A multi-purpose yarn feeding device for knitting machines is described which includes a number of co-axially arranged rotary members which correspond to the number of yarns fed to the respective feeding station, each rotary member being provided with a frictionally yarn engaging circumferential periphery. Adjustably positionable eyelet guides are arranged to guide the incoming yarns towards and guide the outgoing yarns from the circumferential peripheries of the associated rotary members to result in yarn portions being in contact with preselected arcuate lengths of the circumferential periphery to thereby impart selected tractions to the yarns. A spring member having a fixed end and a hook for engaging a yarn portion is movable generally in the plane of an associated rotary member for selectively pulling away the yarn portion from the associated circumferential periphery of the rotary member. This modifies the extent of contact with the circumferential peripheries responsive to the tensions in the yarns to thereby modify the degrees of tractions imparted to the yarns and compensate for the externally applied tensions to the yarns. The feeding device can be used as a positive or compensating feeder for stripers and compensator feeder for Jaquards. Additionally, the device can also be used to feed elastomeric yarns. When the spring member is not utilized, the device can also be used as a conventional positive feeder.