Ct

The " ticker " abbreviation for " certificates."

Cum Dividend

The English equivalent of the American term "dividend on."

Cum Rights

Inclusive of " rights."

Cum Rts

" Cum rights," i. e. inclusive of " rights."

Cumulative

This, as a rule, has reference to " preferred " shares of stock. Unpaid dividends upon such stocks accumulate from year to year, and must be paid before the common or other stocks which come after can receive anything. A "cumulative " issue often acts to the detriment of the common shares, as it naturally lessens the chances of dividends upon them.

A good illustration is that of the Rutland Railroad Company preferred and common stocks. The former is 7% cumulative, and the amount of unpaid dividends now due on this stock (January, 1921) and which have accumulated through failure from year to year to meet the 7% requirements, amount to 261%. Unless, therefore, some readjustment of the financial plan can be made the common stock has a very questionable value, for if no dividends can be paid upon it until the back dividends accumulated upon the preferred have been made up, there seems little hope for the common from a dividend standpoint.

Curb Broker (Or Curbstone Broker)

One who, usually, not being a member of the stock exchange, transacts business upon the "curb " (see "Curb ") or by going from office to office.

Currency

"The power of passing from hand to hand;" money. As one writer says: "that while money is currency, currency is not necessarily money;" this presupposes a very technical definition for "money." For our purpose, a definition of "currency" will do that calls it: whatever is in common use among persons serving them as money to buy commodities or pay debts.

Currency Act

See "Financial Bill."

Currency Bond

A bond not specifically payable in gold coin, but in any lawful money.

Currency Certificate

Another term for "Legal tender certificates."

1 The reason for a market in the open rather than in some building, is that if the latter plan were pursued, there would, in truth, exist another exchange. The rules of the New York Stock Exchange do not permit its members to be represented upon another exchange, and the market in the open is not so considered. Now that the "curb" exchange in Boston has gone under cover, it is not permissible for members of the stock exchange m that city to send representatives to the exchange although they may continue to do business with the "curb" brokers.

Current1 Account. An account not closed, but showing transactions from time to time.