Isaias W. Hellman

Isaias Wolf Hellman
Isaias Wolf Hellman
Born	Template:Birth date; Reckendorf, Kingdom of Bavaria
Died	April 9, 1920 (aged 77)
Occupation(s)	Banker, philanthropist
Known for	Founding the University of Southern California; president of Wells Fargo Nevada National Bank

Isaias Wolf Hellman (October 3, 1842 – April 9, 1920) was a banker and philanthropist born in the Kingdom of Bavaria who became a prominent figure in American finance and played a pivotal role in founding the University of Southern California.

Early life

Hellman entered the world in Reckendorf, Kingdom of Bavaria, to German Jewish parents Wolf Hellmann (1815–1884), an expert weaver, and Sara Fleischmann (1823–1888). He was one of eight siblings, including brothers Herman and James W. Hellman, and sisters Bertha, Flora, Regina, and Ernestine, the latter of whom married Schloss, a prosperous cattle businessman.

His education took place in Bavarian public schools followed by studies at the College of Marktbreit, established by Solomon Wohl in 1849.

Career

In 1859, Hellman and his brother Herman journeyed to Los Angeles, California, to join relatives; their brother James arrived subsequently. Isaias began working as a clerk at his cousins' stationery and cigar shop, Hellman and Bro., situated at Main and Temple streets. He officially became part of the enterprise in 1855, with his brother Sam joining two years later. The partnership ended in 1862.

By 1865, Hellman acquired Adolph Portugal's dry goods business at Main and Commercial streets, near what is now known as the Triforium. Around 1870, he constructed the Hellman Block at the intersection of Los Angeles Street and Commercial Street.

Banking

Hellman’s entry into banking was somewhat accidental; he initially safeguarded patrons’ gold within his store’s safe before formalizing banking activities by issuing deposit receipts.

On September 1, 1868, together with Francisco P. Temple, Hellman established Hellman, Temple and Co., which became Los Angeles’ second officially recognized bank. In 1871, partnering with ex-California governor John G. Downey, he founded the Farmers and Merchants Bank of Los Angeles, marking the city’s first enduring banking institution. Hellman provided financial backing for significant projects such as Harrison Gray Otis’s purchase of the Los Angeles Times and oil exploration efforts led by Edward Doheny and Charles A. Canfield. He also held a position as University of California Regent from 1881 through 1918. In 1905, he was responsible for developing the Farmers & Merchants Bank Building on Main Street.

Relocating to San Francisco in 1890, Hellman took charge of the Nevada Bank of San Francisco, rescuing it from near insolvency. His stewardship drew considerable international capital investment; among notable shareholders were Mayer Lehman of Lehman Brothers and Levi Strauss. He remained president from 1890 until converting it into The Nevada National Bank of San Francisco in 1898 and continued leading until 1905.

That same year, Hellman purchased Wells Fargo & Co.'s banking operations—separating them from express services under Edward H. Harriman—and merged these with Nevada National Bank to create Wells Fargo Nevada National Bank with $9.5 million in capital. Following the devastation caused by the 1906 San Francisco earthquake, business activities were temporarily shifted to his son-in-law’s home during reconstruction.

At the height of his career, Hellman presided over or served on boards of seventeen banks along the Pacific Coast that collectively managed $100 million in capital. He maintained presidency of Wells Fargo Nevada National Bank until his passing in 1920; his son briefly took over but died within a month.

After his death, the Union Trust Company—founded by Hellman in 1893—was merged into Wells Fargo Nevada National Bank in 1923 to form Wells Fargo & Union Trust Company. This institution was renamed Wells Fargo Bank in 1954.

Streetcars and utilities

In 1870, Isaiah M. Hellman, cousin to Isaias Hellman, was chosen as city treasurer. Meanwhile, Isaias became a prominent backer of trolley systems, financing the 1874 Main Street and Agricultural Park Railway that linked downtown Los Angeles with the Agricultural Park racetrack. Hellman invested extensively in urban railways and, alongside Henry E. Huntington, established the Los Angeles Railway in 1898 and the Pacific Electric Railway in 1901.

Additionally, he played a significant role as an investor in Los Angeles's water, gas, and electricity enterprises. Hellman was instrumental in bringing the Southern Pacific Railroad to Los Angeles in 1876, effectively ending the region's isolation.

Real estate

As a substantial landowner in Southern California, Hellman possessed numerous urban parcels as well as vast former rancho territories. In 1871, he joined a syndicate to acquire of Rancho Cucamonga. A decade later, in 1881, Hellman partnered with the Bixby family to purchase of Rancho Los Alamitos, which now includes areas such as Long Beach and Seal Beach. The neighborhood of Hellman commemorates his name. He also acquired the Repetto Ranch (present-day Montebello) with associates Harris Newmark and Kaspare Cohn, obtained portions of Rancho San Pedro alongside Downey from the Dominguez family, and co-owned much of Boyle Heights with William H. Workman.

In 1897, Hellman bought property near Lake Tahoe, where he constructed Pine Lodge mansion in 1903. His descendants eventually sold this estate to the state of California, leading to the creation of Sugar Pine Point State Park.

He was also proprietor of the Nacimiento Ranch near Paso Robles, California, which was stocked with cattle and horses.

University of Southern California

In 1879, Hellman collaborated with businessman Ozro W. Childs and former Governor of California John G. Downey by contributing land and financial support to found the University of Southern California.

Personal life

On April 14, 1870, Hellman wed Esther Newgass from New York; her sister was married to Mayer Lehman of the investment firm Lehman Brothers. They had three children:

Isaias W. Hellman Jr. (1871–1920), who married Frances Jacobi.
Clara Hellman (1878–1959), who married Emanuel S. Heller.
Florence Hellman (1882–1964), who married Sidney M. Ehrman, co-founder of the law firm Heller Powers & Ehrman.

Hellman held the presidency of B'nai B'rith in 1872 during the construction of Los Angeles's first temple on Fort Street.

He passed away in San Francisco on April 9, 1920.

Legacy

At his passing in 1920, Hellman was acknowledged as the foremost financier along the Pacific Coast. His son, Isaias Wolf Hellman Jr., followed by his grandson, Isaias Warren Hellman, both served as presidents of Wells Fargo Bank. Following his death, the Union Trust Company merged into Wells Fargo, while the original Farmers and Merchants Bank of Los Angeles ultimately combined with Security First National Bank of Los Angeles.

Among biographies documenting his life is Towers of Gold: How One Jewish Immigrant Named Isaias Hellman Created California authored by his great-great-granddaughter, Frances Dinkelspiel. Published in 2008, this book remained on the San Francisco Chronicle bestseller list for five weeks and received positive critical acclaim.

References

Notes

Sources

External links