The Consolidated Stock Exchange of New York (Consolidated), which was also known as the New York Consolidated Stock Exchange, was a stock exchange that existed in New York, New York in competition with the New York Stock Exchange (NYSE) from 1885-1926. Throughout its approximately 40-year existence, Consolidated averaged 23% of NYSE volume. According to the economists Brown, Mulherin and Weidenmier, “NYSE bid-ask spreads fell by more than 10% when the Consolidated began to trade NYSE stocks and subsequently increased when the Consolidated ceased operations” and “empirical analysis suggests that this historical episode of stock market competition improved consumer welfare by an amount equivalent to US$9.6 billion today.” The NYSE engaged in a bitter war against Consolidated throughout the l