Break

"Break in the market:" a sudden and considerable decline in prices.

Break Even

To close a transaction with neither profit nor loss; to come out just even.

British Columbia

The British Columbia Copper Co., Limited.

Broken Lot

Same as " odd lot " in reference to stocks, and less than $10,000, par value, in bonds.

Broker

One who makes purchases and sales for others - his principals - acts as a middleman, receiving a fixed fee called " brokerage " (see next subject; also " Jobber ") for his services. Although many consider a " broker " as an " agent," it must be understood that there is a distinction between the two. The " broker " endeavours to bring together the two parties to the transactions, as, for instance, the buyer and seller, and effect an agreement between them. The best illustration would be in the case of an insurance agent and broker. The latter is authorized to act by one or more companies, while the former represents no company in particular, but will usually obtain insurance with the company where he can make the best trade, and thus acts in the capacity of bringing the insurer and insured to an agreement.1 Brokers are of many kinds: stock, grain, cotton, oil, real estate, and so on.

Brokerage

Practically the same as " commission," but used to denote the fee charged by any kind of a " broker." If you sell a hundred shares of some stock through a stock broker, he will charge you a certain percentage, say $15; that is, 15 cents for each share, or a total for the hundred shares of $15. This charge is called " brokerage."

Brokerage Transactions

See" Commission" and " Margin."

Broker's Board

Same as a " Stock Exchange."

Broker's Note

A paper given in writing by a broker to the party for whom he is acting, setting forth the terms of the purchase, or sale, as the case may be.

Brown Brothers' Virginia Debt Certificates. After West Virginia was set aside from Virginia, it refused to accept what was considered its just proportion of the debt of the original State of Virginia. A plan was proposed for an adjustment, and a majority of the holders of the original certificates deposited their evidences of indebtedness with Messrs. Brown Brothers & Company of New York, and their receipts bear the title of Virginia Debt Certificates. After many years' litigation a partial settlement of the claims was made in 1919 and 1920 by the issue of $13,500,000 3 1/2% serial bonds as an obligation of the State of West Virginia.

B. R. T. Brooklyn Rapid Transit Co.

" B " Stock (or Shares). See " Preferred Shares (or Stock)."