Note: This clipping was created from a page that has been replaced with a better quality image.
Skirt Invades Exchange
Skirt Invades Exchange (c) New York Timet NEW YOhK - "Muriel Sie-bert is pleased to announce her admission," the announcement card says, "as a member a£ Uie New York Stock Exchange." This discreet wording is apt to rank as one of the great understatements of 1963 on Wall Street far the simple reason that ' "Mickie" Siebert at the age of 38 has become the first woman in history to own a seat on the big board. In the temples of high finance, this will asure her a place in history. For 175 august years, the nation's leading stock exchange had been the private preserve of men. Miss Siebert's green eyes lighted up the other day when she recalled the grand occasion during an interview. "It was last Dec. !8," she said. "The Board of Governors approved my membership. I went to the exchange and handed over a check covering the balance of the $445,000 seat purchase, plus the |7,515 initiation fee. I walked outside and bought three bottles of French champagne for the people in< my office. I still couldn't believe it was me. I was walking on cloud nine. The girl from Cleveland, the blonde-haired daughter of a dentist, had delivered a blockbuster on Wall Street; A few of the more conservative members in the financial community had hinted to the personable Miss Siebert that perhaps she ought to let a man buy the seat. "But the people at the Exchange were grand," she exclaimed. The reaction of one brokerage • house partner was typical. "I couldn't care less if a woman bought a seat," he said. "God bless America. ■ I ' think it's great." Mickie Siebert is a selling analyst whose clients include nearly all of the nation's 25 largest mutual funds and several of the big New York City banks. She provides these institutions with ideas to buy or sell stocks. In turn, the funds and the banks provide her. with a part a? iieir commission business. It all adds up to a handsome income for Miss Siebert, whose gross commissions have totaled better than 1500,000 for each of the tost two years. Her remuneration is a hefty fraction of . this amount. She arrived on Wall Street in 1953 and went to work for Eache & Co. as a research trainee at (65 a week, in 1958, when she was an analyst at Shields & Co., she received her first commission order from an investment company, as a reward for a research idea. That opened Mickie Siebert's eyes to the wider and more profitable vistas of selling and led, in time, to partnerships at Stearns & Co. and Finkle & Co., where she also spent some time on the trading desk. Last week, she said goodbye to a partnership at Brimberg & Co., another member firm of the big board, after three years. Miss Siebert started out last week on her own as ' an individual member of the. exchange with offices at 120 ' Broadway. "There will be just myself and a secretary," she said. "1 hope to hire a trader." One thing she won't do — to the immense relief of many exchange members — is to appear on the trading floor. Her floor transactions will be handled by the firm of Stern, Lauer & Co. In explaining her move, Miss Siebert said; "I can increase my income and have more freedom." "I'm only as good as my Ideas," she added, noting that some of. her successful suggestions to institutions have included Emery Air Freight, Boeing and United Air Lines. She concentrates on following about 15 big board stocks, mainly in aerospace and aviation. Competitors say that she knows the type of stocks that different institutions want and, furthermore, that she has a knack of "knowing where the blocks are available." Smart, Shrewd Friends describe her variouslv as "bubbly," "a ball of fire," and "very smart, very shrewd." Miss Siebert stands five feet four inches, lives in an apartment on Manhattan's upper East Side, talks with a slight Midwestern twang, likes to play bridge and golf, and is thinking about taking cooking lessons. "I don't read too much for recreation," she admits. "But right how I'm halfway through 'Our Crowd.' I read 25 or 50 aviation publications a week — lots of annual reports. I'm probably the only girl who walks into a beauty shop reading Missile and Space Daily." ;