New Orleans Cotton Exchange
From Wikipedia, the free encyclopedia
The Cotton Exchange was established in New Orleans, Louisiana in 1871 on the corner of Carondelet and Gravier Streets. It was conceived and financed by a group of cotton merchants with support from bankers at a time when fully one-third of the entire production of cotton the United States was sent to New Orleans. The Exchange wanted to bring order to what was a highly speculative and often erratic pricing system by providing a centralized trading office where people involved in the business could obtain information about market conditions and prices. As well as trading, the Exchange established standards for classification and facilitated payments between buyers and sellers.
The Exchange enhanced New Orleans' position of prominence in the world cotton trade and the city hosted the 1884 World's Fair called the World Cotton Centennial. It was similar in function to the Memphis Cotton Exchange and the New York Cotton Exchange.
Over time, federal commerce regulations and changing business practices eliminated the need for the Cotton Exchange and it closed on July 9, 1964. Today, the building is home to The Cotton Exchange Hotel.
The renowned French artist Edgar Degas painted the picture seen here of the Cotton Exchange in 1873 while visiting his mother's Louisiana relatives.
