New Orleans Cotton Exchange
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. History 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