By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – The New York Stock Exchange began trading in 1792. Now, in what year did the first woman become a member of the exchange? 1892, 1920 or 1967? I'm Maxine Shapiro with KERA Marketplace Midday.
That's right - it wasn't until 1967 when Muriel Siebert became the first woman to hold a seat on the New York Stock Exchange. Sadly, for ten years Ms. Siebert held the title as the only woman member on the NYSE.
I had the pleasure yesterday of meeting and hearing Ms. Siebert tell her story at the Greater Dallas Chamber Distinguished Women Leaders Lecture Series. It's definitely one of triumph in the face of aversion. When Muriel Siebert began her career as in analyst in 1954, there were no other women financial executives. In fact, a couple of years later, after proving herself in the job, she was told by a prospective employer that she would have to wear white gloves and a hat in the elevator. She was happy to be riding the elevator. See, when she had a meeting the New York City Union League Club, she wasn't allowed to ride the elevator. She had to go through the kitchen and walk up to the luncheon. And even when a few men wanted to escort her down the elevator, well, rules were rules and they all walked down the stairs together.
She described the difficulties she had to overcome once she applied for membership on the exchange. Besides being ridiculed, patronized and openly opposed by many of the men on Wall Street, the exchange imposed a new condition. She would need a letter from a bank saying they would lend her majority of the $445,000 seat price. But the banks wouldn't commit to the loan until the exchange admitted her. But finally, on December 28, 1967, Muriel Siebert was elected to the membership. Still, with a depressed tone in her voice, she told how the Friday night when all new members were sworn in, receiving a badge and scroll, she was handed nothing.
But it was that year that she began her firm, Muriel Siebert & Co. Since then, it has grown into a renowned discount brokerage. And this is just a small portion of her accomplishments. It's worth telling. I'm Maxine Shapiro with KERA Marketplace Midday.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m. To contact Maxine Shapiro, please send emails to mshapiro@kera.org.