It is the largest city in Washington. Five pioneer families from Illinois first settled the area in 1851, and named the town after a friendly Suquamish Indian chief. It was incorporated as a city in 1869, and grew quickly after the Great Northern Railway arrived in 1893, especially during the Alaska Gold Rush of 1897. When the Panama Canal opened in 1914, Seattle became a major Pacific port of entry, and today it is the region's commercial and transportation hub and the centre of manufacturing, trade, and finance, with an estimated 684,451 residents as of 2015.