Finance History | Berkshire Hathaway — Control Taken at a New Bedford Mill on 10 May
· 1965-5
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Finance History | Berkshire Hathaway — Control Taken at a New Bedford Mill on 10 May
kevin
People treat Berkshire Hathaway as an Omaha office that always held an insurance float and a Class B share from an S and P 500 book.
The first listed book was a cotton and rayon mill.
Hathaway Manufacturing opened in New Bedford in 1888 under Horatio Hathaway and later stood at 97 Cove Street. It merged with Berkshire Fine Spinning Associates in 1955.
On 10 May 1965 Warren Buffett's partnership took control after buying stock at an average of 14.86 dollars a share, about 14 million dollars in 1965 money.
The last textile line shut in 1985. The mill came down in 2014.
The mechanism that survived is the float.
A closed mill still threw off cash. That cash bought other companies. The name stayed because the register already existed.
A visitor at Cove and Harbor still walks a cleared lot by the hurricane barrier. The looms are gone. The register is how the book started.
Photo: New Bedford waterfront, Wikimedia Commons contributors, via Wikimedia Commons.
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