Stock Exchange Luncheon Club

Last updated
Stock Exchange Luncheon Club
Stock Exchange Luncheon Club
Restaurant information
Established1898 (1898)
Closed2006 (2006)
Street address11 Wall Street
CityNew York
StateNew York
Postal/ZIP Code10005
CountryUnited States
Coordinates 40°42′24″N74°00′41″W / 40.70667°N 74.01139°W / 40.70667; -74.01139

The Stock Exchange Luncheon Club was a members-only dining club, on the seventh floor [1] of the New York Stock Exchange Building at 11 Wall Street in Manhattan. The club was founded on August 3, 1898, and moved from 70 Broadway to 11 Wall Street when the New York Stock Exchange (NYSE) opened its new building in 1903. It closed on April 28, 2006, after more than a century of service. [2]

Contents

The club had an inaugural membership of 200, with a "long waiting list", when it first opened as the Luncheon Club at 70 Broadway and 15 New Street, Manhattan. [3]

Joseph L. Searles III, who became the first African American member of the NYSE when he joined in 1970, said that his "biggest fear...was where would I sit in the luncheon club?". The situation was resolved when Searles was given his own table by the club, and he dined alone for a while. [4]

A ladies' restroom was installed in the club as late as 1987, some twenty years after women were first admitted to the NYSE. [5]

In 1999, the club had more than 1,400 members, and was lavishly decorated with various animal heads, most shot by members on safari. [6]

In August 2001, the Stock Exchange Luncheon Club served as the venue for the presentation of custom-made motorized wheelchairs to 17 quadraplegic in-patients of a local hospital for paralyzed people. [7] A fund-raising event was held by the New York City Police Foundation at the club in November 2003. [8] Following security measures put in place at the NYSE, after the September 11 attacks, the club became less accessible, and this, coupled with the ousting of regular patron Richard Grasso from the head of the NYSE, and a decline in similar local dining clubs, was cited as a factor in the club's demise when it closed in 2006. [1] [2] The space continued to be used for important events for example, the NYSE shareholder vote to merge with Euronext on December 19, 2006. [9]

See also

Related Research Articles

<span class="mw-page-title-main">NYSE American</span> Stock exchange located in New York City

NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange.

The Nasdaq Stock Market is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange. The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic stock market network and several U.S.-based stock and options exchanges.

<span class="mw-page-title-main">New York Stock Exchange</span> American stock exchange

The New York Stock Exchange is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is the largest stock exchange in the world by market capitalization.

<span class="mw-page-title-main">Richard Grasso</span> Former chairman and chief executive of the New York Stock Exchange

Richard A. "Dick" Grasso was chairman and chief executive of the New York Stock Exchange from 1995 to 2003. He started in 1968 when he was hired by the Exchange as a floor clerk.

<span class="mw-page-title-main">Euronext</span> European financial services company

Euronext N.V. is a pan-European bourse that provides trading and post-trade services for a range of financial instruments.

<span class="mw-page-title-main">London International Financial Futures and Options Exchange</span> Futures exchange located in London, UK (founded 1982)

The London International Financial Futures and Options Exchange was a futures exchange based in London. In 2014, following a series of takeovers, LIFFE became part of Intercontinental Exchange, and was renamed ICE Futures Europe.

<span class="mw-page-title-main">Muriel Siebert</span> American businesswoman

Muriel Faye Siebert was an American businesswoman who was the first woman to own a seat on the New York Stock Exchange, and the first woman to head one of the NYSE's member firms. She joined the 1,365 male members of the exchange on December 28, 1967. Siebert is sometimes known as the “first woman of finance,” despite being preceded in owning a brokerage by Victoria Woodhull.

<span class="mw-page-title-main">Deutsche Börse</span> Financial services company of Germany

Joseph Louis Searles III was the first black floor member and floor broker in the New York Stock Exchange.

Opinion Research Corporation is a demographic, health, and market research company based in Princeton, New Jersey, US. It was founded in 1938 by Claude Robinson and George Gallup, although Gallup left the firm in 1939. Opinion Research Corp was acquired by InfoUSA on August 4, 2006 for $12 per share in cash. The company announced its return to independent status through a partnership and majority investment from Lake Capital effective 1 July 2011.

<span class="mw-page-title-main">Broad Street (Manhattan)</span> Street in Manhattan, New York

Broad Street is a north–south street in the Financial District of Lower Manhattan in New York City. Originally the Broad Canal in New Amsterdam, it stretches from today's South Street to Wall Street.

NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca. NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form the first global equities exchange, with its headquarters in Lower Manhattan. The corporation was then acquired by Intercontinental Exchange, which subsequently spun off Euronext.

<span class="mw-page-title-main">Euronext Lisbon</span>

Euronext Lisbon is a stock exchange in Lisbon, Portugal. It is part of Euronext pan-European exchange. The most famous index is PSI-20.

<span class="mw-page-title-main">Intercontinental Exchange</span> American exchange and clearing house company

Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada and Europe, the Liffe futures exchanges in Europe, the New York Stock Exchange, equity options exchanges and OTC energy, credit and equity markets.

Gerald Putnam is an American businessman. He started Archipelago Holdings, an electronic communication network, in 1999. In 2006; it was acquired by the NYSE for almost $3 billion. Putnam was selected as one of the innovators of 21st century by Time magazine.

Dyer Pearl was a prominent Wall Street businessman and a member of the New York Stock Exchange for twenty-six years. His grandfather, Dyer Pearl, founded Dyer Pearl & Company in Nashville, Tennessee before 1820.

<span class="mw-page-title-main">American Stock Exchange Building</span> Building in Manhattan, New York

The American Stock Exchange Building, formerly known as the New York Curb Exchange Building and also known as 86 Trinity Place or 123 Greenwich Street, is the former headquarters of the American Stock Exchange. Designed in two sections by Starrett & van Vleck, it is located between Greenwich Street and Trinity Place in the Financial District of Lower Manhattan in New York City, with its main entrance at Trinity Place. The building represents a link to the historical practices of stock trading outside the strictures of the New York Stock Exchange (NYSE), which took place outdoors "on the curb" prior to the construction of the structure.

Jean-François Théodore was a French businessman, President, Chairman and CEO of Euronext N.V., deputy CEO and Head of Strategy of NYSE Euronext Inc. for Euronext N.V and chairman of its Managing Board.

<span class="mw-page-title-main">New York Stock Exchange Building</span> Building in Manhattan, New York

The New York Stock Exchange Building, in the Financial District of Lower Manhattan in New York City, is the headquarters of the New York Stock Exchange (NYSE). It is composed of two connected structures occupying part of the city block bounded by Wall Street, Broad Street, New Street, and Exchange Place. The central section of the block contains the original structure at 18 Broad Street, designed in the Classical Revival style by George B. Post. The northern section contains a 23-story office annex at 11 Wall Street, designed by Trowbridge & Livingston in a similar style.

References

  1. 1 2 Carrie Mason-Draffen; Robert E. Kessler (27 April 2006). "In Brief: NYSE LUNCHEON CLUB CLOSING". Newsday. Long Island, NY. Retrieved 26 August 2012. ...due to stepped-up security and a steady erosion of customers since the 2001 terror attacks. The 108-year-old club, a members-only eatery on the seventh floor of the New York Stock Exchange, lost money for three years, even after staff and service cuts.
  2. 1 2 Edmonston, Peter (April 28, 2006). "Where Wall Street Meets to Eat, the Last Lunch". New York Times. Retrieved January 29, 2009.
  3. "The Luncheon Club Opens; Wall Street Men Now Have a Convenient Base of Supplies" (PDF). New York Times. March 8, 1898. Retrieved January 29, 2009.
  4. Bell, Gregory S. (2002). Joe Searles. In In the Black: A History of African Americans on Wall Street . John Wiley and Sons. p. 143. ISBN   978-0-471-21485-4. Google Book Search. Retrieved on January 30, 2009.
  5. Blair, Cynthia (13 July 2004). "It Happened In New York". Newsday. Retrieved 26 July 2023 via newspapers.com.
  6. Cashin, Arthur D. A View of Wall Street from the Seventh Floor. Foreword. Greenwich Pub, 1999. ISBN   978-0-944641-39-2
  7. Michael J. Woods (4 August 2001). "QUEENS LEISURE / Wheelchair Charities All-Star Game in Sept". Newsday. Retrieved 26 August 2012. Carter said Monday at the New York Stock Exchange Luncheon Club on Wall Street, where 17 motorized wheelchairs were presented to Goldwater residents. "We'll take in over a million dollars for the charity." Sponsors... were on hand to meet with the recipients of the customized wheelchairs.
  8. Leonard Levitt (12 October 2003). "Finding Out Who's Boss". Newsday. Retrieved 26 August 2012.
  9. "NYSE on track to purchase Euronext". Newsday. Bloomberg News. 20 December 2006. Retrieved 26 August 2012. More than 75 percent of eligible shares were voted yesterday during a meeting at the New York Stock Exchange's former luncheon club.