The Birmingham age-herald., 1920-09-26
JEFFERSON COUNTY BANK BUILDING IS.
 SOLD ID NEWARK CO.
Purchasers Plan Financial h. Stitution With Trust Fea- tureS-CreditorS to Be
 Paid In Full

The Jefferson County Bank Building ,tallest skyscraper in the southern states, has been sold to the Realty Improve ment Company of Newark, New Jersey.
 Deeds have been made in escrow, hence the exact terms of purchase are not public property, but those connected with the deal declare that the purchase price is about on a parity with the cost of the structure, which was S1, ,500,- 900. It is certain that at least $1, ,250,000 are involved in the deal.
 The purchasers of the property plan the organization of large financial institu- tion with special emphasis on trust feat UT es and embracing a territory cc-eXten- sive with the south that is east of the Mississippi and this side of the Ohio river.
 Clarence A. Seamon of Newark, who conducted the deal for the Newark peo- pe left the city last night after having completed the details with J. l.. 1ancey, agent for the property, and Phares Cole man, attorney for the state banking de- partment.
 The result of the deal is this The saw I. N-.t I other creditors of the Jefferson County Bank will get their money in fun and after the several mortgages amounting to $4S0000, are liquidated and taken up, there will be a substantial remainder for the stockholders of the bank. It is estl- n. ated that they may receive as much as 50 per cent on their holdings
 ERECTED IN 1914
 s The building was erected in the years |1912-14, construction beginning in oc- tober, 1912, and finished in the fall of 1914. It is one of the most beautiful structures in the south, twenty six stories high and has a fine rootgarden on top. From it's imposing height the best views of the valley and surround fngs of Birmingham are obtainable.
 A special corporation was formed to erect the building. This is known as the Jefferson Realty and Buil1ing Company. The title of the building is lin it's name.
 MT. Seaman, who is an expert in large real estate and financial deals for big concerns in the east, came to Birmingham more than two months ago to look over this field. He was induced to come here by L. A. May. formerly of this city, now a resident of New York. MT. May is a native of Jeff ferson county and familiar with its affairs and those of Birmingham. lie had met MT. Seaman in the east and is the direct cause of his coming to Lir- 3mingham
 When MT. Seaman first came to Bir mingham he stopped over in Atlanta. The people there got wind of his er- rand in the south and his return home he was visited by an Atlanta del- egation who tried to induce him to locate there MT. Seaman, however, preferred Birmingham on account of it's future potentialities.
 DEFINITE ANNOUNCEMENTS
 MT Seaman will not go into details as to the institution which he and his principals expects to found here at this juncture, but expects to return at an early date and make more dofi- mite announcements.
 MT Yancey and MT. Coleman visited Newark some time ago and satisfied themselves as to the substantial char acter of the Newark and New York people who are interested in the deal and it was concluded on their return. The Birmingham branch of the Fed |eral Reserve Bank of Atlanta now oc- cupies the ground floor of the building under fouryear least, but it has | cen shown that amicable arrangements can be made with that institution whereby lit might vacate quarters for the new institution. The old postoffice will be available early in the coming year. SEAMAN'S STATEMENT MT. Seaman is the dominant factor in the Realty Improvement Company of Newark, N. J., the purchasers. When asked as to the deal before he left Birmingham last night, he said; "Yes. the company in which 1 have a lcontrollng interest has contracted for the purchase of the Jefferson County Bank building at a price acceptable and satisfactory to all parties in in terest This purchase was not made until ' and my associates were ton- vinced that Birmingham had a bright CT future in industrial, commercial and financial development than any city in the south.
 "As a matter of fact. I have always taken a keen interest in the develop ment of the south and it has been a source of great pride to me to see now your district has grown and developed until it is now in d position to com mand not only the respect, but the in lvestment from all sections of this country and of foreign countries 'Jt is, of course, q source of great Igratification to me that my associates lin the purchase of the building,