{
    "system": "GoGuides Verified Text",
    "api_version": "verified-text-v1",
    "status": "ok",
    "response_type": "verified_text_record",
    "source_key": "britannica_1926",
    "source_title": "Encyclopaedia Britannica (1926)",
    "license_code": "public_domain",
    "attribution": null,
    "license_url": null,
    "chunk_id": "1926:steam engine:e0290c231c67",
    "title": "STEAM ENGINE",
    "section": null,
    "hash_alg": "sha256",
    "hash_sha256": "b1727e6015453ae41e8c48d83173fb795ee8a6da2ed2f6f799a983da2f981eb6",
    "normalizer": {
        "name": "ggnorm",
        "version": "1.0"
    },
    "verified_text": "the article in vol. 25 traces the history of the steam engine along its two lines of cle- velopment, as a reciprocating engine and as a turbine—the engine of watt and the engine of parsons: it also includes a sketch of the thermodynamic theory which governs both. the turbine form of steam engine long since established it- self as a successful rival to the reciprocating or piston and cylinder form, especially in two great fie!ds—marine propulsion and the generation of electrical power for distribution from central sta- tions. much the most important steam turbine has been of the compound reaction type, originated by sir charles parsons and developed by him into a prime mover of great power and high efficiency. in parsons’ turbine the principle was for the first time practically applied of dividing the whole heat-drop, from boiler to condenser, into a large number of successive stages. at each stage the steam acquires a moderate velocity by under- going a small fall of pressure in a row of converging passages or nozzles, and gives up the momentum so acquired to blades mounted on a revolving drum or “ rotor.”’ in parsons’ turbine, as is explained in vol. 25 (p. 845), rows of moving blades on the rotor alternate with precisely similar rows of fixed blades projecting inwards from the case or cylinder in which it is enclosed; they are so shaped that the steam suffers 2see memorandum on currency and central banks, 1013-24, issued by the league of nations, 3'these organisations issue to their subscribers the publications containing the data and charts referred to. 4 institut international de statistique. 1924 and 1926. bulletin, tomes steam engine substantially equal drops of pressure in both, and acquires equal amounts of relative velocity. later the principle of using many compounded stages was successfully applied to the impulse type of turbine by rateau and others, producing a machine which also has successive groups of fixed nozzles alternating with rows of moving blades, but the action on the moving blades is in gen- eral one of pure impulse: in the moving blade passages there is no drop of pressure, consequently there is no gain of relative velocity and no reaction in the sense in which that word is used when one speaks of a parsons’ turbine. electric power stations.—in recent years the compound im- pulse turbine has been brought, in the hands of various makers, to a high degree of efficiency, though not exceeding that of par- sons’ reaction turbine. both types are now in very extensive use, especially in electrical power stations where great numbers of powerful turbines are installed. many of these develop indi- vidually as much as 30,000 kw., and some 50,000 kw., or even more. for such service the turbine is as a rule directly coupled to an alternating-current dynamo. a common speed is 3,000 r.p.m. in turbines of moderate output, or 1,500 in the larger sizes. in turbines of 20,000 kw. or over, it is usual to divide the expansion between two or more separate cylinders, to avoid the use of an unduly long enclosed rotor, and to escape difficulties that might arise from too wide a range of temperature in diff- erent parts of the rotor and the enclosing casc. often the two cylinders are arranged in tandem with their rotor shafts in one straight line, mechanically coupled to rotate as one shaft. in some recent instances the high-pressure cylinder is of the impulse type and the low-pressure cylinder of the reaction type. for central station use, the steam turbine has entirely displaced the reciprocating engine, and has achieved an economy of fuel of which that engine is quite incapable. apart from its higher efficiency, its relatively small bulk, in relation to the power developed, and the convenience with which it is handled in running give it a marked advantage. marine enginecring.—in its original application to ship pro- pulsion, the turbine was directly coupled to the propeller shaft, but this arrangement had a serious drawback. to work effi- ciently, a screw propeller must run at a speed much lower than that which is suitable to the shaft of a turbine. in fast ships the discrepancy is of course less than in slow ships: this considera- tion practically restricted the early marine use of the turbine to ocean liners, war ships and other fast vessels. even in them there had to be a compromise: the propeller was designed to make an abnormally large number of turns per min. at some sacrifice of propulsive efficiency, and the turbine had to be de- signed for an abnormally low speed on the part of the shaft. the low speed of revolution, even with great enlargement of the rotor drums and multiplication of the number of blade rings, serlously hampered its thermodynamic efficiency. notwith- standing this handicap, the advantage of the turbine in marine use was so conspicuous that in the 10 years from 1906 to 1916 direct coupled marine turbines to an aggregate of 14,000,000 h{.p. were supplied by parsons and his licensees for the propul- sion of ships, taking the place of triple or quadruple expansion engines of the reciprocating class. improved designs.—meanwhile, however, parsons had made a new departure which was to render the direct-coupled marine turbine obsolete. realising that the turbine should be freed from the limitation of speed which is imposed by the propeller, he set himself to improve methods of gear-cutting so that the large powers involved in marine propulsion might be successfully transmitted through a reducing gear, which would allow the turbine shaft to run much faster than the propeller shaft. ie demonstrated the practicability and the great advantage of such gearing by a large scale experiment on the steamer ‘ ves- pasian ” in 1910. there gearing was interposed between the turbine and the propeller, a pair of pinions five in. in diameter on the turbine shafts driving a wheel 993 1n. in diameter on the propeller shaft through helically cut teeth on which jets of oil were continuously sprayed. the gear showed itself to be durable as well as ecfhcient, absorbing only about 2% of the transmitted 645 power. geared marine turbines soon made a rapid advance; they are now employed to the exclusion of direct coupled marine turbines in all modern designs. up to the end of 1925 they have been supplied to the extent of over 16,000,000 horsepower. in many turbine driven ships, including all the vessels of the british navy, single reduction gears are used, witha speed ratio which may be as high as 20, but recent practice in the mercan- tile marine prefers double reduction gearing in which a total speed ratio of 40 or so is reached in two steps through the use of short intermediate gear shafts. in a recent design of a double- geared marine turbine of 5,000 h.p., to drive a single screw propeller, steam is supplied at a pressure of 500 lb. persq. in., super- heated to 700° fahrenheit. ‘this is expanded successively in three cylinders of the turbine (high, intermediate and low pressure), the shafts of which run respectively at 5,000, 3,000 and 1,700 revolutions per min., and carry pinions that gear with two short second-motion shafts driving a central propeller shaft at go rev- olutions. with such an installation the consumption of steam is probably less than 8 ib. per h.p. per hour, and the propulsive effect for each ib. of coal, in normal working, is about doubled in comparison with what was usual a few years ago. the successful application of gearing has opened up for the steam turbine many additional fields of usefulness, as a prime mover in factories, rolling-mills, paper works and so forth, where the shafting or machine to be driven is required to run at a speed much lower than would be suitable for the turbine shaft. it is unnecessary to describe here in any detail the forms taken by steam turbines, or state the principles which govern the de- sign of their blading, in order to secure that the hydraulic effi- ciency at each stage shall be high, and that as large a fraction as is possible of the adiabatic heat-drop shall be converted into useful work (see turbines). thermodynamic efficiency-~the adiabatic heat-drop is a matter of primary importance in determining the limit of per- formance of any steam engine, whether of the reciprocating or the turbine class. it is measured by the change in the total heat function (see 25.825) which the steam would undergo if it expanded adiabatically from the condition as to pressure and temperature at which it is supplied to the final condition of pressure in the condenser, this represents the greatest amount of work which is theoretically obtainable, per lb. of operative steam, under ideally favourable conditions, in a steam engine of any type, so long as the engine follows the “ rankine cycle ” (see 25.827). under the conditions of actual practice the effec- tive work may amount to about three-fourths of this quantity. tor the convenience of designers, tables of the adiabatic heat- drop between various stated conditions of supply and exhaust have been calculated and published, on the basis of callendar’s tables of the properties of steam. e any improvement in the thermodynamic efficiency of a steam engine may proceed on three more or less distinct lines:— (1) by making the actual process of expansion conforta more closely to the adiabatic ideal, thereby obtaining a larger fraction of the heat-drop in the form of useful work. this fraction is called the ‘efficiency ratio.’ (2) by increasing the range of temperature through which the engine works, which may be done either: (a) by raising the pressure and temperature of the supply; or (8) by lowering the pressure (and consequently also the temperature) in the condenser. (3) by departing from the rankine cycle and making the opera- tion of the engine approach more nearly to the carnot cycle, which represents the extreme limit of efficiency in the possible relation of work done to heat supplied, when every part of the thermodynamic cycle, including the return of the working fluid to the boiler, is car- ried out in a strictly reversible manner, all these lines of development are found in recent practice. they have led to features, some of which call for particular notice, that are characteristic of present tendencies in design. blade design.—the heat-drop is more fully utilised in turbines by better blade design, by avoidance of leakage past the blades, by using blade speeds which are generally higher and are more favourably related to the speec| at which the steam issues from the nozzles; also by providing large areas for the passage of steam through the last rows of the blading and for its discharge to the 646 condenser, so that the last stages in the expansion may be util- ised, and that the great volume to which the steam has then expanded may be passed without too high a leaving velocity. superheating.—another factor which makes for an efficient use of the heat-drop is super-heating. it is now an ordinary feature of turbine practice to superheat the steam to a tempera- ture approaching 700° f.: an important effect of this is to reduce frictional losses, and so improve the effhciency ratio by keeping the steam dry throughout a large part of the expansion. this advantage can be still more completely secured when reheating is resorted to, which means that the steam is removed after ex- panding to an intermediate stage, and is passed through pipes which reheat it to a high temperature. it is then returned to the engine to complete its expansion. by this means the steam can be kept dry throughout the whole or nearly the whole of its action. reheating in this sense is used in the most efficient modern power stations. on the large scale, and as a feature of steam turbine practice, it is novel, but it was used some 25 years ago by w. schmidt in compound reciprocating engines, where the practicability and the advantage of high superheat were for the first time clearly demonstrated (sce 25.829). schmidt's method was to reheat the partially expanded steam by bringing it into thermal contact with the highly superbeated high-pressure supply in a receiver between the two cylinders. the plan adopted in power stations is to take the steam back to the boiler house for direct reheating by the furnace gases. it must be recognised that this involves losses by radiation and otherwise which may go far to reduce the net advantage. boiler pressure.—a high degree of initial superheat has the further merit that it raises the average temperature at which heat is taken in, and so increases the cfiective thermodynamic range. an advantage of like kind, but greater in amount, can be secured by substantially raising the boiler pressure, and this is a conspicuous feature of modern practice. in recently erected power stations pressures of 500 or 600 lb. per sq. in. are not un- common, and experiments with pressures of 1,200 and even 1,500 ib. are in progress. even with the highest pressures that are practicable the temperature of the steam may advantage- ously be raised by initial superheating up to the highest level which the materials will safely stand condenser design.—at the other end of the process, the pres- sure in the condenscr is limited by the vapour pressure of the available cooling water. a very close approach to this limit ts secured in practice, in the large surface condensers which form part of power-station plants, by the methods which are now used for the extraction of air and residual vapour. the gaseous contents of the condenser are usually removed by a combination of two steam-jet ejectors, working in series, which entrain it and discharge it against atmospheric pressure, through an expanding nozzle in which it gains pressure by losing velocity. the liquid condensate is removed by a separate pump, often of the centrif- ugal type. by this combination a much better vacuum is readily maintained than was practicable in the days of the old-fashioned air-pump, which removed the condensate and the air and vapour together. the condenser pressure is reduced to one inch or even three-quarters of an inch of mercury. to keep a good vacuum is specially important in turbine plants, for the turbine can make full use of the very last stages of expansion, and the large volume which the steam has makes even a small fall of pressure con- tribute substantially to the total quantity of work that is done. feed water improvements.—the rankine cycle (see 25.827) is thermodynamically less efficient than the completely rever- sible cycle of carnot, because it includes an irreversible transfer of heat to the feed-water in raising it from the temperature of the condenser to that of the boiler. this irre- versibie feature can be more or less completely eliminated by a device which has recently become usual in turbine plants which aim at high thermal economy. steam is “ bled” from the tur- bine at several points, at a series of intermediate temperatures, and is used to heat the feed-water step by step in a corresponding series of feed-heaters, through which it passes on its way from the condenser to the boiler. if the number of such steps were steam engine indefinitely increased the process of feed-heating would become completely reversible; by providing even three or four steps a good approximation to reversibility is reached. the arrange- ment is known as regenerative or cascade feed-heating or feed- heating by bleeding. | if the steam were not superheated, and the feed-heating were made reversible, the cycle (with an infinitely large number of steps in the feed-heating process) would become that of carnot, for all the heat which the working substance receives would then be taken in at the upper limit of temperature, and all the heat it rejects would be rejected at the lower limit, the cycle being completed by two reversible processes, namely adiabatic expan- sion from the upper to the lower limit on one side, and regener- ative return from the lower to the upper limit on the other. superheating involves, in practice, a departure from this cycle, by raising the temperature of the steam to a higher level than that at which the chief part of its heat has been received. a limit of temperature beyond which superheating cannot be carried is imposed by considerations relating to the strength and endurance of the materials of which engines are built. with such superheats as are common, cast steel has to be used in the earlier stages of the expansion, cast iron having been found to undergo a progressive growth or change of form when brought into repeated contact with steam at any temperature near the top of the range. the limit of superheating at present recognised as practicable is about 750° f., or 400° centigrade. although superheating prevents the cycle of operations from conforming strictly to that of carnot, it raises the efficiency, partly by increasing the average temperature range, but mainly, as was explained above, by keeping the steam dry. modern exam pies —in illustration of these features of modern practice, reference may be made to the steam turbine plant of the north tees power station, planned by messrs. merz & mcclellan, where there is reheating of the steam during its ex- pansion, and also regenerative heating of the feed-water. the boiler pressure is 475 ib. per sq. in. and the steam is initially superheated to a stop-valve temperature of 650° f. it expands in the high-pressure turbine to 65 lb. and is then returned to the boiler house where it is reheated to 500° f., before expanding in the low-pressure turbine to a pressure of o-39 ib. (vacuum 29} inches). although this reheating involves the taking in of supple- mentary heat at a temperature on the whole lower than that at which the main supply of heat is received, it materially improves the action by preventing the steam from becoming wet in the low-pressure turbine. the condensate, on its way back to the boiler, picks up what heat is available from steam drains and gland leakage, and also passes through three cascade feed-heaters. to which steam is bled from three suitable points in the turbine, with the effect that its temperature is raised 300° fahrenheit. a more recent example, of greater size and still higher ther- modynamic efficiency, is afforded by a turbine of 50,000 kw. normal output, supplied by sir charles parsons’ firm in 1925 to the crawford avenue power station, chicago. this plant has three cylinders through which the steam passes in series, each with its own alternator. steam is generated at 600 ib. per sq. in., and reaches the stop-valve with a gauge pressure of 550 pounds. it expands in the first or high-pressure cylinder of the turbine through 36 stages down to a pressure of roo lb., and ts then passed through a reheater, returning to the intermediate cylinder at 700° fahrenheit. there it expands through 23 stages to a gauge pressure of about 2 ib.; it then passes to the low-pressure cylinder where it expands through five more stages (making 64 in all) and is finally discharged to a condenser in which-the vacuum is maintained at 29] in. (barometer 30 inches). the low-pressure cylinder is set coaxially with the intermediate-pressute cylinder, and the steam passes from one to the other through a {arge coni- cal connecting passage with the least possible disturbance of the flow, in order that its carry-over energy of motion may be con- served. the low-pressure cylinder exhausts through very short direct passages of great sectional area into a pair of twin condensers with vertical tubes, one on either side of the shaft, providing steed—stefansson together a condensing surface of 56,000 sq. feet. steam is bled from the turbine at three places for regenerative heating of the condensate on its way back to the boiler: the water is thereby heated in three steps to 315° fahrenheit. heat from the flue gases is used to give a further stage of feed-heating, and also to warm the air-supply to the furnaces. the shafts of the high- pressure and intermediate-pressure turbines run at 1,800 revo- lutions per minute, that of the low-pressure turbine at 720. the highest blade-tip velocity is 760 ft. per second. with this plant about 33% of the heat supplied to the steam, or fully 27% of the energy cf the fuel, should be converted into electrical energy. parsons estimates that by raising the pressure of supply to 1,500 lb. per sq. in. the latter figure would be increased to 30:2%.! the reciprocating engine-—the growth and improvement of the steam turbine and the wide extension of its use, have formect the outstanding feature of the period now under review. with respect to the reciprocating engine regarded separately there is little that need be said. it has shared in the advantages that have come from the general use of superheating, and in some degree from the use of higher pressure. though displaced by the steam turbine where great amounts of power are concerned, it continues to find much application in moderate as well as small sizes, both on land and as a marine engine. many vertical triple and quadruple expansion engines, working at pressures of 200 lb. or thereabouts, continue to be fitted on board ship, especially when the speed of the vessel is subject to variation, or the possi- bilities of local repair have to be particularly considered. for locomotion on railways the reciprocating engine holds undis- turbed possession of the field. attempts have been made to apply the turbine to this use, but they have not gone beyond the stage of experiment (see railway construction; locomotive design), compound locomotives, extensively used on the continent of europe, are less generally favoured on english railways, though they have the support, based on experience, of more than one prominent locomotive engineer. superhcating in locomotives is now a standard practice: to effect it the method initiated by schmidt is employed: a certatn proportion of the tubes which convey the hot gases through the boiler from the fire-box to the smoke-box are given a comparatively large diameter (4 or 5 in.) and within each of these a long superheater tube is inserted which is bent back on itself three times; its ends are brought out side by side, and are connected to two headers on the steam supply. by means of the headers these superheater tubes are connected in parallel, so that together they form part of the channel which the steam must traverse on its way from the steam space of the boiler to the cylinders. mainly with the object of giving the locomotive more power, three or four cylinders are frequently used instead of two cyl- inders. with two cylinders the cranks are placed at right angles and the driving effort is subject to wide fluctuations durtng the revolution of the driving wheels. with three cylinders, set at 120° apart, a much more uniform effort is obtained, and inci- dentally the variations of vertical force on the rails, due to im- perfect dynamical balance of the revolving parts, are greatly reduced. recent investigations by a special research committee on the stresses produced on railway bridges by moving loads have shown that tn long bridges these variations of vertical force are the main factor in setting the bridge vibrating and thereby causing the moving load to produce augmented stresses in the members. this consideration may be expected to emphasise the preference, already felt on other grounds, for the three-cylinder type. the increased use of superheating in engines of all sorts has done much to reduce what is a serious defect of reciprocating engines in general—the thermodynamic waste that occurs through transfers of heat between the working fluid and the metal of the cylinder (see 25.828). superheating makes the transfer of heat comparatively difficult by keeping the steam more nearly dry. the waste arises largely from the fact that in an engine 1 parsons on steam turbines, trans. of the first world power conference (1924), vol. 2, p. 1477. 647 of any usual design the same surfaces are brought alternately into contact with hot and comparatively cold steam. to obviate this in some degree an interesting type has been introduced called the ‘‘ uniflow ” engine, which completely separates the admission from the exhaust. the exhaust ports are at the middle of a long cylinder and the admission ports are at both ends, the engine being double-acting. there is no separate exhaust valve; the piston itself causes the release of steam by uncovering the central ports as it approaches the end of its stroke. the piston is nearly half as long as the cylinder and only a little shorter than the stroke. the effect is that the cylinder ends, containing as they do steam chests of live steam, are both kept hot with very little fluctuation of temperature, while the middle region remains con- tinuously at a comparatively low temperature since it comes into contact only with steam that is at or near release. the admission is controlled by drop valves; the clearance spaces are very small; the cut off is early, and a high ratio of expansion is achieved in a single cylinder. engines of the “ uniflow ” type are now extensively used for such purposes as driving factories, and tests show that, for their size, they have a remarkably good thermal efficiency, especially when the steam has a fairly large amount of superheat. ‘there is still enough exchange of heat between the working substance and the metal to make super- heating highly advantageous. bin_yograpiy.—j. a. ewing, the steam engine (1914); j. perry, the steam engine (1920); dd. a. low, leat engines (1923). | ch uaetee) steed, henry wickham (1871- ), british journalist, was born oct. 10 1871 at long melford, suffolk. he studied economics, philosophy and history at jena, berlin and paris uni- versities, and in 1896 joined the staff of the times as acting cor- respondent in berlin, and was appointed correspondent in rome in 1897. transferred thence to vienna in 1902 as correspondent for austria-hungary, he remained there until 1913 when he re- turned to london, and was appointed foreign editor of the times, in jan. 1914. in 1913 he published the habsburg amfonarchy, in which the internal condition of austria- hungary was criti- cally examined and the possibility of a european war discussed. during the world war mr. steed, was mainly responsible for the foreign policy of the times and, in 1918, was chosen to frame the policy of lord northcliffe’s department for propaganda in enemy countries. in this capacity he was sent on an official mission to the italian front where he was authorised by the al- lied govts. to promise independence to the subject habsburg peoples. he helped also to arrange, in april 1918, the rome congress of the oppressed austro-hungarian races. in feb. 1919 he was appointed editor of the times in succession to mr. geoffrey dawson, and held this post until nov. 1922. after rclinquishing the editorship of te times mr. steed published through thirty vears, in which he related his experiences of european politics between 1892 and 1922. in 1923 he acquired the control of the review of reviews, of which he became editor. steel: sce iron and steel; rustless steel. stefansson, vilhjalmur (1879- __), arctic explorer, was born nov. 3 1879 at arnes, manitoba, of icelandic parents. he graduated from the university of lowa and studied for a while at harvard university. after two archaeological voyages to ice- land in 1904 and 1905 he turned to arctic research. in 1906-7 he was a member of the mikkelsen ethnological expedition to the eskimo tribes of the mouth of mackenzie river and northern alaska, and in 1908-12 he went on another expedition to the arctic regions north of canada, where he discovered several un- known eskimo tribes. in 1913 he was made commander of the canadian arctic expedition undertaken under the auspices of the canadian government. during the six years 1912-8 he explored vast regions north of canada and alaska, wandering for months on moving ice, accompanied by two or three com- panions. he discovered a new land north of prince patrick is- land in 1915, and in 1916 another new land, west of axel hei- berg island. in 1918 he explored the beaufort sea, disproving the existence of the so-called keenan land. stefansson laid 648 great stress on the economic value of the arctic regions, chiefly as meat supplying countries, and by his advice reindeer were suc- cessfully introduced in some of the arctic regions where they were not found before. after his return he received the thanks of the canadian privy council and was awarded the founder’s medal of the royal geographical socicty. his principal publications are: afy life with the eskimo (1913); anthropological report (1914); the friendly circtie (1921); the northward course of empire (1922); munters of the great north (1922); kak the eskimo (1924); the adventure of wrangel island (1926). stein, sir marc aurel (1862- ), british archaeologist, was born at budapest nov. 26 1862. educated at budapest and dresden and at the universities of vienna and tiibingen, he went to england for further study and then to india, where he became principal of the oriental college, lahore, and regis- trar of the punjab university in 1888. ife was appointed in 1899 to the indian education service, and for the next two years carried out archaeological explorations for the indian govt. in chinese turkistan. in 1906-8 he made further explorations (see 27.425) in central asia and western china, receiving the gold medal of the royal geographical society. irom 1910 he was superintendent of the indian archacological survey, and in 193-6 carried out explorations in persia and central asia, de- scribed by him in the geographical journal (1916). he was created k.c.i.e. in 1912. in 1926 he continued his explorations on the northwest fronticr and has identified the site of aornus (sce 1.548) thus correcting abbott’s view. his other publica- tions include chronicle of kings of kashmir (1900); anctent khotan (1907) and ruins of desert cathay (1912). steiner, rudolf (1861-1925), german philosopher, was born eb. 27 1861 at kraljevic, austria, the son of a small rail- way employee. from 1890 to 1897 he worked in weimar at the “ goethe-schiller archive,” editing goethe’s works on natural history. in 1902 the german section of the theosophic associa- tion was founded and stciner was called upon to become its spirit- ual leader. as such he developed for some years an astonishing activity as regards lectures and writings, but then became op- posed to theosophy altogether, and was therefore excluded from the theosophical centre under english leadership. steiner now developed his own teaching in a series of wrilings. he called this “ anthroposophy,’ /.¢., wisdom of humanity: mankind is regarded as the centre of all perceptions of this “ spiritual science,” and an attempt is made to deduce the nature of the world from the nature of humanity. in 1913 the anthroposophical society was formed to further spiritual research on steiner’s principles. in order to try his educational and political views in practice, steiner founded the waldorf school, near stuttgart, and the “ free high school for spiritual science ” known as the “ goethcanum ” at dornach near basle, which was burnt a few years later. all steincr’s works are published by the philosophisch—anthro posophischer— verlag, berlin, and by der kommende tag, stuttgart. he died at dornach may 30 1925. his chief works include: goethe, als vater einer neuen aesthetik (1888), eng. ed. in preparation; die philosophie der freiheit (1894), enz. trans. ed. if. collinson, the philosophy of freedom (1916); friedrich nictssche (1895); goethes weltanschauung (1897); theos- ophie (1904), eng. trans, by e. d. s., theosophy (1910); jtaeckel, die weltratsel und die theosophie (1905), eng. trans. haeckel, the riddles of the universe; and theosophy tn fi hvee fissays on flaecket and karma (1914); wie erlangt man erkenninisse der hihern welten (1909); eng. ed. trans. clifford bax, 2 vol., the way of initration and initiation and its results (1909-10); die aufgabe der geisteswts- senschaft und deren bau in dornach (1916); eng. ed. trans. a. m. wilson, the mission of spiritual science and of its building at dornach, switserland (1917); die kernpunkte der soztalen frage (1919); eng. ed. zhe threefold state—the true aspect of the social question (1920); in_ausfuhrung der dreigliederung des sostalen organismus (1920), eng. trans. in the threefold conmonwealth, vol. i, no. 5, 6 (1921), complete eng. ed. in preparation. brsliography.—e. boldt, von luther kis steiner (1921); eng. trans. (1923); f. rittelmeyer, von lebenswerk r, steiners (1921); cg. kaufmann, fruits of anthroposophy an introduction to the work of dr. r. steiner (1922). steinmetz, charles proteus (1865-1923), american in- ventor, was born at breslau, germany, april 9 1865. he was s lein=stryn educated at breslau, ziirich and berlin, specialising in mathe- matics, electrical engineering and chemistry. becoming an active socialist, he had to leave germany and went to the united states in 1889, beginning work in osterheid and kicke- meyer’s factory, yonkers, n.y., where his knowledge brought him speedy promotion. in 1893 he became consulting engincer of the general electric co., schenectady, and from 1902 was professor of electro-physics at union university there. he served as president of the city council and of the board of education of schenectady. ile was one of the greatest scholars and scientists in the electrical field and on the mathematics related thereto, and his researches did much to further the progress of applied industrial chemistry. true to his socialistic view of life, he refused to accept remuneration for his services, other than his bare hving expenses. he died at schenectady, n.y., oct. 26 1923. ile was the author of theory and calculation of alternating- current phenomena (1897); theory and calculation of transient electric phenomena and oscillations (1909); radiation, light and illumination (1909); engineering mathematics (1910); llectric dis- charges, wares and impulses (1911); amertea and the new i poch (1916); theory and calculation of electric circuits (1917); theory and calculation of electrical apparatus (1917). stevens, john f. (1853- ), american civil engineer and railroad official, was born at west gardiner, mce., april 25 1853. fle was assistant engineer of the city of minncapolis in 1874-6, afterwards engaging in railroad ‘engineering with the sabine pass and north-western, denver and rio grande, chicago, milwaukee and st. paul and canadian pacific railway com- panies. in 1889 he became connected with the great northern railroad, in 1895 becoming chief enginecr,.and in 1902 was made its general manager. in 1903 he was chief engincer with the chicago, rock island and pacific railroad, and in to04 became sccond vice-president. jte was appointed chicf enginecr of the panama canal in 1905, at the time when its construction policy was being determined, and the success of the enterprise owed much to his ability. for a short time in 1907 he was chairman of the isthmian canal commission. he became vice-president of the new york, new haven and hartford railroad in 1907, and in 1909 was president of the spokane, portland and seattle, the oregon trunk and allied railroads. he was head of the american railway commission to russia, 1917-8, and presi- dent of the inter-allied ‘technical board supervising the siberian railways, 1919-23. ; stevenson, adlai ewing (1835-1914), american political leader (sce 25.907), died at chicago june 13 1914. stewart, julius l. (1855-1919), american painter (see 25.914), died in paris jan. 4 19109. stewart, william downie (1878- ), new zealand poli- lician and publicist, was born at dunedin july 29 1878, his father being a member of the legislative council. he was educated at the otago boys’ high school and otago university, taking his degree in 1900. ie travelled through china and siberia during the russo-japanese war, and on his return practised law in dunedin, at the same time entering politics as the unsuccessful candidate for dunedin south in the election of 1906. he was elected a member of the council of otago university and of the dunedin city council, was mayor in 1913-4, and in the latter year was clected to parliament as member for dunedin west. a period of war service with the otago regiment in 1916-7 in- terrupted his political career, but he was re-elected in 1919 and in 1922 joined the massey ministry as minister for industries and commerce. on the death of mr. massey he was regarded as a strong candidate for premier, but his absence and ill-health were against him and mr. coates was chosen. mr. stewart, minister for customs and emigration under mr. massey, be- came minister for finance, and later attorney-general. he is joint author (with professor le rossignol) of state socialism in new zealand. steyn, martinus theunis (1857-10916), dutch south african politician (see 25.915), retired in 1910 and died at his farm near bloemfontein nov. 28 1916. stieglitz—stock exchange stieglitz, alfred (1864-—- ), american photographer, was born at hoboken, n.j., jan. 1 1864. he was educated at the college of the city of new york (1879-81), at the berlin poly- technic, germany (1882~8), where he made a study of photo- ‘chemistry and photography, and at the university of berlin (1888-90), where he studied chemistry. in 1890, on his return to new york city, he engaged in photoengraving and colour printing. he became editor of the american amateur photog- rapher in 1892. he founded camera noies in 1897, and was editor till 1903, in which year he became publisher and editor of camera work. in toos he founded and became director of “291,” a public laboratory for research in aesthetics of life. he wrote picturesque bits of new york and other stories (1897), and contributed numerous articles on photographic and artistic subjects to magazines and technical journals. stinnes, hugo (1870-1924), german industrialist, was born in milheim feb. 12 1870. exducated as a mining engineer, in 1890 he entered his grandfather’s firm but two years later estab- lished a business of his own, with a capital of 50,000 marks. the business expanded steadily and came to include, besides dealing in coal, the ownership of coal mines, barges, river steam- ers and sea-going vessels. stinnes organised an international business in coal, including the importation of coal from england. he built up a fleet of steamers trading in the north sea, the baltic, the mediterranean and the black sea. he also estab- lished iron and steel factories. during the world war he com- manded a large share of the industrial work required by the german authorities and rapidly increased his shipping interests. his connection with the government led to his acquisition of political influence and in 1920 he entered the reichstag as a member of the deutsche volkspartei, the new electionecring name of the former national liberal party. about the same time he began to buy up newspapers, whose democratic opinions were quickly modified in accordance with his own. in 1921 he was reported to be contemplating the formation of a super-trust to control the whole of german industry. he died in berlin april 10 1924. after his death the business, conducted by his son, rapidly shrank. in june 1925 a conference of bankers was called to investigate the financial affairs of the trust; and bit by bit the great organisation was liquidated and sold. in oct. 1925 a new company was registered at hamburg under the title of hlugo stinnes coal trade and shipping co., ltd., the stinnes family retaining 40% of the shares. stock exchange (sce 25.930).—two features of impor- tance marked the history of the stock exchanges in the few years preceding the work! war. one was the rise in the rate of interest that set in after the south african war, which caused a steady and persistent decline in the values of fixed interest- bearing securities. the other was the boom in rubber and oil shares due to the invention of the internal combustion engine. the rubber boom began in 1909 and lasted for three years. the price of rubber rose to over 12s. per lb., and the wisdom of the old coffee and tea planters in the east indies and malay states in planting rubber introduced by seed from brazil was amply confirmed. a large number of new companies were formed, many with shares of 2s. each, which became especially popular with small speculators and investors. huge profits were made by the pioneer companies, and the shares of two of them, the pataling and the selangor, rose to premiums of more than 3,000%. the inevitable over-production of rubber brought about a reaction, and before the war came the price of rubber had fallen to a normal level, which, however, left the best producers with a comfortable margin of prolit and the less efficient with a fierce struggle for existence. the oil boom fol- lowed shortly after the rubber boom, and, though the market was narrower than that for rubber shares, it persisted for a much longer period. the price of oil rose steadily, reaching its highest point shortly after the outbreak of war. this was due partly to the increased use of motor vehicles (g.v.) and the con- version of ships’ engines from coal to oil, and partly to the fact that the refining and distribution of oil was in the hands chiefly of two or three organisations with world-wide connections and 649 associations. the oil boom lasted about 1o years, but it did not provide quite the same opportunities as rubber for the com- pany promoter, although oil companies’ dividends remained for years on a high level. i, effects of the world war for some time before the outbreak of the world war markets were depressed. early in july 1914 rumours of war began to alfect the continental bourses. on july 13 the vienna market was demoralised by fear of hostilities, and its alarm was promptly retlected on the berlin bourse, germany being austria-hun- gary’s chief lender, and holding government and municipal loans of the habsburg empire estimated at over £200,000,000. on monday july 27, the day before the declaration of war by austria, the panic in vienna was such that the bourse was ordered to be closed for three days. as it proved it was closed indefinitely. the brussels market followed the lead of vienna, ceasing business on july 27, and the paris coulisse, or outside unoflicial market, suspended operations on the same day. on wednesday july 29 all account dealings in berlin were sus- pended, transactions being confined to cash bargains. the amsterdam and st. petersburg bourses were entirely closed that day, while on thursday july 30 all markets suspended business except london, berlin, paris (official market) and new york. london.—london was not seriously perturbed until july 24, when the terms of the austrian ultimatum to serbia became known. on thursday july 30 the stock exchange, which for days had been inundated with selling orders from the continent, owing to the continental bourses virtually ceasing to function, was opened for the last time in that memorable year. during the first two hours no attempt was made to do business, and the next morning (july 31) the committee for general purposes decided not to reopen the house until further notice, and it remained closed until jan. 4 1915. business, however, was not entirely suspended. a certain amount of dealing took place on a strictly cash basis, in spite of official discouragement, and on sept. 14 the committee had to take notice of these transactions. they fixed minimum prices for trustee stocks, based on the quotations ruling on july 30, with the object of preventing disastrous depreciation, and when in oct. the new york stock exchange made minimum prices for american shares, these values were adopted by the london stock exchange. the main- tenance of the minimum prices was insisted upon by the banks, which were vitally interested as large holders of trustee invest- ments, and also because they had undertaken to continue their loans against securities without asking for additional margin. on nov. 19 1914 the stock exchange committce passed a special set of rules to govern the arrangement of the un- completed mid-aug. account. bulls of stock carried over on july 27 (the date of the previous settlement) were required to put up a §% margin on high-class securities and 10% on others, and pay interest fortnightly, or, alternatively, pay a higher rate of interest in heu of margin. the taker-in was obliged to continue to take in at july 27 prices until after the war, but in the event of prices of the carried-over stocks rising to the level of july 27 1914 they had either to be paid for and taken up by the buyer or sold for his account. about £90,000,0c0 had been borrowed against securities, and it was not until the moratorium, first declared on aug. 4, came to an end on nov. 4 ror4 that it was possible to carry through the mid-.aug. settle- ment, the affairs of a small number of members were in this operation wound up under the liquidation rule, but the amount of stock carried over under the special regulations was smaller than had been expected. the arrangement for carrying over stocks and shares worked well, thanks largely to the americans’ demand for their own securities, and the open position on the london stock exchange, which in aug. 1914 was about £90,000,- ooo, was reduced by the end of 1915 to about £20,000,000. on dec. 23 1914 the stock exchange committee decided to reopen the house on jan. 4 1915, special conditions being promulgated for the conduct of business. the minimum price 650 list was extended to include interbourse securities. minimum prices were gradually abolished, however, as liquidation ceased and prices settled down to a new level of investment valucs. on july 3 1916 the last of the london minimum prices were removed. the special arrangements compelled all dealings to be made on a cash basis. naturally, the elimination of specula- tion reduced the volume of business, which was further restricted by a rule prohibiting dealings in stock that had not been in physical possession in the united kingdom since sept. 1014, and by the temporary existence of minimum prices, which virtually stepped business in the securities affected. but as these rules were relaxed business increased. on the day of reopening the number of bargains was less than 1,000. gradually it expanded, but the daily average in 1915 was nearer 2,000 than 3,000. every bargain had to be recorded, an innovation that was left in force for some time after the war, and then unfortunately dropped. the course of prices in 1915 and the subsequent war years was generally downward. the market for american securities, however, was strong and active, and in 1915 showed a sub- stantial advance. wartime prosperity in the united states caused a great demand for american securities held in europe, and european holders were encouraged to sell by the apprecia- tion of the dollar in terms of sterling and francs. in the second half of rors the british govt. bought large quantities of american securities held in the united kingdom, and sold them in order to provide itself with the means for making payments for munitions, etc. about £150,000,0c0 of american securities held by british investors were sold back to the united states in 1915. towards the end of 1915 the government ceased operations in the market, and invited holders cither to sell or lend to it approved american and other foreign securities. the terms of purchase were approximately the parit y of new york price, and for a loan a bonus of 3° per annum in addition to the interest or dividend was patel, plus a premium of 23% in the event of the government’s deciding to exercise its right to sell the stock lent to it. in 1917 there was a check to the depreciation of fixed interest- bearing securities which had gone on ever since the south african war, while, owing to inflation of the currency and the activity of business to which war orders and war expenditure had given rise, a strong upward movement in industrial securities occurred. the following table, compiled from figures published by zhe bankers’ magazine, shows the course of investment values at different rates on the london stock exchange since the calculations were first made. market value of 387 repre- sentative date securities jan. 1907 . £3; 843,000,000 3,37 1,000,000 2,822,000,000 2 635,000, 000 2,320; 000,000 july 20 ror! nov. 1918? dec. i9i9 . dec. 1920 . 1 pre-war. these valucs relate to 387 representative securities down to dec. 1920. the gencral depreciation was due to the exceptional inflation rendered necessary by the war, which reduced the value of money and therefore of those securitics interest on which was fixed. taking the values of 108 fixed interest-bearing securities, we find that the total market valuation on july 20 1914 was £1,989,000,000 and at the end of r9rg, £1,378,906,0c00o— a net depreciation of about 30%. the prosperity of industrial companies, especially those engaged in war work or in sup- plying foodstufis, enabled them to pay high dividends, and in many cases to distribute bonus shares as well. the value of 279 speculative securities, 7.e., securities the dividends on which fluctuate according to profits, was £1,382,000,000 on july 20 tot 4) and at the end of 1919 £1,235,%78,000, a net depreciation of 9°% on the period. pais: —the paris bourse was reopened on dec. 7 1914, and thereafter there was a steady rise in prices. after 15 months 2 month of armistice. stock exchange of war the first french war loan was raised. as a necessary preliminary the settlement of the end—july 1914, which had been suspended, was begun on sept. 30 1915 and carried through without much difficulty. the bank of france gave credit freely for the purpose, lending the parquet or oflicial market about 150,000,000 and the coulisse or kerb market, 35,000,000 francs. vive % was charged from july ro14 to sept. 1915 on all unsettled bargains, holders had to pay their differences in full or pay 10° of them, and 10% at each pu eeguoe monthly settle- ment, until the 100% was wiped off. six % interest was charged on unpaid differences: all new business eas restricted to cash, account dealings being confined to clearing up accounts which existed before aug. 1 1914. little of interest occurred during the remainder of the war period, except that industria] shares were strong while government securities were steady, dealings in the latter being subject to strict regulations. . berlin—for years before the war the berlin bourse had frequent attacks of nervousness. sept. 4 1911 was panicky owing to alarms in foreign politics. early in rgr2 the govern- ment commissary of the bourse issucd a public warning against excessive speculation. during the year rumours of war caused heavy selling from time to time, and on oct. 1 the balkan mobilisation caused a panic in which settlement stocks lost on an average 20 points in one day. altogether, the total loss of market values in 1912 amounted to £150,000,000. on the outbreak of war, the german govt. imposed more stringent conditions upon the stock exchange than those im- posed by any other government. the open market for stocks and shares was abolished, and the publication of prices was strictly forbidden. cautious efforts, however, were made towards the end of 1915, and with some success, to liquidate bourse transactions which had remained in suspense. much speculation took place in 1916, and this was given as a reason for continuing the veto on the publication of prices. but for purposes of tuxation assessments lists of prices were issued at the end of that year for the first time since july 1914. these showed many big rises in industrial securities owing to the enormous profits made by german companies. all german war foans were, however, listed by special instruction at the price of issue, prices continued to rise in 1917 until america entered the war, when a reaction occurred. at the end of 1917 lists of prices were again drawn up for taxation purposes, but publication of prices was still prohibited. between sept. and dec. 1918 the quotations of german securities on the german markets fell so heavily that german financial writers estimated the decrease in capital value at about 50%. then began the collapse of germany’s credit in foreign markets. amsterdam.—the amsterdam stock exchange was not re- opened until feb. 9 1915. in that year foreign stocks were very weak, owing to persistent selling from germany. the year 1916, however, witnessed a larger volume of business and remarkable fluctuation in prices. at the close of it many shares showed enormous gains. home industrial concerns which made huge profits as the result of the elimination of german compett- {ion made the largest advances. the dutch indian plantation companies made very large profits, especially those producing sugar. royal dutch shares were introduced for the first time on the american market in 1916. russian stocks fell precipi- tately in the last months of 1917 on the stoppage of interest payments and the bolshevik government’s decree repudiating the national debt. this meant a serious disaster to dutch investors, for they were reckoned to own between 1,500 million and 2,000 million florins of russian govt. municipal and railway bonds. in 1g18 the tendency of the market was irregular and somctimes weak owing to the german collapse, but large new issues of capitaf were made by commercial and industrial concerns. in vienna and budapest extravagant speculation sent prices up to extraordinary figures on the enormous paper profits made by practically all businesses. a heavy fall followed the military collapse of 1918. in switzerland the basel and zurich bourses suspended opcrations towards the end of july 1914, but the stock exchange geneva and lausanne bourses remained open during august. on jan. 7 tors the basel stock exchange resumed the publica- tion of its daily price list, but it was not until june 26 rors that transactions were extended to the full pre-war list. the zurich bourse restarted official business on may 15 1016. new york.—the new york stock exchange was called upon to stand the first shock of austria’s declaration of war on july 28, and on that day, for the first time that year, transactions exceeded 1,000,000 shares. the toronto and montreal markets were closed that day after being open for business for a short time. on july 30 violent breaks in prices occurred on the new york stock exchange and the next day the committee decided to follow the lead of london, and to close the exchange. it tentatively reopened its doors again on nov. 28 1g14 for trading in bonds only. as the experience was encouraging, it was decided to reopen the house for regular trading on dec. 13. minimum prices had been fixed by the committee on oct. 13, and trading in unlisted securities was resumed on the following day. the minimum prices were revised from time to time, and abolished on march 31 1915, a rise in quotations rendering minima no longer necessary. then followed the most remarkable era in the history of this exchange. the year rors established a fresh record for feverish activity and wild fluctuations. million-share days, sensational advances and equally sensational declines, were common occur- rences. participation by the outside public had seldom, if ever, been witnessed on the same scale before. under clique and pool manipulation prices were whirled upwards with amazing rapidity. even more remarkable was 1916. activity was intense, and prices rose to exceptional heights, the public buying with great confi- dence the shares of companies believed to be making big profits out of war orders. every dollar security offered from europe was eagerly purchased; it was estimated that the united states absorbed about 1,700 million dollars american railroad securities in payment for munitions. in 1917, the year of america’s entry into the war, there was a heavy reaction, which particularly affected railroad shares and bonds, the former decreasing in value by 2,000 million dollars and the latter by 1,000 million dollars. this was attributed to a heavy increase in cost of railroad opera- tion with no compensating advance in railroad charges. heavy liquidation in the autumn of ror7 carried prices of the best in- vestment stocks down to a level lower than that touched in the financial panic of 1907. heavy taxation for war purposes fright- ened capital for a time, but in 1918 opinion had settled down to the exigencies of war finance and there was a recovery on the stock exchange. il. market conditions after the war revival of speculative business—the years 1919 and 1920 witnessed on the london stock exchange marked activity in speculative securities and a persistent neglect of fixed interest- bearing securities, especially government stocks. in the sum- mer of 1919 various wartime restrictions were removed from the london stock exchange, including the embargo on exports of capital, thus enabling foreign-held securities to be sold on the london market. oil shares rose to extravagant heights, and rand gold shares had a boom on the high premium in sterling which they received for their gold. rand mines shares were introduced on the new york market towards the close of 19109, this being the first time that south african gold shares were listed in wall street. diamond companies enjoyed a wonderful period of pros- perity. record dividends were paid by all kinds of companies, and share quotations reached unprecedented figures. the great slump.—tin 1920 nomination for membership of the london stock exchange rose in price to £650, but by the end of the year it was almost unsalable. the first signs of war impoverish- ment appeared in the spring. the demand for goods and services suddenly failed; a crisis developed, starting in japan, and the foreign exchanges showed a general collapse in terms of the american gold dollar. the fall in commodities forced traders to realise securities. the pressure for money and general nervous- ness depressed british govt. stocks down to a level at which they 651 gave a return of over 6% per annum. the decline in stock ex- change values as measured by 387 representative securities was the heaviest ever recorded in one year, the loss being £315,600,- ooo. commercial and industrial securities declined by 40-90%, british and indian funds by 11-9% and foreign govt. bonds by 18-8%. iron and steel shares fell by 33-7; and south african mining shares by 39-2%. so severe were the losses that for the next two years investors avoided speculative shares, and bought mainly gilt-edged stocks, which had a rise of about 25% in 1921 and 1922. the issue of foreign government loans in london, suspended on the outbreak of war, was resumed in 1021. the trade slump in america in 1920 was heralded by a decline in the stock market. stocks reached their peak in nov. ror9, when they touched a figure only fractionally below the highest point of the war period—1o1-51, which marked the culmination of the famous war brides boom of 1916. nov. 1920 was a month of devastation and almost of panic. the aizalist’s index number fell to 66. in 1921 the wall street market made a recovery, but the tendency was very erratic. as in england, fixed interest- bearing stocks found favour. on the london stock exchange british govt. securities rose 12°. a feature in this year was the collapse of grand trunk stocks on the decision of a majority of the arbitration court that for the purposes of the sale to the canadian govt. the preference and ordinary stocks were value- less. mr. taft, the dissenting arbitrator, held that they were worth at least $48,000,000. but the canadian govt. accepted the award of the majority, with the result that canadian credit among english investors was seriously prejudiced. continental bourses had an irregular experience. the swiss markets were de- pressed, and towards the end of the year showed signs of panic. germany, on the other hand, had a buoyant market owing to in- flation. improving conditions —the year 1922 witnessed a general re- covery in prices on the london stock exchange, thanks partly to cheap money due to the depression in trade. confidence in home railway stocks, which had fallen to a low level, revived on the amalgamation of the railways into four groups. a revolutionary strike on the rand ended in a fashion that restored sound con- ditions for the gold-mining industry. on the continent the out- standing events were a further rise in german mark sccurities, and a panic in switzerland on a capital levy project, which, how- ever, was defeated. in new york the stock market advanced about 40% by mid-oct., when a near east war cloud caused a sharp reaction. the following year (1923) was a less buoyant period in london than 1922, movements on balance being small. by this time con- tinuous inflation in france had depressed french govt. credit down to a 75% basis, but industrial securities were firm on active trade produced by monetary inflation. prices of german indus- trials reached fantastic figures in worthless marks. in wall street. in 1923 there was much liquidation. the year 1924 brought active and strong markets to the lon- don stock exchange, and at times business reached the dimensions of a boom. a boom in tea shares was an outstanding event. in paris the public held aloof from the bourse, and all forms of se- curities developed extreme weakness, this being due to the dis- turbance of public confidence caused by continuous budget deficits and depreciation of the franc. the abandonment of the old mark involved a complete revaluation of securities on the german bourses. after the elections in nov. 1924, the new york stock exchange jumped into a veritable boom. in 18 trading days listed stocks alone showed a market appreciation equal to the whole amount of britain’s debt to the united states. the course of values on the london stock exchange from dec. 1921 to dec. 1925 is shown in the subjoined -table:— market value of 387 rep- resentative securities date (bankers’ magazine) dec. 192t. «wk . £5,393,000,000 dee. 1922-. : ; ‘ , 6,105,000,000 dec. 1923 . 6,257,000,000 dec. 1924 . 6,318,000,000 dec. 1925 . 6,465,000,000 652 these values relate as before to 387 securities, but include some of the big war loans. since dec. 1923 the figures relate to 365 securities, the amalgamation of the railways having resulted in a diminution in the number of securities. on the london stock exchange 1925 was a good year, the out- standing feature being a boom in rubber shares on a rise in the price of the commodity. share values on an average were doubled during the year. t[ixed interest-bearing securities fell about 34%, but commercial and industrial securities, which rose 9°4% in 1924, advanced a further 4-3% in 1925. home railway stocks were heavily depressed by a falling-off in traffics. high yielding european reconstruction securities were strongly supported, and brazilian securities got back into favour once more. in new york there never was a year in which a bull movement lasted so long or rose so high. it really began on oct. 29 1923, when the average price of 50 representative sccuritics forming the annalist’s index number stood at 77-15, which was the low- est of that year. by nov. 1925 the index number had risen to 136-63. the period of greatest activity and spectacular rises was after the nov. elections of 1924. on the continent the paris bourse was much affected by the depreciation of the franc, the flight from which was continuous and growing all the time. french govt. and all fixed interest-bearing stocks declined, but industrial securities rose on the large profits made in active trade at constantly rising prices. in italy industrial securities had a boom for a short time and then declined heavily, for reasons which appeared to be connected with stringency of money. the berlin bourse presented no feature of.great interest (apart from the liquidation of the stinnes trusts), owing to the scarcity of money. (ce jdl.) ill. the new york stock exchange iistory—the new york stock exchange is international in scope in that it affords a market place for securities from all parts of the world. the stock exchanges in the smaller cities of the united states-are more provincial in character, dealings being confined mainly to local securities. springing from an association of stockbrokers started in 1792, which operated in the streets and from neighbouring coffee-houses, the new york stock exchange was organised in 1817. the board met in various places, includ- ing the old merchants’ exchange at wall and william streets, but did not take permanent form until 1842, when it was estab- lished in the new merchants’ exchange, now head office of the national city bank of new york. it was the country’s largest local exchange, but did not become a national market until 1875, when the adoption of the telephone, telegraph and stock ticker and the development of new york as the nation’s financial me- tropolis brought securities from all parts of the country. about the same date the merger with it of two rival organisations brought the new association’s membership up to 1,060. in 1879 4onew memberships were created, and the total has since remained fixed at 1,100. the exchange now occupies an imposing building of its own covering approximately 32,000 sq. ft. of ground space bordering on broad, wall and new streets. for many years, the business on the exchange floor has been confined to bonds and stocks as well as “ rights ”’ to subscribe to the latter. in the autumn of 1925, issues “‘ listed ” on the new york stock exchange had a total market value of approximatcly $54,500 million. more than $35,000 million of this amount was represented in 1,158 bond issues and more than $29,000 million in 1,000 stock issues. the bulk of these issues were bonds and stocks of american business enterprises; but, through the recent development of interest in foreign investments, the listings in jan. 1926 included 112 foreign bond issues, whose market value considerably exceeds 2,000 million dollars. the daily turnover in shares has risen with the growth of the country in wealth and industry; on several occasions more than 3,000,000 shares have been sold on the new york stock exchange in a single day. since this does not include sales of less than roo shares the actual daily total has probably exceeded four million. distinctive features —tyhe new york stock exchange differs from the exchange in london in not permitting on its floor trading stockholm in puts, calls or other optional contracts. members are not, as in london, divided into brokers and dealers, inasmuch as a stock exchange member can exercise either function, except where the same transaction is concerned. other distinctive features of the new york exchange are as follows: (1) applicants for listings must provide carefully en- graved certificates designed to prevent forgeries, registry of transfers to avoid over-issuance, and sufficient preliminary distribution to avoid violent price fluctuations. the require- ments also cause the applicant to publish essential facts regarding capital structure and balance sheet items, and to agree to make public future earning statements, dividend notices and like matters. (2) the comprchensive ticker system makes it possible to report all sales of stocks and bonds in multiples of 100 shares almost instantancously through- out the united states. (3) member firms, some of which main- tain numerous branch offices, have elaborate private wire sys- tems. (4) contracts are settled the next full business day through the operation of the stock clearing corporation, a sub- sidiary. (5) the business of the exchange is rigidly supervised by a governing committee of 40 members, and by sub-committees which take charge of such routine features as the arbitration of disputes, admissions to membership, requirements for listing new securilies and the business conduct of members. (6) the ex- change keeps in touch with the financial condition of member firms through a questionnaire system which is compulsory for all member firms which, as brokers, handle margin transactions for the public. (7) the governing committee of the exchange, as trustee for its members, holds all the stock of the exchange’s several subsidiary corporations, among which, in addition to the stock clearing corporation, are the new york stock exchange building co., which holds a title to and administers the stock exchange building, and the quotation co., which supervises the collection and distribution of price quotations made on the ex- change floor. the latest available list of stock exchanges in the united states, totalling 27, includes, in addition to the new york stock exchange, new york curb market, new york consolidated stock exchange, boston stock exchange, boston curb market; and one each in providence, hartford, philadelphia, baltimore, washington, d. c., richmond, pittsburgh, wheeling, cincinnati, louisville, columbus, cleveland, detroit, indianapolis, chicago, st. louis, new orleans, colorado springs, salt lake city, spokane, los angeles and san francisco. the stock exchanges of the smaller cities are organised and conducted on similar lines to the new york stock exchange. (cae) stockholm (see 25.934), the capital of sweden and its indus- trial and intellectual centre, with a population of 420,812 in 1923, is the chicf port for imports, though second to geteborg in exports, and has a large number of industrial establishments. the 80,000 sq. metres of the free port were increased by 191,300 sq. metres in 1925, and additional warehouses built; the new dock, to be finished in 1926, will take the largest vessels calling at stockholm. now that ships can reach the malar side of the harbour by passing through the sedertiilje canal, further har- bour works are projected on lake malar, and a quay is to be built to accommodate the vesscls up to 3,500 tons using the hammarby channel, completed in 1925. over 50% of the ton- nage using the port is swedish. vhe work of rebuilding the railway station was begun in 1924, the goods station being replaced by another to the north of the city, and its site used for extending the passenger station. the line to getcborg was in process of clectrification in the same year. a stadium in swedish mediaeval style, which will seat 15,000, was opened for the olympic games in ro12. the new law courts were finished in 1915, and the huge municipal buildings, of brick with a tower at the southeast corner, in 1922. the engelbrekt church, standing on a hill and approached by flights of steps, was finished in r9r4, and the riddarholm church, the burial place of the swedish kings, has been restored and mediaeval paintings brought to light. a statue of jenny lind, the singer, was unvelled in 1924. stockport—straits settlements stockport, england (see 25.937).—the area of the borough has been increased by the inclusion of heaton moor, heaton chapel and heaton mersey in 1912, and heaton norris in 1913, and the boundary now touches that of manchester at levons- hulme. the population in 1921 was 123,300, and the area of the borough 7,063 acres. there are 214 ac. of parks and recreation grounds, including the woodbank memorial park of 95 ac., added to vernon park in 1921, and the south reddish recreation ground of 7 ac. (1922); the great moor recreation ground was being laid out in 1926. waterworks opened at kinder in 1912 include a huge reservoir covering 44 ac., and supply an area of 80 square miles. sewage disposal works were in course of construc- tion in 1926. new buildings include those for the grammar school at mile end (1916); the central library in wellington road (1913); and st. mark’s church (1921). an art gallery was presented to heywood in 1912, and the foundation stone of a war memorial hall laid in 1923. stoke-on-trent, england (see 25.951).—the single bor- ough which unites under this name the six “‘ potteries ”’ towns of staffordshire had an area of 20,759 ac. and a population of 240,440 in 1921. since 1918 three members have been returned to parlia- ment for the divisions of stoke, hanley and burslem. the unions of stoke, wolstanton and burslem were amalgamated in 1922 and there is one parish conterminuous with the borough. in 1925 stoke was created a city, and the corporation consists of 28 aldermen and 84 councillors. the administrative services have been gradually centralised; the offices for police and educa- tion are at hanley, but the remainder at stoke. the town hall was enlarged in 1gto~2, and the county court offices have been separated from it. a cenotaph was erected in 1920 opposite king’s hall, which is part of the town hall. a central school of science and technology was opened in ror4, and the foundation stone of a large extension was laid by king george v. in 1925, when he proclaimed the city status of the borough. stolypin, peter arcadievich (1863-1911), russian statesman, was born at baden-baden in 1863, the son of adml. stolypin by his wife, a princess of the house of gorchakov. he was educated at the university of st. petersburg, and in 1884 entered the government service. in 1902 he was appointed governor of grodno, and in 1903 was transferred to saratov, where he became known as a firm administrator. in 1906 he was recalled to take up the position of minister of internal affairs, and in july of the same year succeeded goremykin as minister president (sce russraa). his firm and repressive policy toward all kinds of sedition caused him to be regarded as a deadly enemy by the revolutionary party, and many attempts upon his life _were made. in aug. 1906 a bomb was exploded at his summer residence, which seriously injured one of his daughters, but all efforts to kill him proved vain until 1911, when he was shot in a theatre at kiev on sept. 14, before the eyes of the impcrial family, by a jew named mordka bogrov. the minister died of his wounds sept. 18 rorr. stomach: sce alimentary system. stone, marcus (1840-1921), british painter (see 25.957), died in london march 24 1921. stone, melville elijah (1848- ), american journal- ist, was born at hudson, hi., aug. 22 1848. in 1860 his father was made pastor of a methodist church in chicago, and it was there that he got his schooling. in 1864 he began work as a news- paper reporter, but he became proprietor in 1869 of an iron- foundry and machine shop. in the great chicago fire of 1871 this was destroyed, and stone then engaged in the administrative work of municipal relief and reconstruction. in 1872 he became one of the editors of the chicago republican (subsequently iuter- ocean), and later of the post and mail, becoming for several years a political correspondent at washington. at the end of 1875, having returned to chicago, stone, with a colleague, started the evening daily news (see 19.571), and two years later victor f. lawson became a partner. the venture was very prosperous. he and lawson bought out the post und mail, and in 1881 they established the aforning news (later record and record-herald). in 1888 he retired, taking a prolonged holi- 653 day in europe. returning to chicago in 1891, he and others founded the globe national bank, of which he became president. in 1893 he accepted the position of general manager of the asso- ciated press. at that time the associated press was still strug- gling (see 19.547) with its competitor, the united press, but its enterprise now received a new stimulus, and by 1897, under stone’s management, and as subsequently reorganised in rgor, its service knew no rival. he held this position until april 1921, when he retired. during that period of 28 years the budget of the associated press had grown from $500,000 to $6,000,000, and it had come to furnish more than half the news printed in ameri- can papers. see his autobiography, fifty years a journalist (1921). story, julian (1857-1919), american artist (sce 25.970), died at philadelphia, pa., feb. 24 1919. strachey, giles lytton (1880- }, british writer, son of sir richard strachey, the indian administrator, was born march 1 1880, and educated at trinity college, cambridge. he was an occasional contributor to the monthly and quarterly reviews, and published a short but illuminating book on land- marks in french litcrature (1912). he achieved wider renown by eminent victorians (1918), vivid, polished and unusually caustic portraits of cardinal manning, florence nightingale, dr. arnold and general gordon. in queen victoria (1921) strachey’s biographical power and his ironic style showed themselves broadened and mellowed, the result being a most successful blend of sympathy and detachment in depicting the queen, her family and her epoch. the two books set up a fresh standard for modern english biography which a good many contemporary writers were quick to acknowledge. a collection of essays, books and characters, appeared in 1922, and his ‘“ leslie stephen ” lecture on pope in 1925. strachey, john st. loe (1860- ), british journalist, was born at sutton court, somerset, feb. 9 1860, the second son of sir edward strachey, 3rd bart., and mary isabella, daughter of john addington symonds. he was educated at balliol college, oxford, graduating with a first class in modern history, and was subsequently called to the bar; but he adopted journalism as his profession. in 1886 he became assistant editor of the spectator, and after the death of r. i. hutton and the retirement of mere- dith townsend (1897) he became proprietor of the paper, which under his editorship not only maintained but increased the high reputation it had gained (sce 19.562) for sober political criticism and well-informed appreciation of art and literature, so that he exercised great influence upon english opinion. st. loe strachey also edited (1896-7) the cornhill mugausine. he was specially interested in problems of rural housing, pauperism and local government generally. in 1925 he relinquished his editorship of the spectator, but did not cease to contribute to its columns. see english-speaking peoples, relations of the. amongst his publications are: the manufacture of paupers (1907); the problems and pertis of socialism (1908); the practical wisdom of the bible (1908); new way of life (1909). straits settlements (sce 25.980).—the population ac- cording to the census of 1921 was as follows: singapore (with labuan, christmas island and the cocos-keeling islands), 425,912; penang, province wellesley and the dindings, 304,335; malacca, 153,552; total, 883,769. the population was estimated at 950,932 in 1924. both birth-rate and death-rate were highest among the malays. the total death-rate, 27-42 per 1,000 in 1924, was the lowest recorded; the death-rate per 1,000 among euro- peans was 7-82. malaria remains a prolific, though diminishing, cause of death; as for beri-beri, the deaths were reduced from 2,056 (with a total population of 705,405) in 1911, to 1,2g9 in 1921, and oro in 1924, owing probably, in part, to a better under- standing of dictary requirements. chinese immigrants reached maximum numbers in 1911 (269,854); in 1924 there were 181,- 430, and they exceed emigrants by 87,749. about 70%, were men. an increase of immigration in recent years is due partly to im- provement in commerce, especially the tin trade, but partly also to the disturbed conditions in southern china; the number of chinese women and children arriving in 1924 was the highest recorded, and their coming commonly implies intention to settle 654 permanently. immigrant indians arrived at penang to an aver- age yearly number of 54,000 in 1921-4; the numbers, again, fluctuate with the conditions of trade (sce maalay states, federated). in many respects the colony actually benefited from the world war; there was, for instance, an increase in the gross value of trade from £63,600,000 in 1914 to £148,200,000 in 1917. the chinese community was on the whole prosperous, and while the increased cost of living and the high rate of exchange with china bore hardly upon the poorer classes, the increase of wages in great measure counterbalanced these «lisadvantages. ‘the chinese freely supported patriotic and charitable funds, and after some demur, before its purpose was fully understood, recog- nised without further difficulty the war tax ordinance of 1917. the war, however, produced its problems for the community. it was necessary to establish a censorship of chinese newspapers, and in june ror9 an anti-japanese boycott resulted in rioting in singapore and penang, while a chinese patriotic league and an anarchical body, the so-called truth society, gave some trouble. preventive action, however, was taken by the chinese protec- torate and the police, and by 1925 the activities of secret societies generally had been markedly curbed. tin and rubber-—the export trade of the colony depends primarily upon tin and rubber. the british malay territories produce nearly half the world’s yield of tin ore (the federated malay states yielding the bulk), and more than half the smelted tin. smelting is carried on mainly at pulau brani, near singa- pore, and at butterworth (penang), ore being imported not only from the federated malay states but also from the dutch islands (banka, etc.). tin was more early developed than rubber, mainly, in the first instance, by chinese enterprise. the pro- duction of rubber was not large before 1909-10, when world production received powerful stimulus. the reaction from prosperity which began to affect world com- merce after 1920 struck hard upon the tin and rubber trades of the colony (including that of the federated malay states). the assistance of the government was necessary for both. tin was purchased by the government at agreed prices, and the stock for which there was no immediate market was brought into the so-called bandoeng pool, formed in co-operation with the govt. of netherlands india on behalf of the mining industry of banka and other dutch islands; the stock thus retained was disposed of by 1924-5 as prices revived. the output of rubber was restricted by legislation in concert with the govt. of ceylon, on the basis of the stevenson scheme, stock being re- leased as justified by current prices. these arrangements aided the return of prospcrity to the colony; moreover, in the case of the rubber industry occasion was afforded to rest the plantations, and in particular to restrict the tapping of young trees. problem of food production—the principal economic prob- lem with which the colony has had to cope was not connected with the war. the remarkable extension of rubber planting about 1909-10 led to the neglect of fruit cultivation and other forms of native agriculture, and this tendency persisted. the people ceased in great measure to cultivate their own food crops and raise their own live stock, and became dependent on imported foodstuffs. in 1917 rice was imported from rangoon, siam and french indo-china; wheat ijlour from australia and india; cold storage foodstuffs from australia and other foodstuils from china. difficulties connected with shortage of supplies and ship- ping made it necessary to set up food control in 1917. an inquiry was instituted into measures for increasing home produce of rice and other foods, and ‘ cultivation clauses ’’ were inserted into leases of newly alienated lands. in 1918 the united states restricted imports of rubber, with a consequent reaction upon the straits settlements industry. this could not, however, im- mediately affect food cultivation, and in that year shortage in india, floods in siam, and the demand for imported rice in java and japan caused serious conditions in the straits settlements. siam prohibited export of rice in july 1919: the straits settle- ments controller took entire charge of import and wholesale dealing and a food production’ department was established strang—strasbourg which fostered home planting, and in spite of many difficulties it was found possible, early in 1920, to ensure supplies for several months. the governments of the straits settlements, nether- lands, india and ceylon agreed in 1919 to purchase through a single agent to avoid competition. trade and finance.—traders generally have been encouraged to develop 2 wider range of products. exports of rice, fish, areca nuts, sago, copra, pepper and preserved pineapples showed an increase in 1924 over those of 1923. in 1925 the fisheries depart- ment was undertaking research, with a shore institution and a ship, into the possibilities of extending the fish trade, canning such products as anchovies, etc. the value of exports, which fell to £56,138,000 in 1921, rose to £89,430,000 in 1924; and that of imports from {65,791,000 to £98,915,000 in the same years respectively. the figures for 1921 were little more than half those for 1920; but they are not strictly comparable, because a new system was introduced in 1921 whereby each territory of british malaya cgincluding the feder- ated malay states) makes returns which are consolidated for the whole, whereas previously there was some measure of duplication. the revenue of the colony amounted to $28,639,161, and the expenditure to $26,706,316 in 1924. the value of the dollar is fixed at 2s. 4d. the cost of living for europeans is high, for there is a tendency for the dollar more nearly to equal the shilling in purchasing power. fducation.—the centenary of the modern foundation of sin- gapore by sir stamford rafiles was the occasion for local cele- brations in feb. t919, and by way of commemoration it was decided to found a raffles college for higher education. evi- dence of the general enthusiasm for this scheme was given by the prompt provision of subscriptions which ensured its success and enabled plans to be laid forthwith. the straits settlements govt. promised a donation of $1,000,000; the same government and those of johore and kelantan guaranteed annuities in per- petuity amounting to $63,000, and by the governments of the federated malay states and kedah, and from various private sources, annuities for a term of years, amounting to $655,000, were promised. designs for the new buildings were adopted in 1924, and the erection of science and administrative blocks, a hostcl and staff quarters was authorised. there have been other signs of a demand for a more active education policy, this being especially desirable as a counter-measure against undesir- able propaganda. the rockefeller foundation in 1924 granted an endowment of $350,000 for chairs of bacteriology and _ bio- chemistry in king edward vii. college of medicine at singa- pore, the government undertaking to bring the provision for these chairs up to the level of others in the college. bisltiogrrarny.—r. st. j. braddcell, the law of the straits seftle- ments (singapore, 1915); r. o. winstedt, afalavan alenories (1916); p. c. coote, the afalay states (1923); r. j. wilkinson, <f jzistery of the peninsula alalays (1923); r. o. winstedt, afafayva. the straits setilements and the federated and unfederated malay states (1923); if. m. tomlinson, tidemarks (1924); c. wells, six vears in the malay jungle (1925). (oy je redd) strang, william (1859-1021), british painter and etcher (sce 23.982), died at bournemouth april 12 1921, having been elected an r.a. a month before that date (see cutalogue of william strang’s etched work, 1882-1912 (1912). | strasbourg (sce 25.984) was acquired by france under th treaty of versailles, and is now the chief town of the department of bas-rhin and the principal eastern port of france. the population was 166,767 in 1921. a commission was appointed to bridge over the administrative and legislative difliculties of the transference from germany to france. the hotel des deux ponts, in the same street, was the german headquarters during the world war. kehl, a town with a population of 8,800, on the german bank of the rhine, was constituted one with the port of strasbourg for purposes of exploitation for a period of seven years from 1919. extensive improvement schemes were approved in 1924, including the creation of a large port above strasbourg, connecting with the older harbour by canal, and a petroleum harbour below the town. work was begun on the strategy more important parts of the scheme at once; the port entrance has been altered, and several new quays have been built. no development has taken place in connection with the proposal to build a canal to link up strasbourg and basle. the university was reopened as a french institution in 1922.",
    "source_url": "https://archive.org/details/encyclopaedia-britannica-encyclopaedia-britannica.-3-encyclopaedia-britannica-inc.-1926",
    "observed_at": "2026-05-17 12:14:22",
    "integrity": {
        "hash_check": "match",
        "hash_scope": "full_normalized_text",
        "computed_sha256": "b1727e6015453ae41e8c48d83173fb795ee8a6da2ed2f6f799a983da2f981eb6"
    },
    "machine_use": {
        "read": true,
        "cite": true,
        "decision": "verified_public_domain_text"
    },
    "goguides_data_license": "https://www.goguides.com/data-license",
    "goguides_data_license_version": "2.0",
    "documentation": {
        "white_paper_url": "https://www.goguides.com/white-paper.php",
        "pdf_url": "https://www.goguides.com/whitepapers/goguides-ai-source-clearance-white-paper.pdf"
    }
}