brokers

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.