Broker

(anciently BROGGER.) [L. Lat. broccator, abrocator, brocarius, and sometimes auctionarius, and correctarius; Lat. proxeneta.] One who makes a bargain for another, and receives a commission for so domg.

Tindal, C. J., 6 Bing. 702, 706.

An agent employed among merchants and others, to make contracts between them in matters of trade, commerce or navigation, for a commission commonly called brokerage. Russell on Factors, 3, 4. — An agent employed to make bargains and contracts between other persons, in matters of trade, commerce or navigation, for a compensation commonly called brokerage.

Story on Agency, § 28.

A broker is not, in general, authorized to act or contract in his own name; nor is he entrusted with the possession of what he is employed to sell, or empowered to obtain possession of what he is employed to purchase; but he acts merely as a middleman or negotiator between the parties; and in these respects he is distinguished from a fo Ktor, 2B,ik Aid, 187, 148.

Ruudl <m Factors, 4. 2 Kent's Com, 622, note.

The earliest definitions of this term confine the employment of brokers to dealings between merchant and merchant, exclusively. Thus, by the statute 1 Jac. I. c. 21, brokers are described to be persons employed by " merchants English and merchants strangers, in contriving, making and concluding bargains and contracts between them, concerning their wares and merchandizes, and moneys to be taken up by exchange between such merchants and merchants, and tradesmen."

RtLSsell on Factors, 2. Blount.

Chief Baron Comyn describes them as "persons employed among merchants, to make contracts between them, and to fix the exchange for payment of wares sold or bought." &m.

2>i^.

Merchant, (C.) These definitions, however appropriate at a period when merchandize and exchange brokers appear to have constituted the only classes of this description of agents, have been very properly regarded by modern writers as too limited to mclude the various classes of brokers recognized at the present day; although in a very recent case in England, the court of Exchequer seemed disposed to abide by the ancient interpretation of the term.

1 6 Mees. d: W,ll4.

The etymology of the term broker has been variously given. By some it has been derived from the Saxon broc, misfortune, as denoting a broken trader; the occupation being formerly confined, it is said, to unfortunate persons of that description. Tomlins, According to others, it is formed from the French broieur, a grinder or breaker into small pieces, a broker being one who beats, or draws a bargain into particulars. Termes de la ley.

Cowell.

The Latin form a Jbrocator, however, seems to point distinctly to the Sax. abrcscan (to break), as the true root, which, in the old word abbrochment (a. V.) or abroachment, had the sense of breaking up goods, or sellmg at retail. A broker, therefore, would seem to have originally signified a retailer, and hence we find the old li^ord auctionariits (q. v.) used in both these senses.