Oliver Chace
Encyclopedia
Oliver Chace 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.
(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
.
, who established of the first successful textile mill in the America 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
. 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.
Oliver Chace died in on May 21, 1852. 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
.
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
textile manufacturing companies in the early 19th century, including the Valley Falls Company, the original antecedent of Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
, currently one of the largest companies in the world.
Early life
Chace was born on August 24, 1769 in Swansea, MassachusettsSwansea, Massachusetts
Swansea is a town in Bristol County in southeastern Massachusetts.It is located at the mouth of the Taunton River, just west of Fall River, 47 miles south of Boston; and 12 miles southeast of Providence, Rhode Island....
(now Somerset, Massachusetts
Somerset, Massachusetts
Somerset is a town in Bristol County, Massachusetts, United States. The population was 18,234 at the 2000 census. It is the birthplace and hometown of Clifford Milburn Holland , the chief engineer and namesake of the Holland Tunnel in New York City....
) to Jonathan Chace and Mary Earle, members of well known Yankee
Yankee
The term Yankee has several interrelated and often pejorative meanings, usually referring to people originating in the northeastern United States, or still more narrowly New England, where application of the term is largely restricted to descendants of the English settlers of the region.The...
families in New England
New England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
who had come from England in 1630 in the Puritan
Puritan
The Puritans were a significant grouping of English Protestants in the 16th and 17th centuries. Puritanism in this sense was founded by some Marian exiles from the clergy shortly after the accession of Elizabeth I of England in 1558, as an activist movement within the Church of England...
fleet with Governor John Winthrop
John Winthrop
John Winthrop was a wealthy English Puritan lawyer, and one of the leading figures in the founding of the Massachusetts Bay Colony, the first major settlement in New England after Plymouth Colony. Winthrop led the first large wave of migrants from England in 1630, and served as governor for 12 of...
.
Manufacturing career and legacy
As a young man, Chace worked as a carpenter for Samuel SlaterSamuel Slater
Samuel Slater was an early English-American industrialist known as the "Father of the American Industrial Revolution", or the "Father of the American Factory System" because he brought British textile technology to America. He learned textile machinery as an apprentice to a pioneer in the British...
, who established of the first successful textile mill in the America at Pawtucket, Rhode Island
Pawtucket, Rhode Island
Pawtucket is a city in Providence County, Rhode Island, United States. The population was 71,148 at the 2010 census. It is the fourth largest city in the state.-History:...
in 1793. In 1806 Chace eventually started his own textile mill in Swansea, Massachusetts
Swansea, Massachusetts
Swansea is a town in Bristol County in southeastern Massachusetts.It is located at the mouth of the Taunton River, just west of Fall River, 47 miles south of Boston; and 12 miles southeast of Providence, Rhode Island....
and then the Troy Cotton & Woolen Manufactory
Troy Cotton & Woolen Manufactory
The Troy Cotton & Woolen Manufactory was a textile manufacturing company located Fall River, Massachusetts. Founded in 1813 by Oliver Chace, it was the second textile mill to be built over the Quequechan River...
in 1813 in Fall River, Massachusetts
Fall River, Massachusetts
Fall River is a city in Bristol County, Massachusetts, in the United States. It is located about south of Boston, southeast of Providence, Rhode Island, and west of New Bedford and south of Taunton. The city's population was 88,857 during the 2010 census, making it the tenth largest city in...
and the Pocasset Manufacturing Company
Pocasset Manufacturing Company
Pocasset Manufacturing Company was a cotton textile mill located in Fall River, Massachusetts. It was located just west of Main Street across the second falls of the Quequechan River. It was organized on August 15, 1821, with $100,000 in capital. The mill began operation in 1822, with Samuel Rodman...
in 1821, also at Fall River
Fall River
-Cities and towns:In Canada:*Fall River, Nova ScotiaIn the United States:*Fall River, Kansas*Fall River, Massachusetts, the largest city with this name*Fall River, Tennessee*Fall River, Wisconsin*Fall River County, South Dakota-Rivers:In Canada:...
. He later acquired and reorganized the Valley Falls Company in Valley Falls, Rhode Island
Valley Falls, Rhode Island
Valley Falls is a village and census-designated place in the town of Cumberland, Providence County, Rhode Island, United States. Valley Falls is located in the southern part of Cumberland, Rhode Island and borders the city of Central Falls, Rhode Island,the city of Attleboro, Massachusetts, and...
in 1839.
The Valley Falls Company
Valley Falls Company
The Valley Falls Company was founded in 1839 by Oliver Chace, in Valley Falls, Rhode Island, an historic mill village on both sides of the Blackstone River, within the modern-day towns of Cumberland and Central Falls, Rhode Island...
would eventually acquire the Albion Mills, Tar-Kiln Factory in Burrillville, Manville Mills in Rhode Island
Rhode Island
The state of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island , is a state in the New England region of the United States. It is the smallest U.S. state by area...
, and Moodus Cotton Factory in Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
.
Oliver Chace's sons would also be involved in the textile industry of Fall River, Massachusetts
Fall River, Massachusetts
Fall River is a city in Bristol County, Massachusetts, in the United States. It is located about south of Boston, southeast of Providence, Rhode Island, and west of New Bedford and south of Taunton. The city's population was 88,857 during the 2010 census, making it the tenth largest city in...
and Valley Falls, Rhode Island
Valley Falls, Rhode Island
Valley Falls is a village and census-designated place in the town of Cumberland, Providence County, Rhode Island, United States. Valley Falls is located in the southern part of Cumberland, Rhode Island and borders the city of Central Falls, Rhode Island,the city of Attleboro, Massachusetts, and...
, as well as other locations in the area.
He was also the father-in-law of Elizabeth Buffum Chace
Elizabeth Buffum Chace
Elizabeth Buffum Chace was an influential American activist in the Anti-Slavery, Women's Rights, and Prison Reform Movements of the mid-to-late 19th century.- Birth and early life :...
, a noted 19th century activist in the Anti-Slavery, Women's Rights, and Prison Reform Movements.
Oliver Chace died in on May 21, 1852. In 1929, the Valley Falls Company, and others would combine with the Berkshire Manufacturing Company of Adams, Massachusetts
Adams, Massachusetts
Adams is a town in Berkshire County, Massachusetts, United States. It is part of the Pittsfield, Massachusetts Metropolitan Statistical Area. The population was 8,485 at the 2010 census.-History:...
to become Berkshire Fine Spinning Associates
Berkshire Fine Spinning Associates
Berkshire Fine Spinning Associates was founded in 1889 as Berkshire Cotton Manufacturing Company in Adams, Massachusetts. By 1917 the company was capitalized at $2,500,000 and contained over 260,000 ring and mule spindles and 6,500 looms for the production of cotton textiles , making it one of the...
. In 1955, Berkshire Fine Spinning Associates
Berkshire Fine Spinning Associates
Berkshire Fine Spinning Associates was founded in 1889 as Berkshire Cotton Manufacturing Company in Adams, Massachusetts. By 1917 the company was capitalized at $2,500,000 and contained over 260,000 ring and mule spindles and 6,500 looms for the production of cotton textiles , making it one of the...
would merge with Hathaway Manufacturing Company
Hathaway Mills
In 1888, Horatio Hathaway, founded the Hathaway Manufacturing Company at New Bedford, Massachusetts for the production of cotton textiles. Hathaway had been a China trader, profiting from whaling in the Pacific....
of New Bedford, Massachusetts
New Bedford, Massachusetts
New Bedford is a city in Bristol County, Massachusetts, United States, located south of Boston, southeast of Providence, Rhode Island, and about east of Fall River. As of the 2010 census, the city had a total population of 95,072, making it the sixth-largest city in Massachusetts...
to become Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
, the company acquired by investor Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
in 1965.
Oliver Chace's great-great-great-grandson, Malcom Greene Chace III, remained a director of Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
until 2007, when he was replaced by Susan Decker
Susan Decker
Susan Lynne Decker served as president of Yahoo! Inc in 2007 and 2008, leading the operations of the company during Jerry Yang's reign as CEO.-Early history and personal life:...
.
See also
- Oliver Chace's Thread Mill
- Valley Falls CompanyValley Falls CompanyThe Valley Falls Company was founded in 1839 by Oliver Chace, in Valley Falls, Rhode Island, an historic mill village on both sides of the Blackstone River, within the modern-day towns of Cumberland and Central Falls, Rhode Island...
- History of Fall River, MassachusettsHistory of Fall River, MassachusettsFor much of its history, the city of Fall River, Massachusetts has been defined by the rise and fall of its cotton textile industry. From its beginnings as a rural outpost of the Plymouth Colony, the city grew to become the largest textile producing center in the United States during the 19th...
- Elizabeth Buffum ChaceElizabeth Buffum ChaceElizabeth Buffum Chace was an influential American activist in the Anti-Slavery, Women's Rights, and Prison Reform Movements of the mid-to-late 19th century.- Birth and early life :...