Occupation Industrialist | Name Oliver Chace Religion Quaker | |
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Born August 24, 1769 ( 1769-08-24 ) Swansea, Massachusetts Known for Early Textile Mill Owner Children Samuel Buffington Chace Relatives Arnold Buffum Chace (Grandson),
Malcolm Greene Chace (Great-Grandson) Died May 21, 1852, Tiverton, Rhode Island, United States | ||
Organizations founded Valley Falls Company Resting place North Burial Ground | ||
Berkshire Hathaway history
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.
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Early life
Chace was born on August 24, 1769 in Swansea, 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. Chace and his family were Quakers (Society of Friends).
Oliver Chace married Susanna Buffington on September 15, 1796. They had seven children together. Oliver's two eldest sons, Harvey (born 1797) and Samuel Buffington (born 1800) would later follow their father into the textile business. 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 one 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. 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 and was buried in the Old Quaker Burial Ground in Providence on Olive Street.
Berkshire Hathaway
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.
Chace's descendant Malcolm Chace, Jr. was chairman of Berkshire Hathaway when investor Warren Buffett began buying stock in 1962. When Buffett took control of the company in 1965, Chace refused to sell his share and remained on the board of directors.
Malcolm Chace Jr.'s son (and Oliver Chace's great-great-great-grandson), Malcolm Greene Chace III (1934-2011), was a director of Berkshire Hathaway from 1992 until 2007, when he was replaced by Susan Decker.