Oliver Chace facts for kids
Quick facts for kids
Oliver Chace
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| Born | August 24, 1769 |
| Died | May 21, 1852 (aged 82) |
| Occupation | Industrialist |
| Children | Samuel Buffington Chace |
| Relatives | Arnold Buffum Chace (Grandson), Malcolm Greene Chace (Great-Grandson) |
Oliver Chace (born August 24, 1769 – died May 21, 1852) was an important American businessman. He lived in the 1700s and 1800s. Oliver Chace started many companies that made cloth in New England. One of his companies was the Valley Falls Company. This company later became part of Berkshire Hathaway. Today, Berkshire Hathaway is one of the biggest and most valuable companies in the world.
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Early Life of Oliver Chace
Oliver Chace was born on August 24, 1769. His hometown was Swansea, Massachusetts. His parents were Jonathan Chace and Mary Earle. They came from well-known families in New England. These families had moved from England in 1630. They came with Governor John Winthrop as part of the Puritan group. Oliver and his family were Quakers. Quakers are also known as the Society of Friends.
Oliver Chace married Susanna Buffington on September 15, 1796. They had seven children together. Their two oldest sons, Harvey (born 1797) and Samuel Buffington (born 1800), later joined their father in the cloth-making business. Susanna Chace passed away on July 30, 1827. Oliver then married Patience Robinson. They did not have any children.
Oliver Chace's Business Career
When he was young, Oliver Chace worked as a carpenter. He worked for Samuel Slater. Samuel Slater started one of the first successful textile mills in America. This mill was in Pawtucket, Rhode Island and opened in 1793.
In 1806, Oliver Chace started his own cloth-making mill. It was located in Swansea, Massachusetts. He then started the Troy Cotton & Woolen Manufactory in 1813. This company was in Fall River, Massachusetts. In 1821, he started the Pocasset Manufacturing Company. This was also in Fall River. Later, in 1839, he bought and reorganized the Valley Falls Company. This company was in Valley Falls, Rhode Island.
The Valley Falls Company grew over time. It bought other mills like the Albion Mills. It also acquired the Tar-Kiln Factory in Burrillville. Other mills included Manville Mills in Rhode Island and Moodus Cotton Factory in Connecticut.
Oliver Chace's sons and nephews also became involved in the textile business. They worked in Fall River, Massachusetts and Valley Falls, Rhode Island. They also worked in other nearby places.
Oliver Chace was the father-in-law of Elizabeth Buffum Chace. She was a famous activist in the 1800s. She worked to end slavery and fought for women's rights. She also worked to improve prisons. Through her, Oliver was the grandfather of Arnold Buffum Chace. Arnold was a mathematician. He was also the grandfather of Lillie Buffum Chace Wyman, an author and activist.
Oliver Chace died on May 21, 1852. He was buried in the Old Quaker Burial Ground. This burial ground is in Providence on Olive Street.
Connection to Berkshire Hathaway
In 1929, the Valley Falls Company joined with other companies. One of these was the Berkshire Manufacturing Company from Adams, Massachusetts. Together, they became Berkshire Fine Spinning Associates. Later, in 1955, Berkshire Fine Spinning Associates merged with Hathaway Manufacturing Company. This company was from New Bedford, Massachusetts. The new company was named Berkshire Hathaway.
A descendant of Oliver Chace, Malcolm Chace, Jr., was the chairman of Berkshire Hathaway. This was when the famous investor Warren Buffett started buying shares in the company in 1962. When Warren Buffett took control of the company in 1965, Malcolm Chace, Jr. decided not to sell his shares. He stayed on the company's board of directors.
See also
In Spanish: Oliver Chace para niños
