Finance History | Berkshire Hathaway — The Mill at 97 Cove Street Before Omaha
· 1955-3
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Finance History | Berkshire Hathaway — The Mill at 97 Cove Street Before Omaha
kevin
People treat Berkshire Hathaway as a Blackstone Plaza tower in Omaha that arrived already named after Buffett and a Class A share.
The name was stitched here, at the Hathaway Manufacturing mill at 97 Cove Street, New Bedford, on the south waterfront against the hurricane barrier.
Horatio Hathaway, a China trader and whaler, incorporated the mill in 1888 to put whale-money into cotton and later rayon. The older thread is older still. Oliver Chace, who had learned the trade under Samuel Slater, organized the Valley Falls Company on the Blackstone in 1839. Five New England mills, Valley Falls among them, folded into Berkshire Fine Spinning Associates in 1929. Hurricane Carol flooded the Cove Street property in September 1954. Seabury Stanton needed a partner. On 14 March 1955 Hathaway merged with Berkshire Fine Spinning. The combined book listed fifteen plants, about 12,000 hands, and a New Bedford headquarters.
Warren Buffett's partnership began buying the shares in 1962 at about $7.50, well under working capital. A tender he thought he had at $11.50 came back written at $11.375. He bought more instead. On 10 May 1965 he flew into New Bedford, took the chair, and put Ken Chace in as president. Seabury and Jack Stanton walked out of the room. Two mills were still running. The last textile shift ended in 1985. A mill sold that year for $215,000 was pulled down in January 2014.
The Omaha office came later. The mill on Cove Street came first.
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