The stock exchange opens every morning at 11 o’clock and closes at 4, except on Saturday, on which day the doors are shut at 2 o’clock. All members of the house are either jobbers or brokers, the former term being applied to those who are dealers in stocks. It is contrary to the etiquette of the London Stock Exchange for brokers to deal with brokers, and all transactions are accordingly effected between brokers (representing their clients) and jobbers. Brokers’ charges vary from one-sixteenth to as much as one-half per cent., and the jobbers’ “turn” or profit from one-eighth to two or three per cent., according to the character of the stock dealt in. The turn of the jobber amounts in the aggregate to an enormous tax upon the British public, and the question of the utility of this intermediary has been much discussed at various times. On buyers and sellers the tax operates in this way :—A wishes to buy and B wishes to sell £1000 of Caledonian Railway stock, but, brokers being forbidden to deal with brokers, recourse is had to the jobber C, who makes a price to the brokers of say 98 to 98¼, that is to say, he offers to buy at 98 or to sell at 98¼; the buyer A accordingly pays 98¼ plus his broker’s commission, and the seller B receives 98 minus his broker’s commission, the jobber C pocketing the difference or “turn” of ¼ per cent. The argument in favour of the jobber is that he supplies at all times and in all circumstances a ready market, and it must be allowed that in ordinary times he is a very convenient functionary. But, as a matter of fact, in excited times the system often breaks down, as the jobbers frequently shut their books and refuse to deal at the very moment when their help is most needed. What are known as the “markets” in the stock exchange are simply groups of jobbers distributed here and there on the floor of the house. Habit or convenience seems to have determined the particular spots occupied, which are known as the consol market, the English railway market, the foreign stock market, and so on.

In active times the business transacted daily on the London stock exchange amounts to an enormous total. Yet no written contracts or notes pass between jobbers and brokers, verbal communications being alone in use. Notwithstanding this apparent looseness of practice where millions of property are bought and sold almost hourly, there is hardly a single instance of attempted repudiation on record. All transactions are entered into for the fortnightly settlements, the precise dates for which are always fixed a few weeks in advance by the committee of the house. Each fortnightly settlement includes three days: the first is the continuation or contango day, when all transactions of a merely speculative description are continued for another fortnight, the second the ticket day, when names are passed for actual purchases or sales, and the third the pay day, when all amounts or balances are paid or received. As the great bulk of business is purely speculative, the contango or continuation day is by far the busiest of the entire fortnight. The floor of the house is then crowded with an eager throng of from 2000 to 3000 brokers, jobbers, and clerks, and during the greater part of the day little is done beyond arranging the account. Continuation rates or contangos vary with the value of money and the state of the account. When money is dear, or speculative buying active, rates are high, but when speculative selling has preponderated, and the account has become what is called a “bear” account, rates are light. An enormous amount of capital is engaged in stock exchange speculation in London. Banks, financial companies, aud private firms and individuals lend freely on stock exchange securities, and thus encourage, if they do not initiate, most of the great speculative movements. Besides the great central institution in London, stock exchanges exist in nearly all the large cities of the United Kingdom. The principal are those of Glasgow, Liverpool, and Manchester, which provide excellent markets for local stocks and shares.

On the Continent the two chief centres for the transaction of stock exchange business are Paris and Berlin. In Paris the business can be traced back for about five hundred years, but it was not until 1726 that the Bourse was legally recognized, sixty agents de change for the transaction of business being appointed in that year by the king. The Bourse now consists of two distinct bodies, known as the parquet and the coulisse. The parquet is composed of the sixty official brokers or agents de change appointed by the Government, who alone are admitted to the inner business ring of the Bourse. The coulisse are the outside dealers or brokers, but, unlike the same class in London, these comprise firms of solid standing, bankers, and arbitrage houses. Although a partial settlement occurs once a fortnight, the great bulk of the business on the Paris Bourse is settled for once a month, the arrangements connected therewith occupying no less than six days. Another peculiarity in the mode of conducting business in Paris is that sellers can be compelled to deliver stock at any time during the currency of the account. At Berlin the Bourse is not under Government control, and although a certain number of licences are issued any one may act as a broker. The Bourse can be used by the public on payment of an annual subscription, and all debts incurred there are as obligatory in law as ordinary commercial debts. The settlement occupies three days, and occurs at the end of each month.

Although stock exchange business in the United States has now attained enormous proportions, it is of comparatively recent origin. The first organization of brokers in New York dates from about 1820. The mode of conducting business in Wall Street differs in some respects from both the English and the Continental procedure. Transactions entered into on one day are settled on the following, and the full amounts involved, and not the mere differences, are paid and received. The jobber, who is of so much importance under the English system, is unknown in New York, as in all cases brokers deal direct with brokers. While stock exchange business in London is of immense variety, and comprises all descriptions of home and foreign Government bonds, railway stocks, and miscellaneous shares, in New York it is confined almost entirely to American railway bonds and shares. In these securities, however, the volume of business in active times is enormous, the vast railway system of the United States providing an ample choice for the investor and a wide field for speculative manipulation.

Stockholm was first founded by Birger Jarl, it is said, in the middle of the 13th century, at a time when pirate which had been enclosed was found to be insufficient, and houses were built outside the walls, which thus lost their defensive character. The castle, two towers belonging to the older works, and some newer walls nearer the water became the sole fortifications. The citizens began also to build on the neighbouring shores, though there, in the event of a siege, all houses had to be destroyed, so as not to give shelter to the enemy. A tendency to increased fleets were less common than they had been, and the Government was anxious to establish commercial relations with the towns which were now beginning to flourish on the southern coast of the Baltic. The city was originally founded as a fortress on an island at the mouth of Lake Mälar; this island, which is not large, consists of a hill of gravel resting upon rocky ground, having its highest side towards the north, and sloping in the other directions. The castle was erected on the north-eastern corner, and the city was surrounded with walls having fortified towers on the north and south. It came to be called Stockholm (“the isle of the log,” Lat. Holmia, Germ. Holm) ; the true explanation of the name is not known. Soon the space development has steadily showed itself throughout the Middle Ages and in modern times. On an islet in the stream, between the original Stockholm and the northern shore, was founded, in the 14th century, a hospital of the Holy Ghost, and a new tower was erected to defend the approach to the city. On another islet closely adjoining the original Stockholm on the west, a Franciscan monastery was founded towards the end of the 13th century.

The present city has an area of 12·6 square miles (·44 being water); its extreme length from north to south is about 3·8 miles and its circumference 14¼. The different parts of the actual city are the following. (1) Staden is the old “city”; its ancient origin is apparent in the narrow and winding streets. The individual houses are not very old, owing to the ravages of frequent fires; still, some are to be seen with very narrow frontage and gables turned towards the street, as in North Germany. The old market, still called Stortorget (“the great market”), is now one of the smallest in Stockholm. The royal palace, dating from the Middle Ages, but enlarged and partly rebuilt at a later period, was destroyed by fire in 1697, the body of Charles

XI. being with difficulty rescued from the flames. A new palace, after plans by Nicodemus Tessin, was not completed (owing to wars and the general distress) until 1754; it is a quadrangular structure on the summit of the hill, with two wings towards the east and four towards the west (two straight and two in a semicircle). The style of the building is noble and refined, the royal apartments rich in treasures of art. In the immediate vicinity of the palace is the church of St Nicholas, the oldest in Stockholm, but in many parts changed from what it was; the chancel was demolished in the 16th century to give more room for the palace. Staden is the commercial centre of the city, containing the exchange, the bank of Sweden, and the custom-house, as well as the offices of many merchants. On the eastern side a very large quay, called the Skeppsbro (“the bridge of ships”), extends from the statue of Gustavus III. opposite the palace to where the traffic between Lake Mälar and the Baltic is carried on through a sluice or lock. The Skeppsbro is the landing-place for steamers to the northern provinces of Sweden and foreign ports. On the other side of the palace is the Kanslihus, containing the offices of most of the ministries; and a little farther on is a market, named from the palace on its northern side, the Riddarhus, belonging to the Swedish nobility. The principal hall of the Riddarhus has its walls adorned with the armorial bearings of the noble families of Sweden. The representatives of these families meet here every third year for consultation as to their common interests. In front of the building stands the statue of Gustavus I. The town-hall stands in the same square. (2) Riddarholmen contains the old Franciscan church, which, however, is not now used for divine service. Since the time of Gustavus Adolphus it has been the burial-place of the royal family; it also contains many trophies from the European wars of Sweden. On one side of the church stand the houses of parliament; on the other is the statue of Birger Jarl, the founder of Stockholm. A large part of the island is occupied by Government offices, including the record office. Along the shore most of the steamers for different parts of Lake Mälar and farther on through the canal of Södertelge, for the Baltic, have their landingplaces. (3) Helgeandsholmen (“the isle of the Holy Ghost ”) is at present occupied by the royal stables. The Norrbro (“north bridge ”), connecting the old town with the northern shore, passes the eastern extremity of the island. (4) Norrmalmen (“the northern suburb ”) begins at the Norrbro with the market of Gustavus Adolphus, where his statue stands between the theatre royal and the crown prince’s palace. Norrmalmen is one of the best-built parts of the city, with broad straight streets; it contains four parish churches and also the English church, the Roman Catholic church, and the Jewish synagogue. In the south-eastern corner is a large open space, Kungs-trädgården (“the royal garden”), with the statues of Charles

XII. and Charles XIII. and a fountain, one of the prin cipal playgrounds for children. Near it is another park, with the statue of Berzelius. Norrmalmen has several public buildings, such as the post-office, the principal railway station, the academy of art, the academy of sciences, the high technical school, and the school of metallurgy, the technical school, the observatory, &c. On the northern side of Norrmalmen lies the principal cemetery. (5) Blasie-holmen, united with Norrmalmen since the filling up of the canal which formerly separated them, contains the national museum, the academy of music, &c. (6) Skeppsholmen

(“the isle of ships”) and (7) Castellholmen both belong to the admiralty. (8) Kungsholmen (“the isle of the king ”), to the west of Norrmalmen, contains a parish church, the mint, the high school of medicine, several hospitals, and many factories. (9) Ladugardslandet takes its name from the farm yard (ladugård ) of the royal castle, which formerly occupied a great part of its area. It became a part of the city in the middle of the 17th century, but until recently played a very subordinate part, owing to want of water. Since the introduction of the new water-supply this part of Stockholm has grown wonderfully, and is now the finest part of the city, with more than 40,000 inhabitants. It has a fine park, Humlegården (“hop garden”), with the royal library and the statue of Linnaeus. Most of the barracks of Stockholm, as well as the high military school, are situated in this quarter of the town. (10) Djurg å rden (“deer garden’) is a royal park, with villas, restaurants, shipbuilding yards, &c. (11) Södermalmen (“the southern suburb ”) is separated from Staden by the sluice already mentioned. On an open space at the side of the channel stands the statue of Charles XIV. (Bernadotte). The larger part of this suburb, with its two parish churches, chapels, hospitals, &c., stands at a considerable elevation, and communication has been facilitated by the construction of two elevators. On the outskirts are factories, foundries, &c.

A glance at the map at once shows how important have been its water-facilities in forming the character of Stockholm. From all sides the water permeates the different parts of the city, separating them, yet at the same time helping to unite them. Stretching far away to east and to west between shores and islands sometimes open and cultivated, sometimes rocky and covered with trees, the water entices the inhabitants to make excursions and to reside for a part of the year in the country; in the summer the city is largely deserted. The site is universally recognized as extremely picturesque. The great water-surface has also a beneficent influence upon the climate. In 1884 the mean temperature was 42°·47 Fahr., the highest temperature of the year being 72°·4 Fahr. (2nd and 5th July), the lowest -0°·4 Fahr. (30th November). The year’s rainfall amounted to 18·3 inches, the number of rainy days being 129. The best time for visiting Stockholm is the latter half of June, when the evening and morning lights, reflected from the water and seen through the young and luxuriant verdure, produce singularly beautiful and varied effects.

In Sweden the cities formerly played a comparatively subordinate part. During the Swedish Middle Ages the prominent classes were the nobility, the clergy, and the peasantry. The anti-aristocratic revolution of the 14th and the 15th centuries had in Sweden its principal supporters among the peasants. But the importance of the cities has gradually increased, and recent times have witnessed an accelerated development, which is best exemplified by the history of Stockholm. The number of inhabitants was, in 1800, 75,517; in 1825, 79,473; in 1850, 93,070; in 1860, 112,391; in 1870, 136,016; in 1880, 168,775; in 1884, 205,123; and in December 1885, 215,688. In 1884 11,916 were qualified to take part in the election of members of the lower house of parliament. Along with the rapid increase of population went a correspondingly increased industrial activity and a considerable development in the means of communication. The number of mechanics in 1884 was 11,064 (8716 of the wage-earning class), the corresponding numbers for 1880 being 9664 and 7483. The number of factories in 1884 was 275, employing 9810 workpeople (including 2638 women), and producing to the value of 32,355,565 Swedish crowns (£1,797,531). The merchants in 1884 numbered 3828, with 6554 assistants. In the same year 37,561 vessels entered (21,460 steamers), while 37,699 (21,565 steamers) cleared. Of these 1688 entered from and 1159 cleared for foreign ports. In former times Stockholm had the command of all the foreign commerce for the country round Lake Mälar, and for the whole of northern Sweden; but more recently the northern cities have made themselves to a certain extent independent of the capital.

For communication between the different parts of Stockholm omnibuses and small rowing boats have now given place to small steamers; in 1884 sixty-three of these were in use in the city and its immediate vicinity. In 1880 tramways were constructed for Staden, Norrmalmen, Kungsholmen, and Ladugårdslandet.

The city forms a separate administrative district under a governor (öfverst å lh å llare). In ecclesiastical matters it belongs to the archbishopric of Upsala, and the archbishop has the light to preside in its consistory, of which the president generally is the pastor primarius, the rector of St Nicholas. The members of this consistory are the rectors of the other seven territorial parishes and the rectors of the Finnish and German congregations. There is also a court consistory, presided over by the chief court preacher.

It was not until modern times that Stockholm became the capital of Sweden. The mediaeval kings visited year by year different parts of the kingdom, where they lived for a shorter or longer time. When, from the development of state affairs, the need of a capital came to be felt, no city could compete with the claims of Stockholm. It is the usual residence of the king; in the summer be lives generally in one of the palaces in the neighbourhood; some part of every year he passes in his Norwegian capital. The supreme court of justice has its seat in Stockholm, as well as the Svea Hofrätt, the next highest tribunal for central and northern Sweden. It is also the seat of all the other central governmental boards.

Stockholm is also the seat of seven academies. (1) The Swedish Academy, with eighteen members, founded in 1786, deals with the language and literature of Sweden. It is engaged upon a Swedish dictionary, and celebrates every year the memory of some renowned Swede. (2) The academy of sciences, founded in 1739, with 100 ordinary members, distributed into nine classes, and 75 foreign members, has charge of the royal museum of natural history, the physical, astronomical, and meteorological institutes, and the botanical garden. (3) The academy of belles lettres, history, and antiquities, founded in 1753, reformed in 1786, now occupies itself only with history and antiquities; it has 14 honorary members, 20 ordinary members, 16 foreign members and correspondents. The secretary of this academy is, at the same time, as royal antiquary of Sweden and garde des médailles, director of the archaeological, historical, aud numismatical state collections, and inspector of the antiquities of the kingdom. (4) The academy of agriculture, founded in 1811, with 24 honorary members, 136 ordinary and 75 foreign members, occupies itself with agriculture and fisheries. It has an experimental institution for agricultural chemistry, physiology of plants, gardening, and practical agriculture. (5) The academy of fine arts, founded in 1735, has charge of the official school of art. (6) The academy of music, founded in 1771, has the care of the state conservatory of music. (7) The academy of military sciences was founded in 1796. Each of these academies is a distinct body; most of them publish their transactions, and each has its own library.

There are several private societies of a scientific character, such as the society for publication of historical documents, the historical society, the society of anthropology and geography, the society of national antiquities, the geological society, the society of natural sciences, the entomological society, &c.

Stockholm has no state university, but there is a high school of medicine (Carolinska Institute), which has several professors of mathematics and natural science. The city has also a high technical school, a technical school, a high military school, and a military school (in the palace of Carlberg, outside of the city), a veterinary school, a school of pharmacy, seven more or less complete secondary schools, and two seminaries for female teachers, besides private schools. The number of pupils in the secondary schools in 1884 was 2294 and in the primary schools 14,351.

The following are the principal public collections. (1) The royal historical museum (in the national museum) contains a remarkably rich series of the prehistoric antiquities of the country. Founded in the 17th century, it has made greatest progress since 1837. (2) The royal numismatical collection (in the national museum) contains about 90,000 coins and medals. The series of Anglo-Saxon coins found in Sweden is very important. (3) The numismatical collection of the Bank of Sweden (in the bank offices) contains very good series of Swedish coins and medals. (4) The royal collection of armour and royal dresses (in the royal palace) is very rich in specimens of the 17th and 18th centuries. (5) The royal museum of fine and industrial arts (in the national museum) contains sculptures, pictures, engravings, drawings, &c. The collection of Swedish art is, of course, very rich. Of foreign schools that of the Netherlands is best represented. The collection illustrating the development of industrial arts consists principally of gifts of Charles XV. and Count A. Bjelke. (6) The royal museum of natural history (in the palace of the academy of sciences), with very rich zoological, botanical, palaeontological, and mineral series, is exceedingly rich in objects from the arctic regions. Other collections deserving mention are (7) the museum of the geological survey of Sweden; (8) the museum of the school of medicine; (9) the northern museum, a private institution, a very rich collection representing the life of all social classes of the north; (10) the royal library, very rich in books and manuscripts; and (11) the royal archives.

See Elers, Stockholm, 4 vols. , 1800-1801; Ferlin, Stockholms Stad; Berättelser angående Stockholms Kommunalförvaltning. (H. HI.).