New Orleans Cotton Exchange facts for kids
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New Orleans Cotton Exchange Building
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U.S. Historic district
Contributing property |
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 Location in East New Orleans
Location in Louisiana
Location in the United States
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| Location | 231 Carondelet Street, New Orleans, Louisiana |
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| Built | 1921 |
| Architect | Favrot & Livaudais Ltd.; Selden-Breck Construction Co. |
| Architectural style | Chicago |
| Part of | New Orleans Lower Central Business District (ID91000825) |
| NRHP reference No. | 77000675 |
Quick facts for kids Significant dates |
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| Added to NRHP | December 22, 1977 |
| Designated NHL | December 22, 1977 |
| Designated CP | June 24, 1991 |
The New Orleans Cotton Exchange was a very important place in New Orleans, Louisiana. It started in 1871 as a central spot where people could buy and sell cotton. The Exchange helped organize the cotton trade in New Orleans until it closed in 1964. Its last home, the New Orleans Cotton Exchange Building, is now a special place called a National Historic Landmark.
History of the Cotton Exchange
The New Orleans Cotton Exchange was created by a group of people called cotton factors. These were agents who helped farmers sell their cotton. At that time, about one-third of all the cotton grown in the United States passed through New Orleans.
The Exchange wanted to make the cotton market more stable. Before, prices could change wildly. The Exchange offered a central office where everyone involved in cotton could get information. They could find out about market conditions and prices. The Exchange also set rules for how cotton was graded. This made it easier for buyers and sellers to agree on deals. It also helped with payments between them.
The New York Cotton Exchange had opened in 1870. New Orleans merchants worried that trading cotton in New York might favor buyers too much. They also wanted to use modern business methods. So, they decided to create their own exchange. The New Orleans Cotton Exchange officially opened on February 20, 1871. It was located at Gravier and Carondelet Streets. This area was already popular with cotton traders.
The Exchange became known for its smart ways of gathering information. A man named Col. Henry G. Hester was the secretary for many years. He helped create reports about the cotton market. These reports were then sent by telegraph, which was a new technology back then. Col. Hester also brought the idea of futures trading to the Exchange. This meant people could agree to buy or sell cotton at a set price on a future date.
These new business methods greatly helped the cotton market in New Orleans. The city became the main place in the world to buy and sell cotton right away. It also became a top spot for futures trading, second only to Liverpool and New York.
In later years, the Exchange began to decline. Several things caused this. The end of slavery changed how cotton was farmed. Market conditions kept changing, and the government added new rules. Price supports and a general decrease in cotton farming in the South also played a part. All these factors caused the Southern cotton market to shrink a lot. The Exchange finally closed in 1964. Some attempts were made to restart a similar exchange later, but none of them worked.
The Cotton Exchange Building
When the Exchange first opened in 1871, it rented rooms in a building at Gravier and Carondelet streets. The Exchange moved several times, but it always stayed at this intersection until it closed in 1964. After building and outgrowing a small building nearby, the Exchange built a grand new home in 1881. This building was at the northern corner of Gravier and Carondelet. It was designed in the Second Empire style. People loved its fancy inside, and it quickly became a famous landmark in the city.
However, in 1916, the 1881 building was found to be unsafe. Plans began for a new building to replace it. World War I and other issues delayed construction until 1920. The original plans for another very fancy building were also scaled back.
The building that was finally built was simpler. It looked like a Renaissance palazzo, which is a type of Italian palace. The architects were Favrot and Livaudais. The Cotton Exchange used this building until it closed in 1964. They sold the building in 1962 and just rented space for their last two years of business.
Today, the building is a hotel in the New Orleans Central Business District. It was added to the National Register of Historic Places in 1977. It has also been named a National Historic Landmark, which means it's a very important historic site.
Degas Painting
The famous French artist Edgar Degas painted the picture you see here in 1873. He was visiting his mother's relatives in Louisiana at the time.
Some people think this painting shows the Cotton Exchange. However, the painting actually shows the office of a cotton factor in a nearby building. This building was known as "Factors' Row."
See also
- Cotton factor
- New York Cotton Exchange, the first cotton exchange in the U.S.
- Mobile Cotton Exchange, the third cotton exchange in the U.S., founded after New Orleans Exchange
- Memphis Cotton Exchange, founded 1874
- Cotton production in the United States
- List of National Historic Landmarks in Louisiana
- National Register of Historic Places listings in Orleans Parish, Louisiana
