BROKERS. Those who are engaged for others in the negotiation of contracts rela tive to property, with the custody of which they have no concern. Paley, Agency 13. See Corn. Dig. Merchant, C.
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 per son 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 prin cipals, when he becomes the agent of both parties for the purpose of executing the bought, and sold notes; Evans v. Wain, 71 Pa. 69; 5 B. & Ald. 333; Hinckley v. Arey, 27 Me. 362; Woods v. Rocchi, 32 La. Ann. 210.
A commission merchant differs from a bro ker in that he may buy and sell in his own name without disclosing his principal, while the broker can only buy or sell in the name of his principal. A commission merchant has a lien upon the goods for his charges, advances, and commissions, while the broker has no control of the property and is only responsible for bad faith ; Edwards v. Hoef finghoff, 38 Fed. 635.
One who negotiates a sale of another's property without having either actual or constructive possession of it is a broker as distinguished from a factor ; J. M. Robin son, Norton & Co. T. Cotton Factory, 124 By. 435, 99 S. W. 305, 102 S. W. 869, 8 L. R. A. (N. S.) 474, 14 Ann. Cas. 802.
The authority of a broker to bind his prin cipal may by special agreement be carried to any extent that the principal may choose, but the customary authority of brokers is for the most part so well settled as to be a constituent part of the law merchant ; Benj. Sales § 273.
Bill and Note Brokers negotiate the pur chase and sale of bills of exchange and prom issory notes.
They are paid a commission by the seller of the securities ; and it is not their custom to disclose the names of their principals. There is an implied war ranty that what they sell is what they represent it to be; and should a bill or note sold by them turn out to be a forgery, they are held to be responsible ; but it would appear that by showing a payment over to their principals, or other special circum stances attending the transaction proving that it would be inequitable to hold them responsible, they will be discharged; Vciw. Fact. & Bro. I 10; Aldrich v. Butts, 5 R. I. 218; contra, Baxter v. Duren, 29 Me. 434, 50 Am. Dec. 602; Morrison v. Currie, 4 Duer (N. Y.) 79.
Exchange Brokers negotiate bills of ex change drawn on foreign countries, or on other places in this country.
It is sometimes part of the business of exchange brokers to buy and sell uncurrent hank notes and gold and silver coins, as well as drafts and checks drawn or payable in other cities ; although, as they do this at their own risk and for their own profit, it is difficult to see the reason for calling them bro kers. The term is often thus erroneously applied to
all persons doing a money business.
Insurance Brokers procure insurance, and negotiate between insurers and insured.
Merchandise Brokers negotiate the sale of merchandise without having possession or control of it, as factors have.
Pawnbrokers lend money in small sums, on the security of personal property, gener ally at usurious rates of interest. They are licensed by the authorities, and excepted from the operation of the usury laws.
Real Estate Brokers. Those who negoti ate the sale or purchase of real property. In addition to the above duty they sometimes procure loans on mortgage security, collect rents, and attend to the leasing of houses and lands.
Ship Brokers negotiate the purchase and sale of ships, and the business of freighting vessels. Like other brokers, they receive a commission from the seller only.
Stock Brokers. Those employed to buy and sell stocks and bonds of incorporated companies, and government bonds.
In the larger cities, the stock brokers are asso ciated together under the name of the Board of Brokers. This Board is an association admission to membership in which is guarded with jealous care. Membership is forfeited for default in carry ing out contracts, and rules are prescribed for the conduct of the business, which are enforced on all members. The purchases and sales are made at sessions of the Board, and are all officially record ed and published by the association. Stock brokers charge commission to hoth the buyers and sellers of stocks.
See COMMISSIONS; MARGIN; STOCK Ex CHANGE; PLEDGE; BOUGHT NOTE; PRINCIPAL AND AGENT; REAL ESTATE BROKER.
See Story, Ag. § 28 ; Malynes, Lex Mere. ; Liverm. Ag. ; Whart. Ag.; Benj. Sales ; Lewis, Stock Exchange ; Biddle, Stock Bro kers ; Mechem, Ag.; Gross ; Walker, Real Est.
BR iv HE L. A bawdy-house ; a common habitation of prostitutes.
Such 'places have always been common nuisances in the United States, and the keepers of them may be fined and im prisoned. Till the time of Henry VIII. they were licensed in England, but that prince suppressed them. See Coke, 2d Inst. 205; BAWDY-ROUSE. For the history of these places, see Merlin, Rep. Mot Bordel; Par ent Duchatellet, De la Prostitution dans la Ville de Paris; Histoire de la Legislation sur les Femmes publiques, etc., par Sabatier.