho fart that ne had M right RI max
T such a bargain for the person f0r z hrr
ne svas secretly acting aE agent. ar
that Pennington was hound by BofIsnd
I conc ealrnents. the 6hancell"r fnun
that by reason ~ the cpucraiment p
r I>nfian nd as the agent ~ Pennington fror
4 The stock holders. ~ the renai" i's II
: and s,s agent IT Pennington ~ the sreau
Z er Heulopen IL being parf of.tne ~
!. of the cornpa ny which l0fand fras autf
Il nrtz.d ~ snIl aH An entirety subject
the approval IL The atos khrlders i'rf
/ jngton obtained ~ the stockholdsr
3 meeting on August 10. Iat1. m uncrr
n sc.ionabie advantage over tne st'~- 4
/ holders ln the purchase Nv nin 1f
r plant and that fhe stnf khodere -
4 entitled 10 the advantage tchien ~
= obtained. viz: S35. 900. me amount rea
fzed thereby Iess a commission of IS
Y $50. paid by him
s. did the f,ewes F'isherics 20 z