See " Income Bonds." Cumulative Preferred Stock. See " Cumulative." Curb. Securities which are not traded in upon the large stock exchanges, or new securities which have not as yet been listed upon such exchanges, are handled in what is known as the "curb" market. In New York, the trading in such securities actually takes place on Broad Street opposite the Mills Building, where gathers daily from 10 a.m. to 3 p.m. a noisy crowd of brokers. The name " curb," therefore, has real application under the circumstances. Many years ago, before the establishment of stock exchanges, practically all trading was upon the " curb; " that is, on some understood place in the street, as is the case in New York. In Boston, the last location of what was strictly a "curb " market was upon Exchange Place, but it is now in a building on Exchange Street, although it still retains the term " curb " as part of its name. In truth, it is today merely another stock exchange dealing in securities not listed upon the larger exchange.1 A "curb" market existed in London in 'change Alley for nearly a century. A " curb" market existed in Paris in 1720, for at the time of the "Mississippi Bubble " it was necessary to rope off the Rue Quincompoix for protection against the general public.

Any security may be dealt in upon the "curb." Such a high-priced stock as Standard Oil, as well as the most speculative class of investments, exchange hands in this way. In New York, dealings upon the "curb" have become so extensive that many of the regular stock exchange houses conduct a "curb " department. There are very few houses which will permit marginal transactions except in the very best "curb" securities.