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BROKERS, commerce. Those who are engaged for others, in the negotiation of
contracts, relative to property, with the custody of which they have no
concern. Paley on Agency, 13; see Com. Dig. Merchant, C.
2. A broker is, for some purposes, treated as the agent of both parties; but in the first place, he is deemed the agent only of the person by whom he is originally employed; and does not become the agent of the other until the bargain or contract has been definitely settled, as to the terms, between the principals. Paley on Ag. by Lloyd, 171, note p; 1 Y. &, J. 387.
3. There are several kinds of brokers, as, Exchange Brokers, such as negotiate in all matters of exchange with foreign countries.
4. Ship Brokers. Those who transact business between the owners of vessels, and the merchants who send cargoes.
5. Insurance Brokers. Those who manage the concerns both of the insurer and the insured.
6. Pawn Brokers. Those who lend money, upon goods, to necessitous people, at interest.
7. Stock Brokers. Those employed to buy and sell shares of stocks in corporations and companies. Vide Story on Ag. Sec. 28 to 32; T. L. h. t.; Maly. Lex Mer. 143; 2 H. Bl. 555; 4 Burr, R. 2103; 4 Kent, Com. 622, note d, 3d ed.; Liv. on Ag. Index, h. t.; Chit. Com. L. Index, h. t.; and articles Agency; Agent; Bought note; Factor; Sold note.