The Jobbing System of the London Stock Exchange: An Oral History
Ref.No.: 12 Playback No.:

Interviewee's surname: Ahern                          Title: Mr
Interviewee's forenames: Terrence Stanley
Date of birth: 6 February 1914	Sex: Male

Date(s)  of recording: 20 February 1990
Location of  interview:   Institute of Historical Research
Name of interviewer: Bernard Attard
Type of recorder: Marantz CP 430
Total no. of tapes: 2	Speed:
Type of tape:    TDK AR 60	Noise-reduction: DBX
Mono or stereo: Stereo	Original or copy:   Copy
Additional material: Copyright/Clearance: CMH; no restrictions

SUMMARY  OF  CONTENTS

Tape  1,  Side 1

Personal and family background; summary of career to 1946 when he joins Donnison & Co.; more on family background; influence of his parents; attitude to money, in his family; his father's friendship with Fritz Handel of Ullmann & Co.; attitude to the Stock Exchange among his peers at school; memories of working for Ullmann & Co.; the arbitrage box; joins Bailey Mercer Karo; description of option dealing; description of the jobbing system; the role of the small jobber; poverty in the Stock Exchange following the depression.

Tape 1, side 2

The Stock Exchange and the jobbers of the 1930s; dress standards and dealing standards; memories of various individuals; effects of the political crisis of the 1930s; Jewish members of the Stock Exchange; social distinctions between jobbers and brokers; joins Donnison & Co. after the War; marriage; description of Donnison; conditions in the Stock Exchange following the War; running of the Kaffir book; introduction of analysis of stores shares; lack of capital in the jobbing system; price agreements; approach to jobbing; expansion of the firm; shunters; insider trading; shop brokers; activities of the shops in the West African market.

Tape 2, side 1

Further on shops; rules and principles of jobbing; open bidding and offering; spoiling; typical day in the mid-1950s; death of George VI; nationalisations; 1949 devaluation; sdteist markets; first post-War boom; 1967 Callaghan devaluation; jobbers and takeovers; General Electric takes over AEI; lack of capital in the jobbing system; closure of Donnison; joins Sambourne; capital required to run Donnison; relationship with the bank; difficulties at Sambourne; joint book with Durlacher in National Carbonisation; decision to close Sambourne; takes up broking; value of jobbing experience when goes broking.

Take 2, side 2

The new Stock Exchange; conventions and rules of the old Stock Exchange; qualities of a successful jobber; comparison of jobbing with bookmaking; bookmaking in the pre-War Stock Exchange; unsuccessful jobbers; relations with brokers; examples of risks he had taken as a jobber; strengths of the jobbing system; characters of the Stock Exchange; Berger an outstanding jobber; picture of pre-War Stock Exchange; feelings about career; comparison of Stock Exchange with Lloyds.