Bred at August Belmont Jr.'s Nursery Stud near Lexington, Kentucky, Watervale's dam was the retrospective American Champion Two-Year-Old Filly for 1892.
His British-born sire, Watercress, was a winner of the 1892 Prince of Wales's Stakes who was imported to the United States by prominent breeder, James Ben Ali Haggin.
[1] His grandsire, Springfield, was bred by Queen Victoria and was a winner of the first two runnings of the July Cup in 1876–1877 at Newmarket Racecourse.
[3] Racing at age three, on May 1, 1911, Watervale equaled the Pimlico track record of 1:12+1⁄5 for 6 furlongs (0.75 mi; 1.2 km).
[4] Ridden by Eddie Dugan, on May 17, 1911, Watervale set another Pimlico track record of 1:51 flat for 1+1⁄8 miles (1.8 km) in winning an American Classic, the Preakness Stakes.