Consolidated Annuities

Three per cent, consolidated annuities. See "Consols." (The rate is now 2 1/2%.)

Consolidated Bonds

See "Consolidated Mortgage Bond " and "Consols."

Consolidated Exchange

1 "The Consolidated Stock Exchange of New York," its proper title, is in New York City and a distinct association from the "New York Stock Exchange." On the "Consolidated Exchange," many securities not "listed " on the large stock exchange are traded in, as well as grains, etc., but transactions are in lesser volume, although at the same rate of commission, i.e. 15c. per share for 50 share lots and upwards, and for an amount less than 50 shares, the rate is the same. The unit of trading is 10 shares.

The securities dealt in on the larger exchange are very extensively bought and sold upon the "Consolidated Exchange," but the business is mostly in fractional lots - less than 100 shares. It is claimed that it is the second most important stock exchange in the United States, and that its daily transactions frequently exceed those of all other exchanges combined with the exception of the New York Stock Exchange.

Consolidated First Mortgage

As commonly used in relation to bond issues, it has the same meaning as " first and consolidated mortgage."


The name applied to a large part of the Government securities of Great Britain; that portion which is known as the " Three Per Cent. Consolidated Annuities " or " Consolidated Threes." The Government retains the right to pay the principal at its pleasure. ' The rate has now been reduced to 2 1/2% on these, and they are, consequently, known as " 2 1/2% Consols," also called " Goschens."

The two per cent, bonds of the United States Government redeemable after 1930 are known as the " Two Per Cent. Consols."

Any bond issue which has taken the place of various previous issues, of different rates, maturities, etc., so that the indebtedness has become consolidated into a uniform issue of bonds may be known as "Consols," i.e. "consolidated bonds."

Consols Account Day

See " Consols Settlement."

Consols Contango Day

See " Consols Settlement."

Consols for Account. A purchase of the Government securities of Great Britain known as " onsols" for delivery upon the next settling-day. There is only one settlement a month for " consols," and this is entirely distinct from the ordinary settling-days. (See "Fortnightly Settling-days.") It is generally within the first week of the month. Purchases of this kind are known as "for account" and quotations differ from those purchased "for money." (See the following subject.)

Consols for Money. (Read last subject.) This is a purchase of "consols" for cash; immediate delivery.

Consols Making-up Day. See " Consols Settlement."