William A. Paine

William Alfred Paine
Born (1855-01-29)January 29, 1855
Amesbury, Massachusetts, U.S.
Died September 24, 1929(1929-09-24) (aged 74)
Beach Bluff, Massachusetts, U.S.
Nationality American
Occupation Investment banking
Stockbroker
Years active 1873–1929
Known for Founder of Paine Webber
Spouse(s) Ruth Felton Ward
Children Francis Ward Paine
Ruth Sargent Paine
Esther Humphrey Paine
Dorothy Bowen Paine
Stephen Paine

William Alfred Paine (January 29, 1855 – September 24, 1929) was an American businessman who co-founded the brokerage firm Paine Webber. He was also instrumental in the creation of the mining venture Copper Range Consolidated Company.

Biography

Born in Amesbury, Massachusetts, Paine was the son of Albert Paine and Sarah (Sergeant) Paine.[1] He began his career in finance in 1873 as a clerk at a bank in Boston.[2] In 1880, with a loan from his father, he partnered with Wallace G. Webber to create the brokerage firm, Paine, Webber & Company.[3] They became members of both the Boston and New York Stock Exchanges.

Paine in his later years c.1920

Outside of building a successful brokerage business, Paine was involved in the major mining venture, Copper Range Consolidated Company in the "Copper Country" of Michigan. In 1899, he invested in the Copper Range Consolidated Company and helped arrange the financing for the company.[4][5] He then served as president of the company.[6]

After running his highly successful brokerage business for nearly fifty years, Paine died on September 24, 1929, just a few weeks before the Wall Street Crash of 1929.[7][8]

Legacy

The town of Painesdale, Michigan was named for Paine,[9][10] and the town of Freda, Michigan is named for his daughter.[11][12] The Sarah Sargent Paine Memorial Library in Painesdale is named after Paine's mother.[13][14]

Personal life

On April 18, 1887, Paine married Ruth Felton Ward.[15] They had two sons and three daughters: Francis Ward Paine, Ruth Sargent Paine, Esther Humphrey Paine, Dorothy Bowen Paine and Stephen Paine.[16] His son, Francis took over as head of Paine Webber after Paine's death.

References

  1. ↑ "William Alfred Paine". Ancestry.com. Retrieved January 16, 2014.
  2. ↑ Basic Books, Editors Of Perseus Publishing (2003). Movers and Shakers: The 100 Most Influential Figures in Modern Business. Basic Books. p. 266.
  3. ↑ Anderson,, George E. and Taylor, Richard E. (2008). Copper Country Rai. Arcadia Publishing,. p. 76.
  4. ↑ "The Copper Range Railroad" (PDF). Mid-Continent Railway Gazette. Retrieved January 16, 2014.
  5. ↑ Lankton, Larry D. (2010). Hollowed Ground: Copper Mining and Community Building on Lake Superior, 1840s-1990s. Wayne State University Press. p. 141.
  6. ↑ O.F. Jonassen & Company (1916). Copper Curb and Mining Outlook: The Truth Regarding Mining and Investments Throughout the World, Volume 14. O.F. Jonassen & Company. p. 30.
  7. ↑ Anderson,, George E. and Taylor, Richard E. (2008). Copper Country Rai. Arcadia Publishing,. p. 76.
  8. ↑ "WILLIAM A. PAINE, BOSTON BANKER, DIES; Founder of Investment House of Paine, Webber & Co. Succumbs at 74 Years.HEAD OF COPPER INTERESTSHe Was Former Member of New York Stock Exchange--Began His Business Career at 15.". New York Times. Retrieved January 16, 2014.
  9. ↑ "Painesdale". Michigan Economic Development Corporation. Retrieved January 16, 2014.
  10. ↑ Romig, Walter (1973). Michigan Place Names: The History of the Founding and the Naming of More Than Five Thousand Past and Present Michigan Communities. Wayne State University Press. p. 210.
  11. ↑ Lankton, Larry D. (2010). Hollowed Ground: Copper Mining and Community Building on Lake Superior, 1840s-1990s. Wayne State University Press. p. 148.
  12. ↑ Romig, Walter (1973). Michigan Place Names: The History of the Founding and the Naming of More Than Five Thousand Past and Present Michigan Communities. Wayne State University Press. p. 210.
  13. ↑ "Sarah Sargent Paine Memorial Library". Michigan Tech. Retrieved January 16, 2014.
  14. ↑ Lankton, Larry D. (2010). Hollowed Ground: Copper Mining and Community Building on Lake Superior, 1840s-1990s. Wayne State University Press. p. 168.
  15. ↑ Biographical sketches of representative citizens of the commonwealth of Massachusetts. Graves & Steinbarger. 1901. p. 59.
  16. ↑ "William Alfred Paine". Ancestry.com. Retrieved January 16, 2014.
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