The image above shows Union Station (serving trains of the Great Northern and the Northern Pacific Railways) to the left and the Canadian Northern (later Canadian National) Station in the center. The land on which these depots was built had been in-filled just a couple of years before the photo was made. Before WWI, False Creek extended well past Main Street (shown on the right of the image above; roughly where Science World is today), as far east as Clark Drive. Beginning in 1914, however, the tidal estuary was filled with land taken from the Grandview Cut.
Because the stations were built on in-filled soil, the CN Station (and possibly the Union Station, although this is not confirmed) was built on pre-cast concrete. This is visible in a close view of the image above.
The Canadian Northern/CN Station still stands. Today, it serves as the long-distance bus station and the site for departures of VIA and AMTRAK trains. Union Station was demolished in 1965. The Great Northern Railway continued to operate Vancouver-Seattle train service from the CN station for about 15 years.