ABSTRACT
Despite the rapid increase in the volume of railway securities during the two railway manias Consols remained the largest and certainly the most homogeneous block of securities on the market. In 1853 the total of gilt edged quoted on the London Stock Exchange amounted to just over £850 million (nominal value), which represented about three quarters of the total of quoted securities. Of this total £370 million was in 3% Consols, £116 million in 3% Reduced, and £217 million in New 3%. 1 Even when other sectors of the market outgrew Consols during the second half of the nineteenth century, with over £3,700 million of overseas securities in existence, and although gilt edged came to represent only 5% of the total of all securities outstanding, they still retained the position of being the largest market in a single security and certainly the best market on the London Stock Exchange.
