Oliver Chace (August 24, 1769 – May 21, 1852) was an American 18th and 19th-century businessman. He was the founder of several
New England textile manufacturing companies in the early 19th century, including the
Valley Falls Company
The Valley Falls Company was founded in 1839 by Oliver Chace, in Valley Falls, Rhode Island, a historic mill village on both sides of the Blackstone River, within the modern-day town of Cumberland and city of Central Falls, Rhode Island. The Va ...
, the original antecedent of
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiums ...
, which as of 2019 is one of the largest and most valuable companies in the world.
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
John Winthrop (January 12, 1587/88 – March 26, 1649) was an English Puritan lawyer and one of the leading figures in founding the Massachusetts Bay Colony, the second major settlement in New England following Plymouth Colony. Winthrop led ...
. Chace and his family were
Quakers (Society of Friends).
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
Textile Manufacturing or Textile Engineering is a major industry. It is largely based on the conversion of fibre into yarn, then yarn into fabric. These are then dyed or printed, fabricated into cloth which is then converted into useful goods ...
s 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
Fall River is a city in Bristol County, Massachusetts, United States. The City of Fall River's population was 94,000 at the 2020 United States Census, making it the tenth-largest city in the state.
Located along the eastern shore of Mount ...
and the
Pocasset Manufacturing Company in 1821, also at
Fall River. He later acquired and reorganized the
Valley Falls Company
The Valley Falls Company was founded in 1839 by Oliver Chace, in Valley Falls, Rhode Island, a historic mill village on both sides of the Blackstone River, within the modern-day town of Cumberland and city of Central Falls, Rhode Island. The Va ...
in
Valley Falls, Rhode Island in 1839.
The
Valley Falls Company
The Valley Falls Company was founded in 1839 by Oliver Chace, in Valley Falls, Rhode Island, a historic mill village on both sides of the Blackstone River, within the modern-day town of Cumberland and city of Central Falls, Rhode Island. The Va ...
would eventually acquire the Albion Mills, Tar-Kiln Factory in Burrillville, Manville Mills in
Rhode Island, and Moodus Cotton Factory in
Connecticut.
Chace's sons and nephews would also be involved in the textile industry of
Fall River, Massachusetts
Fall River is a city in Bristol County, Massachusetts, United States. The City of Fall River's population was 94,000 at the 2020 United States Census, making it the tenth-largest city in the state.
Located along the eastern shore of Mount ...
and
Valley Falls, Rhode Island, as well as other locations in the area.
He was the father-in-law of
Elizabeth Buffum Chace
Elizabeth Buffum Chace (December 9, 1806 – December 12, 1899) was an American activist in the anti-slavery, women's rights, and prison reform movements of the mid-to-late 19th century.
She was inducted into the Rhode Island Heritage Hall of ...
, a noted 19th-century activist in the anti-slavery, women's rights, and prison reform movements. Through her, he was the grandfather of the mathematician
Arnold Buffum Chace and the author and activist
Lillie Buffum Chace Wyman.
Chace died 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
Adams is a New England town, town in northern Berkshire County, Massachusetts, Berkshire County, Massachusetts, United States. It is part of the Pittsfield, Massachusetts, Pittsfield, Massachusetts Metropolitan Statistical Area. The population was ...
to become
Berkshire Fine Spinning Associates. In 1955,
Berkshire Fine Spinning Associates would merge with
Hathaway Manufacturing Company of
New Bedford, Massachusetts
New Bedford ( Massachusett: ) is a city in Bristol County, Massachusetts. It is located on the Acushnet River in what is known as the South Coast region. Up through the 17th century, the area was the territory of the Wampanoag Native American ...
to become
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiums ...
.
Chace's descendant Malcolm Chace, Jr. was chairman of Berkshire Hathaway when investor
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net ...
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.
Personal life
Chace married Susanna Buffington on September 15, 1796. They had seven children together. Chace's two eldest sons, Harvey (born 1797) and Samuel Buffington (born 1800) would later follow their father into the textile business.
New England families, genealogical and memorial, Lewis historical publishing company, 1915
/ref> Susanna Chace died on July 30, 1827. Oliver's second marriage was to Patience Robinson. They had no children.
See also
* Oliver Chace's Thread Mill
*Valley Falls Company
The Valley Falls Company was founded in 1839 by Oliver Chace, in Valley Falls, Rhode Island, a historic mill village on both sides of the Blackstone River, within the modern-day town of Cumberland and city of Central Falls, Rhode Island. The Va ...
* History of Fall River, Massachusetts
*Elizabeth Buffum Chace
Elizabeth Buffum Chace (December 9, 1806 – December 12, 1899) was an American activist in the anti-slavery, women's rights, and prison reform movements of the mid-to-late 19th century.
She was inducted into the Rhode Island Heritage Hall of ...
References
External links
John Kostrzew, "Rich and richer: Berkshire, Buffett and R.I.'s Chace family," ''Providence Journal,'' 7/10/2006
*
{{DEFAULTSORT:Chace, Oliver
1769 births
1852 deaths
American chief executives of manufacturing companies
American textile industry businesspeople
American financiers
American philanthropists
American Quakers
Businesspeople from Massachusetts
People from Fall River, Massachusetts
People from Somerset, Massachusetts
Berkshire Hathaway people
Burials in Rhode Island
People from Swansea, Massachusetts
19th-century American businesspeople