Paine became a clerk in the Blackstone Bank in Boston, working there for seven years. The Boy received his education piecemeal.Īt 17 Mr. From there the family moved to Beloit, Wis. William was born in Amesbury, but moved to Chelsea with his parents as a boy. His parents, Rev Albert Paine and Sarah Sargent Paine, were poor. Mr Paine, who was 74 years old, was reputed to be one of the wealthiest men in Boston. bankers and brokers, died early this morning at his Summer home, 144 Beach Bluffs av. Paine, senior member of Paine-Webber & Co. Senior Member at Paine, Webber & Co Began as a Clerk SWAMPSCOTT, Sept 24-After an illness of two weeks, William A. Reference: Range Of Opportunity - A Historic Study of the Copper Range Company by Richard A. Paine replied "My philosophy is simple: The great thing in business is to know what you want to do. When asked his philosophy for a 1928 article in The American Magazine, William A. Although he lived comfortably, Paine eschewed the spotlight, preferring the emphasis be on business rather than him personally. In the late 1920s, Paine was considered the richest man in New England, but it was hard to tell. Webber soon left the firm, and Paine oversaw its growth into one of Boston's most important brokerage houses. Paine managed the firm, while Webber filled the concern's seat on the Boston Stock Exchange. After learning the banking business, Paine, along with fellow bank clerk Wallace Webber, opened Paine-Webber. When others took breaks, he relieved them as a way to learn more. Paine worked all the positions possible at the bank, learning the business from the inside. A fire ended his career in footwear, and he next secured a position at the Blackstone Bank, where he worked for eight years. After completing his schooling, Paine started working in a shoe store. Learning and a life long passion for reading - a gift Paine hoped to instill in others by providing to the people of Painesdale the Sarah Sargant Paine Memorial Library. Although illness prevented his attending college, his mother, Sarah Sargant Paine, instilled in him a deep desire for Paine, founder of both the Copper Range Company and the stock brokerage firm Paine, Webber, and Company, grew up in a modest household, the son of a minister. (Paine Genealogy and Allied Lines by Ruth F. William's hobbies were bronze statuettes and oriental Rugs. Summers they spent at 144 Beach Bluff Avenue, Beach Bluff, Mass., where he died. They lived here for twelve years, and then moved to 409 Commonwealth Avenue, which they purchased the same year. William and Ruth lived in "The Warren" then purchased the old Bradford house at 181 Walnut Avenue, Roxbury, which they renovated. After Charles married, the parents moved to a block nearer the church, on the same street, where both died. They lived together until William married. He and his brother Charles built a house on Perrin Street so that their parents could make a home with them. Later, his brother, Charles Hamilton Paine, became a partner as Bankers and Brokers at 52 Devonshire Street, and they subsequently moved to Shawmut Bank Building. Webber he started in the brokerage business in a basement, on Devonshire Street, as Paine, Webber & Company. He worked in a shoestore for awhile, then was a clerk in the Blackstone Bank. William was ready for college at sixteen but had a lingering, mild form of typhoid and gave up college for that year, later relinquishing it forever. 18, 1887, Ruth Felton Ward, daughter of Francis Jackson and Ann Jane (Felton) Ward. 29, 1855, West Amesbury married at Roxbury, Apr. WILLIAM ALFRED PAINE (Albert, John, Daniel, Daniel, Samuel, Stephen, Stephen), born Jan. Ward Paine, took over as head of the company. The town of Painesdale, Michigan was named for him and Freda, Michigan is named for his daughter.Īfter running his highly successful brokerage business for nearly fifty years, William Paine died just a few weeks before the Wall Street Crash of 1929. Outside of building a successful brokerage business, in 1899 William Paine invested in the Copper Range Consolidated Company, a major mining venture in the "Copper Country" of Michigan, for which he served as president. In 1887, William Paine married Ruth Felton Ward with whom he had two sons and three daughters. They became members of both the Boston and New York Stock Exchanges. Webber to create the brokerage firm, Paine, Webber & C. In 1880, with a loan from his father, he partnered with Wallace G. He began his career in finance in 1873 as a clerk at a bank in Boston. William Alfred Paine (January 29, 1855, Amesbury, Massachusetts – September 24, 1929) was an American businessman who co-founded the brokerage firm, Paine Webber.
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