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UPDATE: Our astute commenters wasted no time in locating the photo in Minneapolis; Shorpy member "billymaz" identified the structure as a remnant of the 1886 Minneapolis Industrial Exposition Building. The building's final owner, the Coca-Cola Company, tore it down in 1940 to make room for a new bottling plant, leaving just the northwest tower, which stood for a few more years as a vestige of what was once one of the most prominent buildings in the city. (MNopedia)
This uncaptioned circa 1943 photo taken for the Office of War Information shows a brick tower, probably in the Upper Midwest, repurposed as advertising for War Bonds and Coca-Cola. Who'll be the first to tell us where this is? View full size.
The stairs on the left go up to Our Lady of Lourdes church. The warehouse on the right is now part of Exposition Hall office complex. The smokestacks belong to the University of Minnesota steam plant. The Satterlee building now houses a popular bar with a nice view of the Mississippi. All are still extant, though you can't see the last two in the current view.
... with just the tower of the Minneapolis Industrial Exposition Building still standing.
[That didn't take long. Well done! - Dave]
Comparing the shape of the "— Satterlee Co." sign in the above photo with the shape of the sign and structure supporting the water tower in this postcard is also promising.
Basing on the name on the building in the background, but this evidence is kind of weak.
Looks like a sign on the building past the tower could be for Salisbury & Satterlee Mattress, that company was out of Minneapolis.
At the horizon, just to the right of the tower, is a factory with the writing:
ESS
& SATTERLEE
This could be the historic Salisbury and Satterlee factory and warehouse at 201-205 and 219 Main Street. I would venture to guess that the tower would be to the west of the factory, but nothing on modern maps resembles this.
Based on the Satterlee Mattress sign in the background.
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