  We have discovered that the gauge invariant observables of matrix models
invariant under U($N$) form a Lie algebra, in the planar large-N limit. These
models include Quantum Chromodynamics and the M(atrix)-Theory of strings. We
study here the gauge invariant states corresponding to open strings (`mesons').
We find that the algebra is an extension of a remarkable new Lie algebra ${\cal
V}_{\Lambda}$ by a product of more well-known algebras such as $gl_{\infty}$
and the Cuntz algebra. ${\cal V}_{\Lambda}$ appears to be a generalization of
the Lie algebra of vector fields on the circle to non-commutative geometry. We
also use a representation of our Lie algebra to establish an isomorphism
between certain matrix models (those that preserve `gluon number') and open
quantum spin chains. Using known results on quantum spin chains, we are able to
identify some exactly solvable matrix models. Finally, the Hamiltonian of a
dimensionally reduced QCD model is expressed explicitly as an element of our
Lie algebra.
