The quote from the Disused Stations site for Bradford Exchange states The original Lancashire & Yorkshire Railway terminus in Bradford was situated at Adolphus street, but the facilities were inadequate and inconveniently sited. The station was closed to passengers in 1867 and the line was extended into Exchange station situated closer to the city centre near to the wool exchange, after which it was named.
Interesting.....
According to the
Lost Railways in West Yorkshire site, the L&Y originally terminated at Drake St in 1850. This makes more sense, as approaching from the south-west, the line from Halifax would have had to make a circuitous journey around Bradford to reach Adolphus St.
It was the GNR, approaching from Leeds and the east, which opened its station at Adolphus St in 1854.
As you say, this site was inconvenient - too far out of Bradford and passengers from Leeds used the Midland Railway instead, so a deep cutting was constructed from Hammerton St to meet the L&Y at Mill Lane Junction [still used today], enabling the GNR to use Drake St.
Drake St was then jointly enlarged in 1867, and renamed "Exchange"
http://www.lostrailwayswestyorkshire.co.uk/Bradford.htm
The Bradford Wool Exchange was completed about the same time, so was the enlarged station renamed to reflect its joint L&Y & GNR ownership, or its proximity to the Wool Exchange? You pays your money and takes your pick....
