About this property
The New Orleans Cotton Exchange was established in New Orleans, Louisiana, in 1871 as a centralized forum for the trade of cotton. It operated in New Orleans until closing in 1964. Occupying several buildings over its history, its final location, the New Orleans Cotton Exchange Building, is now a National Historic Landmark. The New Orleans Cotton Exchange was conceived and financed by a group of cotton factors at a time when one-third of the entire production of cotton in the United States was sent through New Orleans. The Exchange sought to bring order to what was a highly speculative and often erratic cotton pricing system by providing a centralized trading office where people involved in the cotton business could obtain information about market conditions and prices. The Exchange also established standards for classification of cotton and facilitated payments between buyers and sellers. The New York Cotton Exchange opened in 1870. Concerned that trading of cotton in New York would be more advantageous to buyers than sellers, and eager to modernize their operations, New Orleans merchants agreed to form their own exchange. Consequently, the New Orleans Cotton Exchange opened for business on February 20, 1871 at the corner of Gravier and Carondelet Streets, in an area already frequented by cotton merchants. The Exchange was notable for developing advanced techniques for gathering information about various aspects of the cotton market. Led by Col. Henry G. Hester, for many years the secretary of the Exchange, reports were compiled and then transmitted by telegraph, a novel method at the time. Col. Hester also brought the practice of futures trading to the Exchange. These advanced business methods benefited the local cotton market greatly, so much so that it "enabled New Orleans to regain its position as the primary spot market of the world and to become a leading futures market, outranked only by Liverpool and New York." Later years saw the decline of the Exchange as the outlawing of slavery, fluctuating market conditions, government regulations, price supports, the decline of cotton in the South, and various other factors conspired to shrink the Southern cotton market drastically. The Exchange closed in 1964. A handful of attempts were made in later years to restart a similar exchange, but none were successful. The Exchange had its 1871 opening in a series of rented rooms in an existing building at Gravier and Carondelet streets. Although they moved several times, the Exchange did not leave this intersection until its closing in 1964. After constructing and then outgrowing a small building nearby on Gravier, the Exchange built a palatial Second Empire building in 1881, at the northern corner of Gravier and Carondelet. Noted for its lavish interiors, the building soon became a landmark in the city.
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Property data from the National Register of Historic Places, National Park Service (public domain).
Description adapted from Wikipedia under the Creative Commons Attribution-ShareAlike 4.0 International License.
Everything a full report reveals about New Orleans Cotton Exchange Building
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Questions about this property
When was New Orleans Cotton Exchange Building listed on the National Register?
New Orleans Cotton Exchange Building was listed on the National Register of Historic Places on December 22, 1977.
What type of historic resource is New Orleans Cotton Exchange Building?
New Orleans Cotton Exchange Building is classified as a building in the National Register of Historic Places.
Is New Orleans Cotton Exchange Building a National Historic Landmark?
Yes. New Orleans Cotton Exchange Building has been designated a National Historic Landmark (NHL), the highest level of federal recognition for historic properties in the United States.
What is the period of significance for New Orleans Cotton Exchange Building?
The period of significance for New Orleans Cotton Exchange Building is recorded as the civil_war era, specifically around 1871.
Can I research the history near New Orleans Cotton Exchange Building?
Yes. Aubrey Research reports search National Register listings, battlefield records, land patents, and other primary historical sources within any radius of a US address. A report for an address near New Orleans Cotton Exchange Building will include this listing and all other historical records in the area.
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