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William A. 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.

William Alfred Paine
Born(1855-01-29)January 29, 1855
Amesbury, Massachusetts, U.S.
DiedSeptember 24, 1929(1929-09-24) (aged 74)
Beach Bluff, Massachusetts, U.S.
NationalityAmerican
Occupation(s)Investment banking
Stockbroker
Years active1873–1929
Known forFounder of Paine Webber
SpouseRuth Felton Ward
ChildrenFrancis Ward Paine
Ruth Sargent Paine
Esther Humphrey Paine
Dorothy Bowen Paine
Stephen Paine

Biography

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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

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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

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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

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  1. ^ "William Alfred Paine". Ancestry.com. Retrieved January 16, 2014.
  2. ^ Movers and Shakers: The 100 Most Influential Figures in Modern Business. Basic Books. 2003. p. 266. ISBN 9780738209142.
  3. ^ Anderson, George E. and Taylor, Richard E. (2008). Copper Country Rai. Arcadia Publishing. p. 76. ISBN 9780738550589.{{cite book}}: CS1 maint: multiple names: authors list (link)
  4. ^ "The Copper Range Railroad" (PDF). Mid-Continent Railway Gazette. Retrieved January 16, 2014.[permanent dead link]
  5. ^ Lankton, Larry D. (2010). Hollowed Ground: Copper Mining and Community Building on Lake Superior, 1840s-1990s. Wayne State University Press. p. 141. ISBN 978-0814334904.
  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. ISBN 9780738550589.{{cite book}}: CS1 maint: multiple names: authors list (link)
  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. 25 September 1929. 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. ISBN 9780814318386.
  11. ^ Lankton, Larry D. (2010). Hollowed Ground: Copper Mining and Community Building on Lake Superior, 1840s-1990s. Wayne State University Press. p. 148. ISBN 978-0814334904.
  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. ISBN 9780814318386.
  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. ISBN 978-0814334904.
  15. ^ Biographical sketches of representative citizens of the commonwealth of Massachusetts. Graves & Steinbarger. 1901. p. 59. William A. Paine married Ruth Felton Ward 1887.
  16. ^ "William Alfred Paine". Ancestry.com. Retrieved January 16, 2014.
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