The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-23
Walker Skyscraper to Be One
Of Finest Structures in
the West.
COMPANY IS FORMED
WITH MILLION CAPITAL
Home for Bank to Be From Ten
to Fourteen Stories lii
Height.

The first official step toward the cree
tion of the much-talked-of skyscrapeF
on the northeast corner of Main ana
Second South streets by NJ. II. Walker
and associnted interests. was taken
Yesterday when articles of incorpora-
tion for the NJ. II. Walker Realty com
pany were fled with the county clerk.
The new company, which takes over
the "busy corner as the future site
of one of Salt Lake biggest and most
costly buildings and the home of the
firm of Walker Bros, bankers, Is capi-
talizcd at $l,000,O00, divided into 10.
600 shares, each of the par valne OF
500. OF the total number of shares
5000 have been issued, while 5oOo are
held by the corporation as treasury
stock
Matthew II. Walker, president and
one of the founders of Walker Bros
bankers. heads the new concern as pres
ident and controlling Stockholder. Johh
II. Walker, assistant cashier of wal
ker's bank, is vice president, AS treas
urer appears the name OF Louis n.
Farnsworth, vice president OF the bank.
while Edward O. Howard, cashier. Is
secretary. In addition to these men,
the directorate includes Henry q. Nc
IL
West Mining company; w. Montague
Ferry. president of the Salt Lake CITY
council and prominent mining man;
Frank A. Druehl of Druehl & Franken
and president of the Smith Drug COM
pany; George S. Auerbach, general man
ager of Auerbach company and heavy
real estate owner. and Charles n: Sire
veil. vice president of the Strevell- Pat
erson Hardware company and president
Al q 'nlro ,nr11-
pany.
Walker Largest Subscriber,
Mr.. Walker has subscribed to 1920
s492, 900 of the 100000 issued in stock.
Each of the other incorporators has
subscribed to ten shares, the total rep
rcsenting $4,000. While the stockhold-
ers of the NJ. II. Walker Realty com.
pany are the officers and directors OF
Walker Bros, bankers. it is emphati-
cally maintained that each incorporation
has placed his money individually, as
a personal investment, without any con-
nection with the banking firm, except
insofar as the proposed new structure
will provide another and most elaborate
home for the institution. Vice Presi
dent Farnsworth declared Yesterday
that the big building is being financed
in all respects separate from the bank.
The corner upon which the big build.
ing will be built has been taken over
from Mr.. Walker. the owner. The front
age on Main street is S41a feet, and
that on Second South street 1851 feet,
while portion of the property extends
to the alley running north from Second
South street.
1t is the purpose of the company
to erect on this corner a modern struc-
ture of not less than ten and possibly
fourteen stories. According to those
back of the big project, the ultimate
cost of the building has not been de-
termined upon, but they are intent
upon expending whatever sum may be
necessary to put up structure that
will vie with any of the costly sky
scrapers Of which Salt Lake now
boasts. and one that will be q credit
TO the bank, to the builders and to
Salt Lake.
The details Of the building have
not been settled, but the structure will
be imposing and modern in every par
ticular Walker Brothers, bankers, will
occupy the corner on the ground floor,
and the Smith Drug company will oc.
cupy the northern portion of the
ground floor facing on Main street.
Other apartments will be provided on
the ground floor for stores or business
j ~ Wilt IHC upper 1lDOIS OIL the
building will be let for offices.
Modern Bank Structure.
It is announced by the company that
the promoters intend to make the bank
ing room the finest in the city and
Walker is at present visiting San Fran.
cisco and Los Angeles, both widely
renowned for the magnificent struc-
lures that have lately gone up within
their bounds, where he Will thoroughly
inspect the biggest structures financed
by the larger banks. His investiga-
tion, II Is said. will extend throughout
the country, in order to secure ideas
that will result in giving Salt Lake
equipped banking house as it is posi-
BILE TO find.
Walker Brothers bank grew out of a
mercantile business conducted in pio-
neer days at Camp FLOYD by four
brothers, of whom one, Matthew II.
Walker, now survives. In 1859 the
business was removed to Salt Lake and
was opened up on Main streets west
side between First and Second South
building now stands At that time
there was no bank between the Mis-.
souri, river and California. Customers
formed the habit of leaving their earn.
ings at the business house, and pro
cured money when they wanted it bv
writing orders. which were honored the
same as checks. Later checks were
printed for the convenience of patrons
and money WAS also loaned on securi.
ties. Thus full.fledged banking busi
ness was launched in that year, giving
birth to the Walker Brothers bank
Since then the firm has absorbed the
local branch of the Wclls-Fargo Bank.
ing company, and has been Mt its pres.
ent location since the year 1865.
Walker Bros, bankers, have beer
identified with the growth Of the city
for over half century. At the present
time the institutions IS resources are an
proximately $3,400. 900. The bank ha.
shown q rapid and substantial growth
and one Of the principal reasons for thu
move that will give1Salt Lake anothe,
building that will forever prove q mon
ument to the community, is that tn,
banking firm has outgrown its old
quarters.
Farnsworth's Statement.
In connection with. the enterprise
Louis II. Farnswortb, vice president OF