Oliver Chace
Oliver Chace | |
|---|---|
 Oliver Chace | |
| Born | August 24, 1769 |
| Died | May 21, 1852 (aged 82) |
| Occupation | Industrialist |
| Known for | Early Textile Mill Owner |
Oliver Chace (August 24, 1769 – May 21, 1852) was the founder of several New England textile manufacturing companies in the early 19th century, including the Valley Falls Company, the original antecedent of Berkshire Hathaway, currently one of the largest companies in the world.
Early life
Chace was born on August 24, 1769 in Swansea, Massachusetts (now Somerset, Massachusetts) to Jonathan Chace and Mary Earle, members of well known Yankee families in New England who had come from England in 1630 in the Puritan fleet with Governor John Winthrop.
Oliver Chace married Susanna Buffington on September 15, 1796. They had seven children together.[1] Oliver's two eldest sons, Harvey (born 1797) and Samuel Buffington (born 1800) would later follow their father into the textile business.[2] Susanna Chace died on July 30, 1827. Oliver's second marriage was to Patience Robinson. They had no children.
Manufacturing career and legacy
As a young man, Chace worked as a carpenter for Samuel Slater, who established of the first successful textile mill in the Americas at Pawtucket, Rhode Island in 1793. In 1806 Chace eventually started his own textile mill in Swansea, Massachusetts and then the Troy Cotton & Woolen Manufactory in 1813 in Fall River, Massachusetts and the Pocasset Manufacturing Company in 1821, also at Fall River.[3] He later acquired and reorganized the Valley Falls Company in Valley Falls, Rhode Island in 1839.
The Valley Falls Company would eventually acquire the Albion Mills, Tar-Kiln Factory in Burrillville, Manville Mills in Rhode Island, and Moodus Cotton Factory in Connecticut.
Oliver Chace's sons would also be involved in the textile industry of Fall River, Massachusetts and Valley Falls, Rhode Island, as well as other locations in the area.
He was also the father-in-law of Elizabeth Buffum Chace, a noted 19th century activist in the Anti-Slavery, Women's Rights, and Prison Reform Movements.[4]
Oliver Chace died in on May 21, 1852.[5] In 1929, the Valley Falls Company, and others would combine with the Berkshire Manufacturing Company of Adams, Massachusetts to become Berkshire Fine Spinning Associates. In 1955, Berkshire Fine Spinning Associates would merge with Hathaway Manufacturing Company of New Bedford, Massachusetts to become Berkshire Hathaway, the company acquired by investor Warren Buffett in 1965.
Oliver Chace's great-great-great-grandson, Malcom Greene Chace III, remained a director of Berkshire Hathaway until 2007, when he was replaced by Susan Decker.
See also
- Oliver Chace's Thread Mill
- Valley Falls Company
- History of Fall River, Massachusetts
- Elizabeth Buffum Chace