THE CHRISTMAS STOCKING.
An ancient Italian legend tells how Good St. Nicholas of Padua first gave presents on Christmas Eve by throwing purses in at the open windows of needy people. Purses in those days were knitted of yarn and tied with strings at the open ends. They were not unlike stockings, except that they had no feet. People began to hang these long empty purses of yarn on their window-sills on Christmas Eve, so that St. Nicholas, as he passed by, could put money into them. When money became scarce the long purses were filled with presents instead—useful things for the big people, and books and toys for the children.
In cold countries, where the windows could not be left open, folks hung their purses near the fireplace, believing that St. Nicholas would come down the chimney and leave his presents for them. And after the knitted purses went out of fashion they hung up their stockings, which closely resembled the old-time purses, so that there would be plenty of room for the Christmas presents, and old St. Nicholas (Santa Claus), who lived on through all the ages, would know he had been expected.
That is how the Christmas stocking came to be used, and why it will be used for many generations to come in thousands of homes on each succeeding Christmas Eve....
—L. Frank Baum.