The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-29
NEW HOME FOR
Wl.NAI'L BANK B
A Handsome Building to Be
Erected on the Gale
Homestead.
Bank Of, Commerce Building
on Adjoining Lot Changes
Hands.

The Northwestern National bank will
erect fine banking house on First ave-
nue. S, between the National Bank of
Commerce building and the alley. The
site is the former S. C. Gale homestead.
Thursday at 4 p. NJ, In regular quarterly
meeting, the board Of directors voted ITO
sign a 100-year lease with Miss katherine
Welles, owner Of the property, daugh-
ter of the late Henry T. Welles, first
president of the bank.
The deal was negotiated for the bank by
J. V. McHugh, Of McHugh, Christensen &
Co., with Cohen, Atwater & Shaw, Miss
Welles' representatives. The Commercial
West communicated the information to
it's patrons last evening by special bulle-
tin, which created much favorable COM
ment upon the enterprise Of that vigorous
business journal.
The lease. will call for a rental
averaging about $1,000 a year. It is made
without reappraisement at a set rate for
the first decade, another for the second ten
years, and a third for the remaining
eighty years of its life.
} Options had been obtained on the War
ner property at Nicollet avenue and
Fourth, the Century building, the Bank OF
Commerce building, the Deerlng corner
at Second avenue S and Fourth street
and the opposite corner. William NJ.
Kenyon, the architect, was employed by
Mr.. McHugh to investigate the
availability of the different sites with the
result that the Welles property was taken
the very day on which the option expired.
syndicate of Chicago business men eX=
pected to erect on the same property an
eight story building with banking rooms
on the first floor, but preference was Civ
en- to the local institution.
A Model Bank Building.
Bank buildings in other cities will be
studied for ideas and work will begin in
the near future. President J. w. Ray
mond states that the new building will
be the most, convenient and thoroughly
modern in every-Way that can be built for
the purpose. No. estimates of cost have
been made and no specific plans have been
decided upon.
In general way it has been determined
to erect building of the same dimen-
sions as the lot; 91x142 feet, The forward
part of the building will be two stories
in height, the rear one story. The, sec
ond story will be used for Offices the
front suites facing the street, the rear
ones opening on the.huge glass dome with
base Of 48SX125 feet. The dome will sur
mount the banking room proper.
d" The plan calls for officers roomsy di-
IeCLoiS ROOM ana the usual apartments
required in a banking business. In. the
basement will be the document room
. TWO new features have been determined
upon. An attractive, complete and con-
venient ladies' department will be pro-
vided, and in the. basement will be placed
safety deposit vaults for the use Of the
customers Of the bank.
Big, Strong Institution.
For fifteen years the Northwestern Ma
tlonal bank has been quartered in the
Guaranty building, to which it moved from
! Second avenue S and Washington. The
business has constantly increased neces-
stating enlarged quarters. T@ -
| Marchl11 the Metropolitan bank wassab-
sorbed, increasing the deposits of the
Northwestern by about 81, 100000, making
an approximate total Of $780, 900. The
| congestion consequent upon the increased
| clerical force and the heightened list of
depositors made an early change neces-
sary. -, o. ,-..,-. -:t-.5|
| Bank OF Commerce !" building, will I'M
| doubtedly be starter in the real estate
market. The old Gale place of late years
| has been occupied as boarding house
| and recently as bicycle repair and stor-
age place. The new building will greatly
| improve the appearance Of First avenue
as we'll as remove landmark which is not
|
as a reminder of a once elegant mansion
will be the tombstone erected over the
! tomb of e. favorite cat by: the Gale boys.
This Is now incorporated in the Bank OF
Commerce building foundation, mystery
! to the average passer-b by. .>--.- :
The old house was erected about 1864
! by S. c. Gale when it was customary to
| hunt ducks back of the Nicollet house. 1t
| was then in the heart of the swell resi-
| dence district, palatial home which
compared we'll with the Hale, Cushman
| and c. w. Clark mansions which reared
their roofs in the neighborhood.
Two New Directors Chosen. -.
AT the meeting Thursday a 2 per cent
quarterly dividend was declared by the
directorate, a dividend which has always
been earned by this bank and always
paid. The new directors. Lewis S. Gill
lette and J. T. Wyman were welcomed to
the board. Mr.. Wyman and Mr.. Gillette
are. as we'll known as any business men
of the city. Their election to the board