CURB TRADING. An institution which has grown to considerable proportions in recent years has been the so-called 'curb trading,' so named because the transactions are usually conducted on the street outside the entrance to the stock exchange. In London. Paris, and New York this trading has at times reached very large proportions, though the system which it repre sents is radically different in the three cities. In London curb trading is utilized for the sake of dealing in foreign shares whose home market is open after the official closing of the London Exchange. For example, trading in American securities is conducted in Sho'te''s Court. behind the London Stock Exchange, frequently until 6 P.M. or later, the New York Stock Exchange, on account of the five hours' difference in time, being actively at work at that hour. In Paris the curb market. under its French title of the `Coulisse.' has had a longer history. It has represented virtually a rival exchange, not sub ject to the numerous and rather vexatious lim itations of the older Bourse. The Cculisse has frequently been suppressed by law, but has in variably revived, and has probably conducted a larger total business than the Bourse itself, ex cept, perhaps, in Oovernment securities. At
present the Coulisse conducts its operations on the portico of the Bourse and is a recognized institution. In New York curb trading devotes itself exclusively to securities which have not been admitted to the list of the Stock Exchange. in this category are comprised many very im portant enterprises, including shares of the Standard Oil Company and of the various banks. The curb also provides a market for newly or ganized enterprises which have not reached a stage where they can apply for a place on the Stock Exchange list, and it gives an opportunity for fixing values of a forthcoming security be fore the share or bond certificates are formally issued. In the conversions of the United States Steel Corporation stock, for instance, the shares and bonds were bought and sold 'when, as, and if issued' on the curb, and on these terms their values fluctuated in some eases 14 or 15 points before the security itself eve• legally existed. There is no restriction of the right to deal in the 'curb' market, but in practice its privileges are limited to regular and responsible parties, whose position or credit is known to the other party to a bargain.