Brokerage. Buying

and selling for others. The fee or commi ion charged for transacting such busine is also called brokerage. ' Brokers’ market. When the large operators and the outside public are not engaged in speculation and the brokers are a — trading for their own account it is said to be a brokers’ market. “B” stock. This is the English designation for preferred ordinary (common) stock. When for dividend purposes the ordinary stock of a company has been divided into two parts called preferred or “B” stock and deferred or “A” stock the dividend on the A stock is deferred until a fixed amount has been paid on the B stock. This B or peferred stock is not the same as preferred stock in the United States. What in the United States is called preferred stock is in Great Britain called preference stock and preference stock in Great Britain may be divided into two or more cla es called first preference, second preference, etc., just as preferred stock in the United States may be divided into: two or more cla es called first preferred, second preferred, etc. When, however, there is but one cla of preference stock ahead of an ordinary stock in Great Britain the B or preferred stock is equivalent to second preferred stock in the United States. The letter B is also used to distinguish one stock from another without the connotation of “preferred.” Costa Rica LB bonds and Mexican National Railroad B bonds are examples of this use. 88