and the operations of the street. The first are legitimate, and the sales are presumed to be bona fide; the second are generally speculative, and are often mere gambling or betting by men without capital. The board of brokers in New York is composed of more than 1,000 regular members, who at their two daily sessions, either on their own account or as brokers for others, purchase or sell the various stocks which are called in order. The president, secretary, treasurer, and governing committee of 40 members are the executive of the exchange, and can admit, suspend, expel, and readmit members. Next in importance is the sub-committee of arbitration, which decides all disputes arising from transactions between members. When a member fails to deliver or pay for stocks as agreed, his name is struck from the list; but he may be reinstated upon effecting a settlement with his creditors. The New York stock exchange is the wealthiest organization of the kind in the world. The par value of annual sales made at the boards and " over the counter" is estimated at more than $22,000,000,000; but this enormous sum covers all sorts of speculative transactions, including those where no actual transfer of stocks occurs, and "differences" only are paid or adjusted, these operations forming in fact the bulk of the business in Wall street. The rules of the exchange are very strict, and cover a rigid scrutiny of all securities, a systematization of the brokerage business of member with member, a surveillance over members in respect of their fidelity to contracts, and a stringent examination of the character and responsibility of candidates for membership. An applicant for membership must be 21 years old, a banker, broker, or stock dealer in New York for one year, or a clerk to a member for two years, or a member in good standing of the Philadelphia, Baltimore, or Boston board. The initiation fee of a member admitted by election has recently been fixed at $10,000, and of one admitted by transfer at $500. During business hours the board is in constant communication with the financial centres of Europe, and the brokers pay $1,000,000 a year for telegrams from London alone.-The stock exchange has its own peculiar terms, not generally understood by outsiders. Among those in most frequent use are "long" and "short," expressing individual excess or deficiency in the holding of a specified stock for speculative purposes; and "bull" and "bear," designating those respectively who find their interest in operating for a rise or fall in the price of stocks, or who, foreseeing either a rise or fall, take measures to protect themselves or make a profit on the "turn of the market." The bull endeavors to appreciate or "toss up," and the bear to depreciate or "pull down" the price. The phrase "buyer's option," added to the memorandum of a sale of stocks, implies that the purchaser who buys at 30 or 60 days can call for the delivery of the stocks

"A

at any time within the period by giving one day's notice and paying interest at 6 per cent. up to the time he calls. Such purchases are usually made at a little above the cash price. "Seller's option" is a little below the cash price, and the seller has the right to deliver on any day within the limited time, by giving one day's notice, receiving interest up to the time of delivery. A "corner" is an operation by one or several brokers, who form a clique to compel others to pay a heavy difference on the price of stock. Sometimes the clique purchase gradually a large amount of stock on time, buyer's option; they next sell nearly the same amount on time, seller's option, so as to secure an eventual market for their stock; then buy for cash, thus raising the price, and make a sudden call for the stock they have purchased on buyer's option, which, if they have calculated correctly, compels the parties from whom they have purchased to buy of them at a high price in order to deliver at a low one. point," the first element of successful specuÏation, is trustworthy private information concerning a certain stock, such as whether a bull movement is organizing, or an extra dividend is to be declared, or new stock is to be issued, or any other cause is likely to affect the price. A "lame duck" is a broker who is unable to respond with the shares or money when contracts mature. A "spread eagle" is the operation of a broker who sells a large quantity of stock on time, say 60 days, buyer's option, and buys the same quantity at a lower price, on the same time, seller's option. If both contracts run their full time, he makes his difference; but if the buyer or seller calls for a settlement before the time, he may be seriously embarrassed. The "street" or the "curbstone brokers" are not governed by as strict rules, and their operations are mostly speculative. "Put," "call," "ballooning," saddling," "unloading," and more than 40 other terms make up the dialect of the exchange.— In the Paris bourse there are 60 agents de change, appointed by the government. Each must deposit 125,000 fr. in the national treasury as a guaranty of upright conduct, and also 100,000 fr. with the syndicate of the bourse as a cautionary fund applicable to losses sustained by the customer through the broker's fault. A broker's seat is worth from 1,500,000 to 2,000,000 fr., and cannot be sold without the consent of the governing committee. There are 60 courtiers de commerce and 8 courtiers d'assurance, who transact much of their business at the bourse. The haussiers and baissiers correspond to the American bulls and bears, and the coulisse to street or curbstone operators. Cash sales are infrequent, and the greater part of the business is "privilege," technically marché à prime, the buyer deciding on the 15th and 30th of the month whether he will take the stock or not, but in either case having to pay the premium. The time transactions are usually "the end of the current month,”

or the end of the next month. The 4th of each month is settling day. The parquet is in session from 1 to 3 P. M. every day; the coulisse is in session through the day, and it includes a large number of female jobbers and speculators. The London stock exchange numbers nearly 2,000 regular members, who must be reelected annually. Each member pays £10 yearly, and three members give security to the amount of £300 each for a new member.-The excitement at the hour of "high 'change," in London, Paris, or New York, is often such as beggars description; several hundred men are shouting, calling out what they have to sell or what they wish to buy, at the top of their voices, all together, and leaping and gesticulating, almost as if insane; in speculative periods, immense sums are made or lost in a few minutes. The stock exchanges of Amsterdam, Berlin, Frankfort, Madrid, and Vienna are among those most noted in Europe. STOCK FISH. See

COD.

STÖCKHARDT, Julius Adolf, a German chemist, born at Röhrsdorf, Saxony, Jan. 4, 1809. After serving in a pharmacy, he taught natural sciences at Dresden in 1838-'9, afterward at Chemnitz till 1847, and in 1848 was called to the new chair of agricultural chemistry in the academy of Tharand. In 1844 he began a course of lectures before the Chemnitz agricultural society, which led to the establishment of the system of agricultural experimental stations. From 1846 to 1849 he edited Das polytechnische Centralblatt, and from 1850 to 1855 (with Schober), Die Zeitschrift für deutsche Landwirthe; and in 1855 he established at Berlin Der chemische Ackersmann, in which are published his familiar lectures before farmers' clubs and societies, which he calls "field sermons." It is said that the yield of grain in Saxony has been doubled chiefly through his efforts. His principal works are: Untersuchung der zwickauer Steinkohlen (1840); Ueber Erkennung und Anwendung der Giftfarbe (1844); Schule der Chemie (1846; 17th ed., 1873; English translation by G. H. Pence, M. D., "The Principles of Chemistry illustrated by Simple Experiments," Cambridge, Mass., 1850; also by A. Henfrey, London, 1855); Guanobüchlein (1851); and Chemische Feldpredigten (1851; English translation by J. E. Teschemacher, "Chemical Field Lectures for Agriculturists," Cambridge, Mass., 1853).

STOCKHOLM, a city and the capital of Sweden, in lat. 59° 20' N., lon. 18° 3' E., 330 m. N. E. of Copenhagen; pop. in 1874, 147,249. It is partly built on islands and intersected by many canals, surrounded on the land side by rocks, forests, and hills, and on the water side by Lake Mælar and the Salt Sjö (Salt lake), an arm of the Baltic. This combination of land and water, together with the magnificent harbor and palace, and other remarkable sights, forms one of the most picturesque panoramas in the world. The city is well built, has several fine squares, and abounds in stately buildings. The royal palace, completed in 1754, consists of a huge quadrangle of solid granite; it is as remarkable for the fitting up of the royal apartments as for its grand and admirable proportions, and the chaste yet massive style of its Italian architecture. It is on the highest and most central of the three islands of the original town, distinctively called the city (Stad), and one of

Royal Palace, Stockholm.

the three main metropolitan divisions. These islands have been enlarged by embankments built on piles, whence the name of Stockholm, meaning an island on piles. The other two chief divisions are the northern suburb (Norrmalm), the fashionable quarter, and the southern suburb (Södermalm), that of the working classes; the former is connected with the city by a fine granite bridge, and the latter by several drawbridges, and there is a new line of railway, with remarkable viaducts and tunnels. The principal government offices and mercantile houses are adjacent to the palace and the quay, and the most elegant stores are in Norrmalm. The building next in beauty to the royal palace is the new national museum, at the S. end of the formerly separate island of Blasiiholm, which is now united to Norrmalm. Its front faces the terrace garden of the royal palace, overlooking the harbor; it is 260 ft. long by 170 ft. broad, and 90 ft. high,

tection to the legs when walking through briers, as in hunting, on the march, &c. The art of knitting stockings is usually said to have originated in Scotland in the early part of the 16th century. In the times of Elizabeth it was an important industry in England, and the queen's government refused letters patent to William Lee, the inventor of the stocking frame (1589), on the ground that the machine-made goods would drive the home-made out of the markets and ruin the workpeople. Lee took his machine to France, and established a factory at Rouen, where he employed a number of his own countrymen. Political troubles soon drove him out of Rouen, and he died on the way to England. His brother introduced the manufacture into Nottinghamshire, which has ever since been famous for its production of stockings. Stocking frames were introduced into the United States in the 18th century at Philadelphia and Germantown, Pa., New York city, and several places in the middle and eastern states. The adaptation of the Lee machine to power was first accomplished by Timothy Bailey of Albany in 1831; and the first machine thus run was at Cohoes, N. Y., in 1832. The old Lee invention was a square frame, producing a straight strip, which was cut off in proper lengths, and seamed together to form the stocking. But a great improvement upon this, the origin of which is unknown, was the circular loom in which a continuous circular web is knit of any length, which is cut up and formed into the shape of a stocking. Several others have since been devised in the United States for manufacturing purposes, as also for family use.-The various knitting machines, which are too numerous to be mentioned in detail in this article, produce what is called the stocking stitch or chain work, consisting of loops formed in succession upon a single thread, each one locked by that which follows it. These machines may be distinguished by the different kinds of needles they employ, and also by the manner in which these are arranged: whether on a straight horizontal line, all pointing the same way, as in the common stocking loom, or around an open horizontal circle, all pointing toward the centre. The latter are known as the rotary round machines. Every needle is hooked at the end, so as to hold the thread laid across it that is to form the next loop, while the loop previously formed on the same needle slips back on the shank as the needle is pushed forward, and with its return runs over the hook and off the end. The contrivance by which this is effected distinguishes the several needles. In the straight frames the work is done first across the needles in turn in one direction and then back in the other, and so on; but in the rotary round machines the revolution carries the needles constantly round in the same direction, each one taking up the thread in turn, and so rapidly that the movements cannot be clearly perceived. The one class of machines produces a flat web, and the other a tubular one,

each of which hangs from the needles and is drawn down as it lengthens by means of a weight. The number of stitches or loops which each machine can form in a minute varies with the gauge of the needles or the distance apart at which they are set. The machines constructed for family use, and worked by a treadle or crank like a sewing machine, make about half as many stitches as the factory machines. In the factory three or four machines are easily tended by one boy. Ribbed work is performed in the same machines by bringing in play a set of, vertical needles, so arranged as to work in connection with the horizontal and produce the additional stitches required. As the needles are set to a particular gauge, they necessarily produce the same number of stitches to the inch; and the only variations practicable in the work are in using yarns or threads of dif- . ferent degrees of fineness, and in altering the tension so as to make the work closer or more open.-The shaping of the web to fit the foot is a matter of no little ingenuity. The flat web is either knit in long strips of sufficient width to make when turned over several stockings which are cut out from these; or the web is at once knit upon the machine in the shape required for making a stocking when the parts are properly folded over. In the latter the wider part, when turned over and fastened, forms the leg of the stocking. Two narrow strips at the base of this part, turned under and joined together, form the heel; while a central strip twice the length of the foot, being turned over at the toe, forms the top and bottom of the foot, and is neatly united to the heel and around its edges by knitting or seaming. In forming the foot to the cylindrical webs, a slit is made above the heel half across the web, which admits of the part designed for the foot being curved out at the instep. The loops along the edges of the cut are then taken up on hand needles, and the space for the heel is filled out by hand knitting. In the same manner the toe is completed; and thus the stocking is finished without a seam.-Notwithstanding the large number of machines employed in knitting, stockings are still largely produced by the old method of hand knitting, which admits of the use of a harder and firmer yarn than that adapted to the machines; and even where the machine work is produced in large mills employing steam power, the hand looms are also in extensive use, many of them in the houses of the operatives. In the factories the knitting machines are also made to produce many other articles of apparel, as undershirts, drawers, comforters, scarfs, opera hoods, talmas, nubias, gloves, mits, &c. The total production of this class of goods (hosiery) in the United States in 1870 amounted to $19,871,254; number of hands employed, 14,105. Nearly the whole amount was produced in the following states: New York, $5,528,742; Pennsylvania, $5,306,738; Massachusetts, $3,213,481; New Hampshire, $1,757,445; Connecticut,