I wondered how the bank and the railroad got together on the skyscraper. Perhaps it was arranged by Clive T. Jaffray (1865-1956), vice-president of the bank and a director of the railroad. Later, he was president of the bank 1917-1924 and president of the railroad 1924-1937. He was chairman of the board of both companies until 1944.
The splendid building shown above is that of the First National Bank-Soo Line Building, now in process of erection on the corner of Marquette Avenue and Fifth Street, Minneapolis, to be completed early in 1915 at a cost of §1,500,000. The First National Bank will occupy the first, second and third floors. The upper seven floors will be occupied by the Minneapolis, St. Paul & Sault Ste. Marie Railway offices. The intermediate stories will be occupied by business offices.
The structure is to be nineteen stories in height, of the most modern fire-proof steel construction; exterior granite and terra cotta; interior finished throughout in steel, white marble and bronze. There will be a front light court 45 by 60 feet in area, extending to the top floor, thus insuring excellent light and ventilation, and all the offices will therefore be front offices.
The latest improvements and devices in office building construction and equipment will be installed, so as to insure first-class service and cleanliness. Efficient service in all departments will be maintained, including electric lights and vacuum cleaning.
The First National Bank of Minneapolis began business in 1864. with a capital of $50,000, which has gradually been increased until in 1913 it was made 52,500,000. For fifty years this bank has been making a feature of caring for the accounts of banks and bankers. It has long been known as a conservative institution and one which welcomes small accounts as well as large ones.
When the growth of the bank's business necessitated more generous accommodations than its space in the Phoenix Building afforded, the officers of the bank planned a structure to be erected at the corner of Marquette Ave. and Fifth St. to be used purely for banking purposes.
A beautiful building was therefore erected in the year 1907 of New Bedford limestone. The substantial appearance which this material gave was relieved of all severity by graceful lines, and it was a notable addition to the banking and business architecture of this city.
However, many factors in the growth of the city of Minneapolis have combined to make this corner a most strategic point in the business district, and demanded the erection of a large commercial building, such as the First National Bank and Soo Railway are now building.
The building erected in 1907 was occupied until March 28th this year, and has now been taken down to make place for the building of the new structure.
A serious problem confronted the bank in providing quarters pending the erection of its new building. This was finally solved by securing the use of the Minneapolis Trust Company's new building, occupying ground just adjacent to where the new First National-Soo Line Building will be. This was an additional advantage in enabling the transfer to be accomplished with the minimum of disturbance to the daily business of the bank.
The First National Bank will shortly celebrate its fiftieth anniversary. It has played its part well in the development of the Northwest, and has obtained a degree of prosperity and success to which its conservative management entitled it, and to-day occupies a prominent and enviable place among the great banks of the country.
The following are its officers: - F.M. Prince, president: C.T. Jaffray, vice president: A.A. Crane, vice president: D. Mackerchar, vice-president; H.A. Willoughby, cashier; G.A. Lvon, P.J. Leeman and J.C. Byam. assistant cashiers.
Moody's Analyses of Investments: Steam Railroads (1914)
Minneapolis, St. Paul & Sault Ste. Marie Railway Company
Origin: Successor by consolidation on June 11, 1888, of the Minneapolis, Sault Ste. Marie & Atlantic Ry., the Minneapolis & St. Croix Ry., the Minneapolis & Pacific Ry., and the Aberdeen, Bismarck & Northwestern Ry. In 1909, control of the Wisconsin Central Railway was acquired, through the purchase of 51% of the common stock, and the road being leased for ninety-nine years. It is now operated as the Chicago Division of the general system.
Location: Directly operated lines consisted, on June 30, 1913, of 2,943.30 miles, and with the Wisconsin Central, 3,976.04 miles. Main line, Sault Ste. Marie, Mich., to Portal, N. D., 1,040 miles; Hankinson, N. D., to Max, 305 miles; Glenwood to Noyes, 265 miles; Thief River Falls, Minn., to Kenmare, N. D., 296 miles; Brooten to Duluth, 187 miles; Moose Lake to Plummer, 192 miles; and various branches. The Wisconsin Central lines are known as the Chicago Division of the system, but separate operating figures are furnished (which see). Main system operates chiefly in Wisconsin, Minnesota, and North Dakota. Population of these States in 1890, 3,171,425; in 1900, 4,139,582; in 1910, 4,968,624.
Control: Canadian Pacific Railway Company owns $12,723,500 out of $25,208,800 common, and $6,361,800 out of $12,603,400 preferred stock. The lines make connection with the Canadian Pacific at Portal, N. D., and at Winnipeg, and furnish an entrance for the system into St. Paul, Minneapolis, Duluth, and Chicago.
Management (June 30, 1913): Officers: E. Pennington, Pres.; Alfred H. Bright, Vice-Pres.; W. F. Fitch, VicePres.; C. F. Clement, Treas.; C. W. Gardner, Comptroller; G. W. Webster, Secy. Directors: E. Pennington, Alfred H. Bright, W. L. Martin, J. S. Pillsbury, C. E. Wales, C. T. Jaffray, Leroy W. Baldwin, Wm. Irvine, Sidney G. Courteen, M. H. Ballou, W. F. Fitch. Annual meeting, second Tuesday in October. Main Office, Minneapolis, Minn. Fiscal Agents In New York, Agents Bank of Montreal, 64 Wall Street.
