Origins
In May 1807, Samuel Blodget completed a canal and lock system beside the Merrimack River at Derryfield. His enterprise allowed boats traveling between Concord and Nashua to bypass Amoskeag Falls, opening the region to development. Blodget envisioned here "the Manchester of America," a water-powered textile center comparable to the Industrial Revolution English city he had recently visited. The name stuck, and in 1810 Derryfield was changed to Manchester. That same year, Benjamin Prichard and others incorporated the Amoskeag Cotton & Woolen Manufacturing Company. He and three brothers—Ephraim, David and Robert Stevens—had purchased land and water power rights the year before on the west bank of the Merrimack near Amoskeag Bridge, where they built a mill. From Samuel Slater they bought second-hand mill machinery, but it didn't work well. In 1811, new machinery was built to spin cotton into yarn, the currency with which factory wages and dividends were paid. Weaving became a cottage industry for local women, who earned between 2 and 7 cents per yard, depending on the type of fabric. A good weaver could average 10 to 12 yards (11 m) per day.
But the mill was unprofitable. Indeed, after September 1815, "little or nothing was done in it." In 1822, Olney Robinson of Rhode Island purchased the company, using money and equipment borrowed from Samuel Slater and Larned Pitcher. Robinson proved incompetent, however, and the business passed to his creditors. Slater and Pitcher then sold three-fifths of the company in 1825 to Dr. Oliver Dean, Lyman Tiffany and Willard Sayles of Massachusetts. In April 1826, Dr. Dean moved to the site and oversaw construction of the new Bell Mill, which was named for the bell on its roof to summon workers. Also erected was the Island Mill, located on an island in the Merrimack. Boarding houses and stores were built, creating the factory village of Amoskeag. The three-mill complex prospered, becoming known for its excellent "sheetings, shirtings and tickings," especially the latter. Success attracted investors. With capital of 1 million dollars, the business was incorporated on July 1, 1831 as the Amoskeag Manufacturing Company. Offices were established in Boston, where the treasurer de facto ran the firm, with an agent (manager) in Manchester to oversee personnel and operation of the mills.
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