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he donated $ 100,000 on the condition that the amount was met by third-party donors within five years. He placed conditions on his donations but realized the donations regardless of the conditions being met. The college remained a source of worry for Bates as much of the subscriptions to the college remained unfilled, and donors were giving half of their donations and not fulfilling the other half, which left the endowment of the college in a speculative state. Bates served as the treasurer for the college in the early days and condemned the business strategy that Cheney developed when he interacted with potential donors. Bates advocated for a more aggressive procedure for funding.
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708:, caused Bates's Lewiston assets to be lessened. During this financial crisis, many of his properties lessened in value, and he was forced to refinance. The dependence of Lewiston on Bates caused many citizens to suffer financially in his personal losses. After the stabilization of his properties and business contracts, he began a further expansion into Lewiston's economic environment and regained considerable wealth. He built Bates Mill No. 5, which became his fastest growing mill within years, and provided the city with substantial employment.
766:. He was known by the people of Lewiston for having a "deep and profound love" for the town and Bates College, with its early founder mentioning his affection by noting: "I have frequently heard him say that he would not knowingly do anything against the interests of the people; and that he would sooner invest ten dollars in Lewiston than one dollar in any other place. 'I love Lewiston', 'I love the College', he was accustomed to say, 'Say to the Trustees that I love the College.'"
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Water
Company, Bates Mill, and miscellaneous banking endeavors in New York. He donated a total of $ 100,000 to the endowment and approximately $ 250,000 to Bates College indirectly and left a trust of $ 3.3 million to his family. In his will, he pledged $ 50,000 to his wife, Sarah Gilbert along with his $ 2.8 million estate, $ 10,000 to his brother William, $ 10,000 to his brother Elkanah Bates II, $ 10,000 equally divided among the children of his sister, Charlotte, $ 10,000 to
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overall speculative markets involving whole sale goods caused Bates's firm to remain cautious when it sold and took out loans for restructuring. News from New York was delivered to Maine that stated further banking regulation and overall stabilization of market prices, which brought the state out of a recessive period into a sustained growth. The news was received by Bates personally when George Bond declared that loans would be issued by the New York Banks once again.
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developed an interest and discussed furthered involvement. As a mutual friend of Bates, and with his background in law, he was tasked with bookkeeping and legal relations. The firm amassed tens of thousands of dollars within years, and the firm continued to grow. Turner was officially brought in on
February 13, 1833, and the firm was officially renamed
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decried the concentration of wealth presented by Bates. Public pressure made him lessen his business tactics and create the philanthropic arm of the Bates
Manufacturing Company, tasked with giving out thousands to the people of Lewiston. During the riots, his public image was tarnished, and he was advised by DeWitt to employ more people in his mills.
808:," in honor of Bates. However, when hearing that the college was renamed after him, he expressed his disappointment. He thought that he was not worthy of a college of " inception and history" and later noted his guilt for raising money for the college because donors might have thought that he was raising money for himself.
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of approximately $ 79.4 million (worth $ 1.84 billion in 2017). That includes assets held in Maine, New York, and
Massachusetts that encompassed the non-operational value of B. T. Loring & Co., Bates, Turner & Co., his holding company the Bates Manufacturing Company, his stake in the Lewiston
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caused numerous firms all over New
England to fail, and Davis, Bates & Turner often had trouble assessing market value and withdrawing loans from the banks. The firm remained active and even put up positive net return on some years during the panic because of its good credit and lack of debt. The
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With the conclusion of B. T. Loring & Co., Bates co-founded the firm of Davis & Bates, which existed from 1833 to 1847. The firm enjoyed financial success as its previous deals had garnered high standing among the mercantile community of Maine. With the firm on stable footing, John N. Turner
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appointed him as a
Trustee of the College and in 1854 became Chairman of the Board of Trustees of the college for his considerable donations. He went onto donate $ 25,000 for the foundation of an agriculture department and moved a subscription of $ 75,000 for campus expansion. On February 21, 1873,
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The Bates Mill was a textile factory company that was founded in 1850 and located at 35 Canal Street in
Lewiston, Maine. Much of the capital generated from the mill was used in the foundation of Bates College. Since its conception, Bates's practices with the mill dominated the mill industry and was
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John G. Davis met
Benjamin Bates in the early 1830s, and they later became business partners. They met while Bates was a clerk for Barnabas T. Loring on Washington Street after a mutual friend had offered "a firm with respected work." At the time, Bates' net worth was at $ 700, which was considered
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named after him. Bates played an integral role in the expansion of the college by moving from town to town and state to state spreading the institution's name. As a result, Bates brought in tens of thousands of dollars from the political elite and wealthy, who donated more on a favor to Bates than
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His principal accomplishment during his early business career was the establishment of Bates
Manufacturing Company. The company went on to be the largest manufacturing company in the state of Maine and provided two thirds of all textile output for the state. It employed approximately five thousand
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Bates wanted labor for our laborers, education for our children, places of worship for our worshipers, light for our streets, water for our houses, and a hospital for our sick and our dying. I have heard the man speak of his love for
Lewiston, and his love for the college. While in Lewiston, our
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Bates quickly began developing companies, acquired smaller ones under his Manufacturing Company, and subsequently brought in $ 16 million in revenue for the town, the largest circulation of currency in the history of Lewiston at the time. His businesses provided employment for thousands of people
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as well as other textiles. His capitalization of that saw to great levels of profit for his firms and companies and caused dozens of mills to be closed by the overwhelming competition. After a rumor was spread around Lewiston that Bates held more money than the city, riots broke out in 1861 that
380:. When Bates was a younger boy, his brother recounted him being dragged by two horses across a "considerable distance," which left him badly cut and bruised. He pulled the horses down and eventually halted their movement, a commendable task considering Bates was only 14 years old at the time.
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One of the primary goals of other business leaders in Maine and Bates was to improve the water quality of Lewiston. Bates went on to found the Lewiston Water Power Company, which built the first canal in the city. It employed hundreds of people and established the town as a "paragon of water
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from Maine and Canada, which made him the single largest employer in the city and the largest per capita of Maine. His businesses garnered millions of dollars for the city, and with all assets accounted for in Maine and Massachusetts, he was considered the wealthiest man in Maine via his
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Siles Bascom replaced Davis, and the firm was renamed Bates, Turner & Co. The firm enjoyed financial success and began to conclude its practice with the closing of markets in March 1847. After the dissolution of the firm, Bates served as president and on the board of several banking,
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to rule eventually that Bates's heirs did not have to pay Bates College the pledged $ 100,000. After a period of recession, he college began financially recuperating to a larger endowment independently. Over the next couple of years, Bates College's endowment grew slowly and steadily.
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However, Bates had $ 200,000 in outstanding debt and a pledged $ 100,000 to Bates College after his death. His family was required to expend the $ 100,000 pledged, but conditions placed on the inheritances restricted distribution, and familial debt caused the
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Bates travelled to Lewiston regularly while he lived in Boston and other Maine towns to "interact with the people, give guidance to the businesses, and support its economy." After the closing of Bates, Turner & Co. and a quick stint as president of the
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signed the incorporation act, and the mill was completed in1852. Bates positioned the mill in Lewiston since the location of the Lewiston Falls provided the mill with power. Under Bates' supervision, during the Civil War, the mill produced textiles to the
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In 1837, the firm experienced low levels of revenue and output because of the external effects of panics involving financial security and credit in New York City. Considered the "greatest financial panic the country has ever seen," the
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433:. One year later, they moved "downtown" from Washington Street to Central Street and continued operations. Barnabas T. Loring died, which prompted the group to dissolve B. T. Loring & Co., and create Davis, Bates, & Turner.
344:, on July 12, 1808, to Hannah Copeland and Elkanah Bates as their third child (of seven). His father, Elkanah Bates, was a cotton manufacturer and prominent merchant. Both of his parents were religious and belonged to the
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By his death in 1878, Bates's donations to the college had totaled over $ 100,000, and overall contributions valued at US$ 250,000 (worth US$ 6.2 million in March 2017 dollars). On March 16, 1864, the founder of the
557:, who went on describe Lewiston as a "city full of hope and innovation." He was escorted to the town secretly with De Witt to meet with the city council and the mayor to discuss major developments in the town.
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The quote would go on to largely shape Bates's minor celebrity status and fed the growing reputation of producing the best results in times of uncertainty. The crowd included Lyman Nichols, George L. Ward,
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manufacturing, and railroad corporations, including First National Bank of Commerce in Boston. His activities during the Panic of 1873 caused him to be asked to be the founding successor president of the
429:. The firm's market expanded widely throughout Maine and went on to depart from retail and focus on whole sale, which was made possible by the connections the Bates had made throughout his career in
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one of the first great US business trusts. He initially gained wealth and influence from manufacturing textiles and estate development with correspondence to the mills. His mills extended from the
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descent. He served as the president of the company from its founding on January 3, 1850, until he appointed a successor to overtake the company as he left for Lewiston on February 20, 1862.
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elite, and the mayors of numerous cities gave speeches on his life. His funeral was held in the Lewiston City Hall, and clergymen gave speeches on his commitment to the college and God.
332:. The public's opinion of Bates was highly polarized throughout his life. Some cited his economic impact as critical, but others criticized his business tactics as socially detrimental.
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508:, Homer Bartlett, and St. John Smith. In 1840, the firm moved to Water Street and five years later to Milk Street, where Davis withdrew from the firm for poor health.
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business with Barnabas T. Loring on Washington Street. At age 24, he made a public profession of Christian faith, and he was a lifelong Congregationalist and
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During the recovery consultations between Maine and Massachusetts business leaders, a prominent banker, Homer Bartlett, was quoted as famously saying,
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627:. His mills generated employment for thousands of Canadians and immigrants from Europe. The mill was Maine's largest employer for three decades.
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258:. His company quickly became the largest employer per capita in Maine and the largest in Lewiston for three decades. Contracted by the
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and skyrocketing prices, which drove dozens of New England businesses to close because of their inability to compete. Growing
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from the South, where it was grown and cultivated by slave labor. Correctly anticipating that the increasing talk of
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729:. He left each of his children, Benjamin Edward V, Lilian, Sarah, and Author $ 250,000 in the form of a trust.
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might eventually lead to a shortage of cotton, Bates bought an unprecedented amount of cotton prior to the
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quality." During that development, Lewiston was the fastest growing city in Maine in terms of growth rate.
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Bates College's inaugural president, Oren Burbank Cheney, said the following of Bates in delivering his
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love of the college, as Bates had, to that point, graduated few alumni who went on to amass wealth.
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1585:, June 1878, 131–149, (Muskie Archives and Special Collections Library, Bates College) (part 2).
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spoke to him about opportunities in Lewiston, Maine, and prompted his immediate resignation.
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356:, and Elkanah Bates was picked to lead the movement. His paternal grandfather fought in the
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desires were his desires: our interests were his interests: and our affairs his affairs...
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of Mansfield. In 1838, there was a denominational split within the church to create a
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1386:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 173.
1346:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 150.
1328:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 159.
1281:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 151.
1251:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 149.
1236:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 148.
1221:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 147.
1206:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 157.
1191:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 145.
1176:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 144.
1161:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 143.
1146:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 141.
1131:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 137.
1116:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 136.
1101:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 135.
1011:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 164.
976:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 164.
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1404:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 13.
1266:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 38.
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He was survived by his wife, Sarah Chapman Gilbert (his second wife and daughter of
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1313:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 2.
1061:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 5.
1026:. Edmund Muskie Archives, Bates College, Lewiston, Maine: Bates College. p. 4.
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Tompkins square riot in the 1870s from lack of credit stability of Manhattan banks
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215:; July 12, 1808 – January 14, 1878) was an American rail industrialist, textile
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Bates attended various private schools and enrolled at the age of 15 to the
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1046:. Edmund Muskie Archives: National Resources Trust of Mansfield. p. 5.
991:. Edmund Muskie Archives: National Resources Trust of Mansfield. p. 5.
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led the founder of the college to rename the college in his honor in 1864.
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Bates Street, West Bates Street, and East Bates Street in Lewiston and
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In 1852, he personally pledged another $ 6,000 to the school. In 1853,
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after his death, but the economic recession in the 1870s, known as the
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on August 1, 1849. He served in that capacity until May 3, 1850, when
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804:, Oren Burbank Cheney, renamed his institution of higher learning, "
651:. During the Civil War, Bates was able to produce uniforms for the
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in 1852, which launched the larger Bates Manufacturing Company in
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Unknown, Publisher (1879). "The Will of Benjamin Edward Bates".
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Bates's work with the college prompted fellow business magnate,
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1358:"Maine Emigration and Immigration | Learn | FamilySearch.org"
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Like numerous factories in Maine, Bates' mill was receiving
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lower-middle class. The firm subsequently organized as the
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to northern Lewiston. On August 16, 1850, Maine Governor
553:, upon the advisement of his close friend and confidant
376:, Commander of the Devonshire Forces, and member of the
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Benjamin Bates died on January 14, 1878, at age 69, in
880:), who lived from 1832 to 1882 and his four children:
1457:"Carnegie Science Hall | Campus Tour | Bates College"
266:, a large mill-based enterprise that built the first
207:
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Rail industrialist, textile tycoon and philanthropist
16:
American industrialist and philanthropist (1808–1878)
289:. By buying up an unprecedented amount prior to the
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195:
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1735:
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1644:
1536:"Mr. Benjamin E Bates - Robin's Bates Mill Project"
1073:"Mr. Benjamin E Bates - Robin's Bates Mill Project"
820:Benjamin Bates' donations to the foundation of the
242:before he created the Davis, Bates & Turner, a
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127:
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107:
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700:Bates pledged another $ 100,000 to be paid to the
540:advised Bates on development strategy in Lewiston.
387:, where he studied from 1823 to 1825. He moved to
312:Like other business magnates at the time, such as
1515:Me.), Bates College (Lewiston (January 1, 1912).
758:Bates was the largest of the early donors to the
865:His death was attended by Lewiston, Boston, and
716:By his death in 1878, Bates had amassed a total
306:
391:, in 1829, at the age of 21. Bates entered the
277:, Bates correctly anticipated that the talk of
1580:"Eulogy on the Life of Benjamin Edward Bates,"
1748:New England Small College Athletic Conference
1620:
1487:"A Brief History | 150 Years | Bates College"
297:. The resulting shortage created an absolute
8:
246:firm in the early 1830s. After entering the
1044:Bates College was named after Mansfield Man
989:Bates College was named after Mansfield Man
487:Who was the strongest man in that meeting ?
352:theologian association that questioned the
1627:
1613:
1605:
491:To which the crowd overwhelmingly replied,
31:
20:
1872:People of Maine in the American Civil War
512:Bates, Turner & Co. and Union Pacific
495:Bates! Bates was the strongest man there.
403:at several churches in Boston, including
890:Sarah Frances Bates Herschel (1867–1937)
862:, respectively, are named in his honor.
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532:
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1431:"Chapter 1 | 150 Years | Bates College"
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735:Supreme Judicial Court of Massachusetts
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340:Benjamin Edward Bates IV, was born in
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1917:19th-century American philanthropists
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263:
7:
1862:People from Mansfield, Massachusetts
1778:Bates–Bowdoin–Colby football rivalry
1596:Benjamin Bates Eulogy, pg. 131–149,
1037:
1035:
1033:
407:, and was later an active member of
372:. He is the great-great-grandson of
887:Benjamin Edward Bates V (1863–1906)
884:Josephine Bates Hammond (1839–1886)
14:
1877:American Civil War industrialists
1402:Bates Student: A Monthly Magazine
1384:Bates Student: A Monthly Magazine
1344:Bates Student: A Monthly Magazine
1326:Bates Student: A Monthly Magazine
1311:Bates Student: A Monthly Magazine
1279:Bates Student: A Monthly Magazine
1264:Bates Student: A Monthly Magazine
1249:Bates Student: A Monthly Magazine
1234:Bates Student: A Monthly Magazine
1219:Bates Student: A Monthly Magazine
1204:Bates Student: A Monthly Magazine
1189:Bates Student: A Monthly Magazine
1174:Bates Student: A Monthly Magazine
1159:Bates Student: A Monthly Magazine
1144:Bates Student: A Monthly Magazine
1129:Bates Student: A Monthly Magazine
1114:Bates Student: A Monthly Magazine
1099:Bates Student: A Monthly Magazine
1059:Bates Student: A Monthly Magazine
1024:Bates Student: A Monthly Magazine
1009:Bates Student: A Monthly Magazine
974:Bates Student: A Monthly Magazine
893:Lillian Gilbert Bates (1872–1951)
1902:Burials at Mount Auburn Cemetery
1690:
191:
184:
1907:Temperance activists from Maine
1857:University and college founders
847:. His body was entombed at the
219:and philanthropist. He was the
1758:Colby-Bates-Bowdoin Consortium
1:
959:The Life of Benjamin E. Bates
409:Central Congregational Church
238:, for a working residency at
689:A bust of Bates sculpted by
662:called him "the supplier of
586:Lewiston Water Power Company
285:would lead to a shortage of
264:Lewiston Water Power Company
1882:American Congregationalists
1867:People from Lewiston, Maine
1657:Bates College Museum of Art
631:1861 Lewistown cotton riots
561:Bates Manufacturing Company
370:Massachusetts state militia
307:1861 Lewistown cotton riots
1933:
1912:People from Bristol, Maine
1847:Philanthropists from Maine
1518:Catalogue: 1917/18-1921/22
793:college's science building
695:Boston Commonwealth Museum
678:
598:
444:, in the late 19th century
305:in the city culminated to
221:wealthiest person in Maine
1887:American chief executives
1688:
456:Davis, Bates & Turner
449:Davis, Bates & Turner
30:
1727:Noted alumni and faculty
1707:History of Bates College
1400:Johnnett, R. F. (1878).
1382:Johnnett, R. F. (1878).
1342:Johnnett, R. F. (1878).
1324:Johnnett, R. F. (1878).
1309:Johnnett, R. F. (1878).
1277:Johnnett, R. F. (1878).
1262:Johnnett, R. F. (1878).
1247:Johnnett, R. F. (1878).
1232:Johnnett, R. F. (1878).
1217:Johnnett, R. F. (1878).
1202:Johnnett, R. F. (1878).
1187:Johnnett, R. F. (1878).
1172:Johnnett, R. F. (1878).
1157:Johnnett, R. F. (1878).
1142:Johnnett, R. F. (1878).
1127:Johnnett, R. F. (1878).
1112:Johnnett, R. F. (1878).
1097:Johnnett, R. F. (1878).
1057:Johnnett, R. F. (1878).
1022:Johnnett, R. F. (1878).
1007:Johnnett, R. F. (1878).
972:Johnnett, R. F. (1878).
853:Cambridge, Massachusetts
838:Cambridge, Massachusetts
659:The Lewiston Sun Journal
399:supporter. Bates taught
342:Mansfield, Massachusetts
336:Early life and education
232:Mansfield, Massachusetts
180:Benjamin Edward Bates IV
58:Mansfield, Massachusetts
1652:Campus of Bates College
957:Johnson, Chase (1980).
462:Financial panic of 1837
244:craft goods and service
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764:Lewiston Power Company
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675:Economic panic of 1873
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547:Union Pacific Railroad
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519:Union Pacific Railroad
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445:
440:Workers in industrial
420:B. T. Loring & Co.
148:Arthur Hobart Herscher
1773:Bates–Bowdoin rivalry
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849:Mount Auburn Cemetery
845:Boston, Massachusetts
834:Mount Auburn Cemetery
831:
819:
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693:in 1872, held at the
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670:Later life and wealth
649:Battle of Fort Sumter
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389:Boston, Massachusetts
346:Congregational Church
291:Battle of Fort Sumter
122:Sarah Chapman Gilbert
95:, Massachusetts, U.S.
89:Mount Auburn Cemetery
79:, Massachusetts, U.S.
44:Benjamin Edward Bates
1852:Bates College people
1806:Bates Dance Festival
1677:Bates-Morse Mountain
1662:Stephens Observatory
832:Bates' grave at the
822:Maine State Seminary
802:Maine State Seminary
760:Maine State Seminary
752:Maine State Seminary
702:Maine State Seminary
609:Bates Mill and Canal
427:B. T. Loring Company
330:anti-competitiveness
273:At the start of the
262:, Bates founded the
240:B. T. Loring Company
226:Bates was born to a
1897:American financiers
1717:Oren Burbank Cheney
1467:on January 12, 2016
781:Oren Burbank Cheney
774:Oren Burbank Cheney
364:and later became a
358:American Revolution
322:John D. Rockefeller
303:economic inequality
295:cornered the market
223:from 1850 to 1878.
1565:. January 1, 1877.
855:, two days later.
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725:, and $ 10,000 to
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616:Androscoggin River
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405:Park Street Church
354:divinity of Christ
324:, Bates supported
275:American Civil War
1824:
1823:
1800:The Bates Student
851:on Fir Avenue in
555:Alexander De Witt
538:Alexander De Witt
523:Alexander De Witt
502:Alexander De Witt
415:Business pursuits
374:Benjamin Bates II
366:brigadier general
260:Maine Legislature
177:
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136:Benjamin Edward V
1924:
1892:American bankers
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1600:1877–78 (part 2)
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691:Franklin Simmons
529:Life in Lewiston
385:Wrentham Academy
248:milling business
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551:Lewiston, Maine
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318:Andrew Carnegie
283:Southern States
256:Lewiston, Maine
250:, he built the
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158:Hannah Copeland
144:Lillian Gilbert
108:Political party
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100:Occupation(s)
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54:July 12, 1808
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1787:Student life
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1672:Hathorn Hall
1597:
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1545:December 13,
1543:. Retrieved
1539:
1517:
1497:December 13,
1495:. Retrieved
1490:
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1471:February 15,
1469:. Retrieved
1465:the original
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1080:. Retrieved
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762:through the
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620:John Hubbard
612:
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574:people from
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228:large family
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179:
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172:Bates family
85:Burial place
71:(1878-01-14)
18:
1842:1878 deaths
1837:1808 births
1667:Frye Street
1367:January 11,
1082:January 11,
876:, niece of
314:J.P. Morgan
1831:Categories
1816:Newman Day
1794:Traditions
1769:Rivalries:
911:References
653:Union Army
625:Union Army
601:Bates Mill
595:Bates Mill
397:temperance
326:capitalism
252:Bates Mill
112:Republican
50:1808-07-12
1736:Athletics
916:Citations
718:net worth
664:the cause
641:secession
568:net worth
393:dry goods
350:Unitarian
279:secession
168:Relatives
154:Parent(s)
132:Josephine
93:Cambridge
576:Canadian
442:Lewiston
368:for the
299:monopoly
128:Children
1722:Ivy Day
1700:History
754:in 1852
643:in the
362:captain
281:in the
1645:Campus
899:eulogy
712:Wealth
637:cotton
320:, and
287:cotton
217:tycoon
118:Spouse
77:Boston
60:, U.S.
580:Irish
360:as a
293:, he
268:canal
1811:WRBC
1547:2015
1499:2015
1473:2016
1443:2015
1369:2016
1084:2016
750:The
578:and
328:and
160:and
66:Died
40:Born
836:in
230:in
1833::
1538:.
1527:^
1507:^
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211:/
208:s
205:ɛ
202:t
196:b
193:/
182:(
52:)
48:(
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