The Galveston Cotton Exchange building, located at the northwest corner of 21st Street and Mechanic, was a cornerstone of Galveston's economic history.
Established in 1873, the Galveston Cotton Exchange was the first cotton brokerage in Texas and the third in the United States. It played a pivotal role in standardizing cotton trade practices and connecting Galveston to global markets through Western Union Telegraph services.
The original Cotton Exchange building, completed in December 1878, was an architectural marvel designed by Gibbs and Moser. It featured ornate details, including walnut and oak inlaid floors, decorative brackets shaped like cotton plants, and a grand exchange hall measuring 83 feet by 63 feet with a 38 foot-high ceiling. The building was celebrated as one of the most magnificent structures in Texas at the time.
Hung on the walls were giant chalkboards with market numbers and statistics, and displayed in a glass case were eight different samples of cotton against which all shipments would be graded.
The exterior design of the building combined the stoic symmetry of Georgian Colonial architecture with elaborate Roman elements such as continuous archways and grand columns that flanked the entrance. It was built of Austin stone and Philadelphia pressed brick, the latter of which was treated with a faux stone finish, and the cornices were constructed from galvanized iron.
On the side of the building facing 21st Street, a main point in the cornice was adorned with two shields - on one was engraved a bull, the other a bear. Directly above the entrance on the fourth floor a large sign was placed with the words “Cotton” and “Exchange” circled around an image of a piece of cotton topped with a crown - a subtle reminder that “Cotton is King.”
This building was demolished in 1940 and replaced by a three-story, modernistic structure designed by Galveston architect Ben Milam in 1941. This new building retained its significance until Galveston's spot cotton market officially closed in 1967 due to changing market conditions, marking the end of an era.
The building is currently being converted into luxury apartments.