Minnesota Territory experienced a boom period starting in 1855. Industry flourished region-wide and companies amassed incredible wealth. The Financial Panic of 1857 brought the good times to a halt and interrupted the growth of the fledgling state.

The K. J. Taralseth Company building is a physical reminder of the early commercial development of Warren. After moving from a brick store that was destroyed by fire in 1910, Ralph Taralseth built a new store that reflected the company's success. The new building carried a mixed product line for which the company became known. It also provided space for the professional services and fraternal organizations forming in and around Warren.

In 1868, the grain trade in Minnesota was growing, but few railroads existed in the state. Steamboats were the supreme mode of transportation. William Robinson built a grain warehouse on the banks of the Mississippi to take advantage of the steamboat traffic. Shortly afterward the town of Jefferson was plotted. In a few years, however, the railroad came through, and a larger town was platted to the south. The Jefferson Grain Warehouse quickly became obsolete.