The Market House was a fabulous three-story building that opened in 1873 to house the city's government offices, market, and a handsomely appointed theater. The finest such building in the South, Market House was the pride of Houston. The $400,000 facility, which faced Travis Street on the old Market Square block, featured two majestic towers: one for a clock and the other for the city's fire bell.

On July 8, 1876, a clerk in the tax office of the new building smelled smoke. Finding the smoke thicker in the hallway, he ran for the bell tower - only to find the pull rope missing. The clerk yelled to the street below for help, but the fire became a huge inferno that turned the Market House to rubble. The damaged fire bell lay among the smoldering ruins. Worst of all, the building was insured for less than a quarter of its value. The fire bell was recast and a less elaborate Market House was constructed later that year for $100,000.