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Willis Seaver Paine

Willis Seaver Paine, American banker. member Rochester Union Grays.

Background

  • Paine, Willis Seaver was born on January 1, 1848 in Rochester, New York, United States. Son of Colonel Nicholas E. and Abby M. (Sprague) Paine.

  • Education

    • Graduate Rochester Collegiate Institute (valedictorian), 1864. Student, Williams College. Bachelor of Arts (with honors), University of Rochester, 1868.

      Doctor of Laws, Manhattan College, 1886, George Washington University, 1908.

    Career

    • Henry A. Tilden, April 6, 1888 (died 1896). Married second, Virginia C., d. Eliphalet S. Brown, July 18, 1900.

      Studied law in office of Sanford E. Church and admitted to bar 1869. Appointed, 1874, one of trust company examiners of State of New York with result of closing three companies in New York City whose debts to depositors aggregated over $6,000,000. Reapptd., 1875, receiver of Bond St. (formerly Atlantic) Savings Bank, 1876, whose failure was, with three exceptions, largest of its kind in the United States (succeeded in paying general creditors 86 per cent and the preferred creditors in full).

      At the end of the trust, received the thanks of Court and also was presented with engrossed complimentary resolutions by permanent committee of depositors. Appointed by Governor Cornell, with William Dowd, 1880, commissioner to compile and revise banking laws of New York, which revision was enacted 1882, and received for same in 1883 thanks by New York legislature (commissioner serving without pay). Superintendent Banking Department State of New York, 1885-1889, resigning to become president The State Trust Company.

      Resigned to travel around the world. Declined position of subtreasurer at New York, tendered by President Cleveland, 1885. Was president The Trust Company of New York and Merchants Safe Deposit Company.

      Was chairman finance committee Tradesmen’s National Bank and president Consolidated National Bank of New York City. Resigned and made second tour around the world. Now vice president United States Fire Insurance Company.

      Trustee Metropolitan Savings Bank, etc. An organizer trust company section American Bankers Association, also of savings bank section and member Executive Committee. Appointed by Governor Whitman member Mohansic Lake Reservation Committee (president) and reapptd. by governments Smith and Miller and continued as president Colonel on staff of Governor Flower.

      Elected alumnus Williams College, 1922. Honorary member Rochester Union Grays. Author: Paine’s New York Banking Laws (7 edits.).

      Paine’s National Banking Laws (7 edits.). Paine’s Building and Loan Association. Summary of Failed Savings Banks (2 edits.).

      Paine’s Analysis of the Federal Reserve Act. Home: New York, New York.

    Works

    • Author: Paine’s New York Banking Laws (7 edits.). Paine’s National Banking Laws (7 edits.). Paine’s Building and Loan Association.

      Summary of Failed Savings Banks (2 edits.). Paine’s Analysis of the Federal Reserve Act.

    Membership

    Member Rochester Union Grays.

    Connections

    • Married Ruby S., d. Married second, Virginia C., d.
    • father: Colonel Nicholas E. Paine
    • mother: Abby M. (Sprague) Paine
    • spouses: Ruby S.
    • Virginia C.
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    Born January 1, 1848
    Died April 13, 1927
    (aged 79)
    Nationality