STOCKHOLM 



5550 



STOCKTON 



No man can purchase a membership and 

 thereby become entitled to the privileges of his 

 exchange; he must be formally recommended 

 and then elected. If a member dies his mem- 

 bership becomes the property of his heirs, but 

 such transfer does not carry membership rights. 

 The new owner must be elected to a seat or 

 the membership must be sold and the pur- 

 chaser must secure election. If on a member's 

 death he is indebted to other members of his 

 exchange the proceeds of the sale of his seat 

 must first be applied to the cancellation of 

 debts ; any sum remaining belongs to the bene- 

 ficiary. 



The "Curb." How are unlisted stocks and 

 bonds marketed, and how are their prices 

 known and regulated, if stock exchanges refuse 

 to recognize them? There are scores of com- 

 panies whose unlisted stocks are on the mar- 

 ket, and there is an immense amount of trading 

 in them, in spite of their highly speculative 

 character. 



Such purchases and sales are made by what is 

 known as curb trading, and the place where 

 they are made is literally the curb the side- 

 walk and the street, into which traders over- 

 flow. If brokers and customers are barred from 

 the stock exchange, they resort to the nearest 

 satisfactory device and gather outside the ex- 

 change, or as near to it as possible, on the curb. 

 Here sales and purchases are made very much 

 as they are on the floor of the exchange. Some- 

 times there is a wildly gesticulating crowd of a 

 thousand men on the curb in New York City. 

 Daily papers in the great cities report these 

 transactions as fully as they do those on the 

 exchanges. The "curb" is a recognized institu- 

 tion in New York, London and Paris. E.D.F. 



Consult Van Antwerp's The Stock Exchange 

 from Within; Campbell's The Law of Stock 

 Brokers. 



Related Subjects. The following articles in 

 these volumes should be read in connection with 

 the above : 



Board of Trade 

 Bucketshop 



Capital 

 Corporation 



STOCK 'HOLM, the capital and metropolis 

 of Sweden and the chief industrial center of 

 that country. It is picturesquely situated on 

 both shores of Lake Malar at the point where 

 the lake is drained by a small stream into a 

 channel of the Baltic Sea (see map, following 

 page 2092). A part of the city occupies a net- 

 work of islands and peninsulas, and for this 

 reason it is sometimes called the "Venice of the 

 North." Yet there is nothing else about this 



interesting capital, with its characteristic north- 

 ern scenery, its rocky hills and virgin forests, 

 to suggest the tranquil beauty of an Italian 

 city. The old nucleus of Stockholm, called the 

 Staden, which is built on an island in the 

 stream, is a place of narrow, winding streets 

 and quaint gabled houses, but the sections on 

 the north and south shores of the mainland 

 have broad, modern avenues, and many hand- 

 some squares, promenades, parks and public 

 buildings. 



Stockholm is an educational center of impor- 

 tance, though it has no state university. There 

 is an excellent system of elementary schools 

 and there are several higher technical institu- 

 tions. The Royal Library contains a great 

 collection of books, manuscripts and pamphlets, 

 numbering approximately a million and a half, 

 and there are museums of fine arts, antiqui- 

 ties, ethnology and archaeology, natural history 

 and biology, many scientific and historical 

 academies and an astronomical observatory. 

 Near the observatory are the offices for the 

 distribution of the Nobel Prizes (which see). 

 Stockholm ranks next to Gothenburg in amount 

 of shipping clearing the harbor, and has numer- 

 ous manufacturing establishments. The manu- 

 factures include beer, sugar, cotton goods, to- 

 bacco products, furniture, soap, foodstuffs and 

 other commodities. Shipbuilding is an industry 

 of importance. The city was founded by Birger 

 Jarl in 1250. Population in 1910, 342,323; in 

 1915, estimated to be 386,270. 



STOCK 'TON, FRANCIS RICHARD (1834-1902), 

 a popular American writer of humorous stories, 

 called by a contemporary admirer a "wonderful 

 weaver of fancies" and 



"A King of the Kingdom of Laughter 

 And a Prince, but never of Wails." 



The stories of Frank Stockton, as he is usu- 

 ally called, are enjoyed for their whimsical hu- 

 mor, unusual characters and situations, and at- 

 tractive style. Their author spent his early 

 life in his native city of Philadelphia. Al- 

 though he showed literary ability by writing 

 verses at the age of ten, and by contributions 

 to his high school paper, he became a wood 

 engraver and designer after completing school. 

 He began his professional literary work in 1866, 

 when he became a reporter on the Philadelphia 

 Morning Post. Later he joined the staffs of the 

 Hearth and Home and Scribner's Monthly of 

 New York, and in 1873 became assistant editor 

 of Saint Nicholas. 



After seven years of editorial work Stockton 

 began to write independently. In 1874 prob- 



