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.
http://www.abouthegreatlakes.com/reflections1.htm
http://books.google.com/books?id=aUgZ_Zka_rsC&pg=PA41
"When Blackmun began his first day of law practice on January 2. 1934, the Dorsey firm occupied the thirteenth floor of the First National Soo Line Building, home of Minneapolis's First National Bank, which had been the firm's first major client.and the Minneapolis, St. Paul and Sault Sainte Marie, or Soo Railway."
When I came to the Soo in 1980, Engineering and Mechanical were on the 15th floor.
Then Engineering moved to 3 and then to 6. (My office was in the corner over the clock on the 6th floor for my last 10 years there) and now Engineering is back on 15. Between the time on 3 and 6, I spent 7 years in Chicago.
Per a previous comment, Soo sold the building and leased space and gradually reduced its space in the building.
The building is reasonably nice for a cube holder, but certainly nothing fancy and with the newer security needs over the last many years it is more awkward than other newer buildings. You come out of the elevators into what is basically a hallway where you have to enter the office spaces.
Whats funny about the building, is that according to some SOO Line guys, the Soo Line Building was sold in order to gain capital to purchase the Milwaukee Road! It had been leased ever since.
Mechanical Department "No no that's fine shove that 20 pound set all around the yard... those shoes aren't hell and a half to change..."
The Missabe Road: Safety First
...That is an appropriately appearing public clock. Hope it will be placed, if moved...to a site where the public can see and appreciate it.
Quentin
The Trains News Wire link that I posted above says only that the new building is more "modern" (albeit twice). Likewise, the "Class B" office space in the Soo Line Building is likely not as 'nice' as the space in the One Financial Plaza building, what with the customary modern amenities, handicapped access, modern telecom infrastructure, etc.
But the likely real reason is that CP was made "an offer they couldn't refuse". According to the article at the 3rd link by wanswheel above (the "Village Green" link): the owner of the Soo Line Building - Hempel Properties - bought the One Financial Plaza building mainly so Hempel could next move CP out of the Soo Line Building into One Financial Plaza, and then sell the Soo Line Building to Village Green for conversion to apartments, etc.
- Paul North.
Why would they be moving because they need more space? Unless they got some other tenants in recent years, the vast majority of the building was empty.
Love the previous version of "light rail vehicles" in the photo at the 1st link !
The article in the 3rd link says the Building will be converted into apartments - it now has 226,000 sq. ft. of "Class B" office space. Since it's right next to a new light rail station stop, and 1 block away from the Nicollett Mall, and 2 stops away from the football stadium, it should have a good chance of drawing tenants for a downtown lifestyle.
Thanks for those links , Mike !
Photo, historical info and an article about the purchase of the building for apartments.
https://villagegreen.residentworks.com/media_library/1895/4e8b7b7aeb0dd382.jpg
http://www.placeography.org/index.php/Soo_Line_Building%2C_501_Marquette%2C_Minneapolis%2C_Minnesota
http://www.bizjournals.com/twincities/blog/real_estate/2011/10/village-green-buys-soo-line-building.html
Hopefully, the old Soo Line building does not meet the same fate as a 14-Story building in Omaha.
Paul,
Yep. We're going to be moving about a block or so away at One Financial Plaza; basically a hop, skip, and a jump away from the Soo Line Building. While CP/SOO-MILW has a long history with the building, CPRS needed a larger, more modern facility for its US headquarters.
Last week there was an item in the Trains News Wire for Weds., Oct. 5, 2011 about "Canadian Pacific to leave Soo Line building, relocate U.S. offices" nearby over the next year:
http://trn.trains.com/en/Railroad%20News/News%20Wire/2011/10/Canadian%20Pacific%20to%20leave%20Soo%20Line%20building%20relocate%20US%20offices.aspx
Coincidentally, a couple weeks ago I took a fair-to-poor photo of the clock on one corner of that building:
I wonder if the clock will be relocated too ? Anybody know ?
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