This article juxtaposes two bodies of oral evidence collected in 1877–78 and 1989–91 respectively to explore the dynamics of the London Stock Exchange as a physical market. The analysis highlights the long-run continuities in the pattern, organisation and culture of trading activity. In particular, it emphasises the necessity experienced by market makers (known as jobbers) to adapt to the demands of a highly visible trading environment. More broadly, further evidence is provided of the nature and diversity of trade relationships, economic exchange and price creation.