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New Orleans, Orleans Parish / History

New Orleans Cotton Exchange

A National Historic Landmark at 231 Carondelet Street, this eight-story stone structure is the final surviving cotton exchange building in New Orleans, once the epicenter of the city's volatile cotton futures market.

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New Orleans Cotton Exchange
Edgar Degas, Public domain

What is the New Orleans Cotton Exchange known for?

It is the only surviving cotton exchange structure in New Orleans and is designated as a National Historic Landmark. The exchange itself was formed in 1871 to stabilize cotton pricing, centralize trading, and standardize cotton classification.

Where is the New Orleans Cotton Exchange located?

The building is located at 231 Carondelet Street in the heart of New Orleans' business district.

What is the building used for today?

The building now houses an AC Hotel by Marriott on its upper floors, as well as a bank and offices. The first floor has recently been repositioned for future retail or restaurant tenants.

When was the current building constructed?

The current eight-story, steel-framed stone structure was constructed in 1921 to serve as the headquarters of the exchange.

Why did the New Orleans Cotton Exchange close?

The exchange closed on July 9, 1964, primarily due to the Agricultural Act of 1964, which eradicated the futures market by subsidizing domestically consumed cotton and controlling prices.

What should I check before going?

Use Gyde for context, then check official sources for current hours, tickets, construction, and closures.

What to know

Standing at 231 Carondelet Street in the heart of the business district, the New Orleans Cotton Exchange building is a commanding eight-story, steel-framed stone structure. Completed in 1921, it serves as the third and only surviving cotton exchange building on this specific site. The organization it housed was formed in February 1871 by approximately one hundred industry leaders who sought to stabilize cotton pricing, standardize classification systems, and compete with the New York Cotton Exchange. Before the current edifice was constructed, the site hosted an earlier building from 1883 to 1920. That previous structure was a florid, ornate edifice costing $380,000, featuring a mix of Second Empire, Renaissance, and Italian styles. It was renowned for its lavish Exchange Room, which boasted Corinthian columns, gold ceiling medallions, fresco murals, and a fountain before it was demolished in 1921 to make way for the present building. The exchange operated from this corner until July 9, 1964. Its downfall was precipitated by the Agricultural Act of 1964, which subsidized domestically consumed cotton and controlled prices, effectively eradicating the futures market that had sustained the exchange for decades. Recognized as a National Historic Landmark and added to the National Register of Historic Places in 1977, the building has since transitioned into a mixed-use space. While the corner at Carondelet and Gravier now hosts a bank, the upper floors operate as an AC Hotel by Marriott. Recent developments in 2024 indicate that the first and second floors are being repositioned for future restaurant or retail tenants.

Visitor tips

  • Look up at the stone facade to appreciate the 1921 steel-framed construction.
  • Visit the corner of Carondelet and Gravier to see where the original 1883 ornate Exchange Room once stood.
  • Since the upper floors are an AC Hotel, you can enter the lobby to experience the renovated interior.

Nearby context

Located in the Central Business District at the intersection of Carondelet and Gravier Streets, this landmark anchors a neighborhood defined by the transition from historic commercial power to modern hospitality and finance.

Sources

Evidence and links