Isaias W. Hellman facts for kids
Quick facts for kids
Isaias W. Hellman
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| President of Wells Fargo Nevada National Bank | |
| In office 1905–1920 |
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| Preceded by | Himself as president of the Nevada National Bank |
| Succeeded by | Isaias W. Hellman Jr. |
| President of The Nevada National Bank | |
| In office 1898–1905 |
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| Preceded by | Himself as president of the Nevada Bank |
| Succeeded by | Himself as president of the Wells Fargo Nevada National Bank |
| President of The Nevada Bank | |
| In office 1890–1898 |
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| Preceded by | John William Mackay |
| Succeeded by | Himself as president of the Nevada National Bank |
| Personal details | |
| Born |
Isaias Wolf Hellman
October 3, 1842 Reckendorf, Bavaria |
| Died | April 9, 1920 (aged 77) San Francisco, California |
| Resting place | Home of Peace Cemetery and Emanu-El Mausoleum |
| Nationality | American |
| Spouses |
Esther Newgass
(m. 1870) |
| Relations | Herman W. Hellman (brother) Isaias W. Hellman III (grandson) Warren Hellman (great-grandson) |
| Children | Isaias W. Hellman Jr. Clara Hellman Florence Hellman |
Isaias Wolf Hellman (born October 3, 1842 – died April 9, 1920) was an important American banker. He was born in Germany. He was also a philanthropist, meaning he helped many people and good causes. He was one of the key people who helped start the University of Southern California.
Contents
Early Life and Education
Isaias Hellman was born in Reckendorf, Bavaria, which is now part of Germany. His birthday was October 3, 1842. He had two brothers, Herman and James, and four sisters. His parents were Wolf and Sara Hellmann. His father was a master weaver.
Isaias went to public schools in Germany. He also studied at the College of Marktbreit in Bavaria. This school was started in 1849.
Starting a Career in Los Angeles
In May 1859, Isaias Hellman and his brother Herman traveled from Germany to Los Angeles, California. They came to join their cousins. Isaias started working as a clerk in his cousins' store. The store sold stationery and cigars. He also learned to speak Spanish there.
In 1865, when he was 22, Hellman bought a dry goods store. This store sold fabrics and other household items. It was located at the corner of Main and Commercial streets in Los Angeles. Later, in 1870, Hellman built a new building called the Hellman Block.
Becoming a Banker
Hellman became Los Angeles's first banker almost by accident. He used to keep his customers' gold and valuable items safe in his store's safe. People trusted him. He then started buying people's money and giving them deposit books. This was the beginning of his banking career.
Founding Banks
- Hellman, Temple and Co.: On September 1, 1868, Hellman and Francisco P. Temple started Los Angeles's second official bank.
- Farmers and Merchants Bank: In 1871, Hellman teamed up with John G. Downey, who used to be the governor of California. They created the Farmers and Merchants Bank of Los Angeles. This bank became the first truly successful bank in Los Angeles.
- Hellman lent money to important people. For example, he helped Harrison Gray Otis buy the Los Angeles Times newspaper. He also helped Edward Doheny and Charles A. Canfield drill for oil.
Moving to San Francisco
In 1890, Hellman moved to San Francisco. He took over the Nevada Bank of San Francisco. This bank was started by four wealthy men known as the Silver Kings. The bank was struggling when Hellman took over.
When people heard Hellman was involved, many investors wanted to buy stock in the bank. Hellman received requests for $15 million in stock, but he only had $2.5 million to sell. Famous investors like Mayer Lehman of Lehman Brothers and Levi Strauss bought shares.
Hellman was president of the Nevada Bank of San Francisco from 1890 to 1898. Then, he changed it into a national bank, calling it The Nevada National Bank of San Francisco.
Wells Fargo Nevada National Bank
From 1898 to 1905, Hellman was president of The Nevada National Bank. In 1905, he bought the banking part of Wells Fargo & Co. He combined it with the Nevada National Bank to form the Wells Fargo Nevada National Bank. This new bank had a lot of money, about $9.5 million.
After the 1906 San Francisco earthquake, the bank's main office was destroyed. Hellman continued to run the bank from his son-in-law's house while the headquarters were rebuilt. At his peak, Hellman was president or director of 17 banks along the Pacific Coast. He controlled about $100 million in capital.
Hellman remained president of the Wells Fargo Nevada National Bank until he passed away in 1920. His son, Isaias W. Hellman Jr., took over but sadly died a month later.
After Hellman's death, the Union Trust Company, which he had started, joined with Wells Fargo Nevada National Bank in 1923. This created the Wells Fargo & Union Trust Company. In 1954, the name was shortened to Wells Fargo Bank.
Developing Los Angeles
Hellman was very involved in developing Los Angeles.
Transportation and Utilities
- Streetcars: In 1874, Hellman invested in the Main Street and Agricultural Park Railway. This was a trolley line that ran from downtown Los Angeles to a horse-racing track. He later invested in many of the city's rail lines. With Henry E. Huntington, he helped form the Los Angeles Railway in 1898 and the Pacific Electric Railway in 1901.
- Utilities: He also invested a lot in Los Angeles's water, gas, and electricity companies.
- Railroad: Hellman helped bring the Southern Pacific Railroad to Los Angeles in 1876. This train connection was very important because it helped end the isolation of the region.
Real Estate Investments
Hellman owned a lot of land in Southern California.
- In 1871, he and a group bought the 13,000-acre Rancho Cucamonga.
- In 1881, Hellman and the Bixby family bought the 26,000-acre Rancho Los Alamitos. This area is now home to Long Beach and Seal Beach. The Hellman neighborhood in Long Beach is named after him.
- He also bought the Repetto Ranch (now Montebello) with Harris Newmark and Kaspare Cohn.
- Hellman and Downey bought parts of Rancho San Pedro.
- He owned much of Boyle Heights with William H. Workman.
Lake Tahoe Property
In 1897, Hellman bought a large piece of land near Lake Tahoe. He built a mansion there in 1903 and called it Pine Lodge. His family later sold this land to the state of California. Today, it is known as Sugar Pine Point State Park.
Founding the University of Southern California
In 1879, Judge Robert Maclay Widney wanted to create a new university. Hellman joined businessman Ozro W. Childs and former Governor John G. Downey in donating valuable land and money to help start the University of Southern California. This made him one of the university's founding fathers.
Family Life
On April 14, 1870, Isaias Hellman married Esther Newgass from New York. Esther's sister, Babetta, was married to Mayer Lehman, one of the founders of the investment bank Lehman Brothers.
Isaias and Esther Hellman had three children:
- Isaias W. Hellman Jr. (1871–1920)
- Clara Hellman (1878–1959)
- Florence Hellman (1882–1964)
Hellman was also the president of B'nai B'rith in 1872. This group built the first Jewish temple in Los Angeles on Fort Street.
Isaias Hellman passed away in San Francisco on April 9, 1920.
Legacy and Impact
When Hellman died in 1920, he was seen as the most important financier on the Pacific Coast. His son, Isaias Wolf Hellman Jr., and his grandson, Isaias Warren Hellman, both later became presidents of Wells Fargo Bank.
His life story is told in the book Towers of Gold: How One Jewish Immigrant Named Isaias Hellman Created California. This book was written by his great-great-granddaughter, Frances Dinkelspiel.
Images for kids
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An 1887 lithograph of Hellman's Los Angeles home
