Towers of Gold: How One Jewish Immigrant Named Isaias Hellman Created California by Frances Dinkelspiel

From the Publisher

Isaias Hellman, a Jewish immigrant, arrived in California in 1859 with very little money in his pocket and his brother Herman by his side. By the time he died, he had effectively transformed Los Angeles into the modern metropolis we see today. In Frances Dinkelspiel's groundbreaking history, the early days of California are seen through the life of a man who started out as a simple store owner only to become California's premier money-man of the late 19th and early 20th century. Growing up as a young immigrant, Hellman quickly learned the use to which "capital" could be put, founding LA's Farmers and Merchants Bank, that city's first successful bank, and transforming Wells Fargo into one of the West's biggest financial institutions. He invested money with Henry Huntington to build trolley lines, lent Edward Doheney the funds that led him to discover California's huge oil reserves, and assisted Harrison Gary Otis in acquiring full ownership of the Los Angeles Times. Hellman led the building of Los Angeles' first synagogue, the Wilshire Boulevard Temple, helped start the University of Southern California and served as Regent of the University of California. His influence, however, was not limited to Los Angeles. He controlled the California wine industry for almost twenty years and, after San Francisco's devastating 1906 earthquake and fire, calmed the financial markets there in order to help that great city rise from the ashes. With all of these accomplishments, Isaias Hellman almost single-handedly brought California into modernity. Ripe with great historical events that filled the early days of California such as the Gold Rush and the San Francisco earthquake, Towers of Gold bringsto life the transformation of California from a frontier society whose economy was driven by the barter of hides and exchange of gold dust into a vibrant state with the strongest economy in the nation.

Nathan E. Bender - Library Journal

Journalist Dinkelspiel has filled a notable gap in California's history by writing a much-needed biography of her remarkable great-great grandfather Isaias Wolf Hellman (1842-1920). As one of California's pioneer financiers and an advocate of modern banking methods, Hellman became founder, president, or director of 17 banks, including Wells Fargo Bank, Nevada Bank of San Francisco, and the Farmers and Merchants Bank. He is attributed with stabilizing the financial panic of 1893 in Los Angeles by stacking $500,000 worth of gold coins on the counter of the Farmers and Merchants Bank in plain public view, hence the title of this book. The author personalizes Hellman's life by recounting his emigration from Bavaria to California in 1859 and comparing the vastly different social acceptance of Jews in those places. Many details of his family history are provided, along with insights into his relations with a broad swath of other early legendary California business families. Recommended for public and academic libraries with interests in early California financial and Judaic history.

Kirkus Reviews

Dull, pollyannaish family history of greed and general financial grubbiness in post-Gold Rush California. Freelance journalist Dinkelspiel, great-great granddaughter of Isaias Hellman (1842-1920), discovered a trove of his papers at the California Historical Society and spent eight years digging through them and visiting collections elsewhere to reconstruct the life of her financier forefather. After a brief personal introduction and an equally brief account of Hellman's quick move to abort a run on his Farmers and Merchants bank in Los Angeles during the Panic of 1893, the author commences a chronological journey through his life. Hellman arrived fairly penniless in Los Angeles (population under 5,000) in 1859 but soon began an archetypal soaring ascension into the stratospheres of wealth. He boasted a mansion, a summer home in Lake Tahoe, successful children and a finger in just about every pie in the California sky: trolleys, oil, water, land, newspapers, higher education and, principally, banking. He consorted with Levi Strauss and competed with the Huntingtons; near the end, he testified repeatedly before grand juries in graft and corruption cases. The author, who often begins chapters with a weather report ("the air was crisp and cold"), offers scant analysis or criticism of her ancestor; the book often reads like a report prepared and delivered by an earnest middle-schooler during Family History Week. She does not consider in any serious, systematic way the deleterious effects Hellman's greed might have had on employees, small businessmen and farmers. (One unappreciative guy took a couple of shots at him but missed.) As she sees it, all was for the greater good of California; itjust so happens that her ancestor got exceedingly rich in the process. A well-fed dog with no bark or bite. Agent: Michael Carlisle/Inkwell Management

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