The Birmingham age-herald., 1923-12-09
TO DISCUSS P[ANSI FUR NE w BANK
Alabama Water Company Purchases New Site At
 BeSSemer
BESsEMER BUREAU l
 THE AGE-HERALD ! Bessemer Ala. Dec. S

Persons interested in the forma- tion of 8 new bank for Bessemer will meet Monday evening at 1880 o'clock in the office of the Alabama Water company, acording to G. H Stevenson, who handled the sale of the water company's building to A. H. Grimley and s. G. Kennedy. It is stated that the two last named will form the Bank of Bessemer, remodel ing the building at Fourth avenue and Nineteenth street for this pur- pose.
 In addition to the purchase of the building, which was originally con structed by the Bessemer Coal, Iron and Land company these men ac- quired an additional 50 feet on Fourth avenue at the rear of this building, giving them depth of 175 feet. They are to be given posses sion of the building by January Is Bessemer Headquarters.
 There has been much speculation as to the personnel of the stock holders of the proposed bank. Both GrimIey and Kennedy, the former of Grimley Brothers of Birmingham and the latter of Fayette, have been in the banking business several years and are associated in the operation of a chain of banks. 1t is under stood they propose to make the Bes- semer bank headquarters.
 It is stated an informal organiza- tion will be made at the Monday meeting and that the stock books of the company will be open for few days thereafter. Grimsley and Ken nedy 1t is understood, will retain controlling interest in the bank, to be capitalized at S100, 900. but wish to have limited number of business Itfifh thought there will be a number of Bessemer business men interested in the new bank and those in touch with the situation state they believe the stock open to people here will readily be disposed of.
 Mir. Kennedy has been associated with Grimsley Brothers for a num- ber of years in the banking business and during the Kilby administration acted as assistant state treasurer. He Is also interested in an Alabama life insurance company as treasurer.
 WATER COMPANY BUYS SITE
 The Alabama Water company has purchased the southwest corner of Fourth avenue and EighteentBstreet, two lots, 100 feet on Fourth avenue and 10 feet on Eighteenth street. This site is one block from the for mer quarters of the company on Nineteenth street, and the belief is that 1t will be improved and used as the office of the company in this city.
 Outside of statement that the property will be improved immedi- ately, the company has made no an- nouncement. Their quarters on Nineteenth street were sold the past week to Kennedy and Grimley. out of-town capitalists, who will operate a bank at this location,
 There nave been a large number of realty transfers in the downtown section in the past few weeks, the total runing to nearly S500,00 Sales in business property have been of such large volume and the prices paid of such substantial increase that it has given impetus to sales of real estate of every description. Taken as a whole. the developments in real estate here in the past six months have lent an optimistic touch to business generally.
 As a summary the Bessemer Coal, Iron and Land company has opened