Those who are engaged for others in the negotiation of contracts relative to property, with the custody of which they have no concern. Paley, Agency 13. See Comyns, Dig. Merchant, C. See BROKER. A broker is, for some purposes, treated as the agent of both parties; but, in the first place, he is deerned the agent only of the person by whom he is originally employed, and does not become the agent other the bargain or contract has 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; Paley, Ag, Lloyd ed. 171, note p.; 1 Y. & J. 887; 18 Metc. 868; Whart. Ag. § 715: 71 Pa. 00; 5 B. & Ald. 388; 27 Me. 869; 3; 38 Wis. 668; 82 La. Ann. 210. A commission merchant differs from a broker 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 commis- sion 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; 88 Fed. Rep. 685. Bill and Note Brokers negotiate the pur- chase and sale of bills of exchange and promissory 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 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; Edw. Fact. & Bro. $10; 5 R. 1. $18; contra, 29 Me. 494; 4 Duer 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 bank 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 brokers. 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, generally at usurious rates of interest. They are licensed by the authorities, and excepted from the operation of the usury laws. Real Estate Brokers. Agents employed to buy or sell real estate, to negotiate ex- changes thereof, to procure leases, options and loans are usually termed brokers. Mechem on Ag. Sec. 934, cited by Walker, Real Est. Agen. 4. One who is engaged for others on a commission to negotiate contracts relative to property, with the custody of which he has no concern. 110 III. 186, cited by id. A salaried agent, not acting for a fee or commission, is not a broker. 99 P. 657, cited by id. 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 shares of stocks in incorporated companies, and the indebtedness of gov- ernments. In the larger cities, the stock brokers are asso- ciated together under the name of the Board of Brokers. See STOCK EXCHANGE. This Board is an association admission to membership in which is guarded with jealous care. Membership is for- feited for default in carrying 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 recorded and published by an officer of the association. Stock brokers charge commis- sion to both the buyers and sellers of stocks. See Story, Ag. § 28; Malynes, Lex Merc. 143; Liverm. Ag. Chit. Com. Law; Whart. Ag.; Benj. Sales; Lewis, Stock Exchange; Bid. Stock Brokers; Mechem, Ag.