troupe of actors performing regularly in a particular theatre, presenting a different play nightly from its repertory of prepared productions. Stock companies were usually composed of players who specialized in dramatic types such as the tragedian, or leading man; the leading lady; the heavy lead, who played villains; the old woman; the juvenile lead, who played the young lover or heroic roles; the soubrette, or female second lead; and the low comedian.

The stock system was used in England from the Elizabethan period. The major cities of the United States, such as New York City, Philadelphia, and Boston, had them from the early 1800s, though the term stock company did not come into use until the mid-19th century, distinguishing the permanent troupes from their competitors, the touring companies. By the end of the 19th century, most of the big-city stock companies had been forced out of business by the long-running plays produced by touring companies, which were more economical and profitable for the theatres of large cities. When touring companies ventured from the capitals to outlying districts, regional stock companies also proved unable to compete. (See also repertory theatre.)