The Jobbing-System of the London Stock Exchange: An Oral History
Ref.No.: 19	Playback No.:

Interviewee's surname: Durlacher	Title: Mr
Interviewee's forenames: Richard
Date of birth:  28 May 1933	Sex: Male

Interviewee's surname: Bailey	Title: Mr
Interviewee's forenames: Donald
Date of birth:  24 May 1934	Sex: Male

Interviewee's surname: Wilson-Stephens		Title: Mr
Interviewee's forenames: Robert
Date of birth:  20 April 1934	Sex: Male

Date(s) of recording: 23 April 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: Durlacher and Wilson-Stephens: CMH; no restrictions; 

SUMMARY OF CONTENTS

Tape 1, side 1

How Richard Durlacher and Robert Wilson-Stephens met; joint book in brewery shares; merger between Durlacher and Bone Oldham; Durlacher offices and dealing room; Richard Durlacher's early career; description of Durlacher; how Robert Wilson-Stephens enters the Stock Exchange; description of Bone Oldham; joint books; unofficial joint book between Bone and Pinchin; one and two member jobbing firms; expansion of Durlacher; Esmond Durlacher; creation of a fixed interest book; options; Sir Nigel Mordaunt; Jack Durlacher; reasons for merger between Bone and Durlacher; stats department and information on companies supplied by jobbers; takeovers; Racal bid for Decca; Beresford bid for British Sugar; Charlie Clore; relations between jobbers and brokers; Jack Butterworth of BP Pension fund; Harley Drayton account.

Tape 1, side 2

Shop brokers; limits; inside information; Beresford bid for British Sugar; importance of secrecy; merger with Kitchin Baker Mason; merger with Wedd Jefferson; importance of personality; organisation of jobbing teams; Jack Durlacher; Nigel Mordaunt; bull and bear jobbers; recession of 1974; jobbing in a bear market; Blackwell & Co.; Wedd Durlacher Mordaunt's (WDM) sense of responsibility to the market; relations with other jobbers; understanding of what a jobber did; Robert Wilson-Stephens moved from pitch to pitch during early part of career; sells 2 million British sugar shares; sells bear in Trusthouses.

Tape 2, side 1

Sells bear in Trusthouses; Robert Wilson-Stephens dislikes being asked what he thinks about a share; put throughs; how Don Bailey joins Durlacher; relations between back office and House staff; settlement; bull and bear department; controlling positions; Ariel; fixed commissions; price agreements; low rate of return on capital; merits of being a listed company; opposition to abolition of single capacity; Robert Wilson-Stephens asked to give evidence in action brought by the Office of Fair Trading; brokers taking principle positions as arbitrageurs; shunters.

Tape 2, side 2

Shunters; developments in back office; Robert Wilson-Stephen's attitude to jobbing; qualities of a successful jobber; recruitment and training; distinctive qualities of Wedd Durlacher; last years of single capacity; strengths of face to face trading; atmosphere in the pre-Big Bang market.