47. Bank of Commerce (Bessemer, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 11, 1903
Location
Bessemer, Alabama (33.402, -86.954)

Metadata

Model
gpt-5-mini
Short Digest
cdb277f3b7d92129

Response Measures

None

Description

The Bank of Commerce (Bessemer, AL) closed its doors June 11–12, 1903 after the discovered shortage and the supposed flight of T. J. (or Captain T.) Cornwell. A receiver (Tom O. Smith / J. M. Smith in some reports) was appointed immediately. Coverage describes a closure and receivership due to embezzlement/flight — no independent depositor run is described, so this is a suspension leading to permanent closure/receivership.

Events (2)
1. June 11, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed because of a discovered shortage and the supposed flight/defalcation by T. J. Cornwell (president of the savings bank) which implicated the Bank of Commerce; directors petitioned for a receiver and closed as a precautionary measure.
Newspaper Excerpt
The doors of the Bessemer Savings Bank and the Bank of Commerce ... failed to open today as the result of the shortage and supposed flight of T. J. Cornwell
Source
newspapers
2. June 12, 1903 Receivership
Newspaper Excerpt
At 2 o'clock this morning Judge Senn ... appointed Tom O. Smith receiver of the [Bank of Commerce].
Source
newspapers

Newspaper Articles (19)
1. June 11, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, June 11, 1903

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EFFORTS TO REACH MR. LOPEZ FAIL. Inquirers at his home were informed that Mr. Lopez was in Birmingham and was expected back at any moment. When an effort was made shortly after midnight to communicate with Mr. Lopez by telephone the operator at the Bessemer exchange said it was impossible to reach him, as telephone connection with his house was cut off. It is not known whether the doors of the Bank of Commerce will be open for business in the morning or not, but the general opinion is that if the regular business is attempted that a run will be made on it and that it will be compelled in self-protection to suspend. for a time at least. It was rumored here shortly after 10 o'clock that Mr. Lopez had telephoned to parties in here that he had made arrangements with the banking house of Steiner Bros of Birmingham for all the money his bank might need. Mr. Steiner stated when asked regarding this that he knew nothing of any arrangement and disclaimed any knowledge of any financial troubles of the Bessemer Savings bank.

2. June 12, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 12, 1903

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TWO BANKS CLOSED. Result of T. J. Cornwell's Flight from Bessemer, Ala. BIRMINGHAM, Aia., June 11.-The doors of the Bessemer Savings Bank and the Bank of Commerce, both located at Bessemer, Ala., failed to open this morning as the result of the shortage and supposed flight of T. J. Cornwell, president of the first named bank. At 2 o'clock this morning Judge Senn, of the city court, on petition of the depositors, named George H. Stevenson as receiver for that bank, and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed Tom O. Smith receiver of the latter bank. None of the Birmingham banks is affected by the failures. The petition for a receiver in the case of the sayings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits. The assets are placed at $35,000. The liabilities of the Bank. of Commerce are $43,000 and assets $67,000. The latter bank, It is stated, was closed as a precautionary measure, and it is believed it will pay out. Nothing has been heard of President Cornwell.

3. June 12, 1903 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 12, 1903

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BANK FAILURES. The doors of the Bessemer Savings Bank and the Bank of Commerce, both located at Bessemer, Ala., failed to open yesterday as the result of the shortage and supposed flight of T. J. Cornwell, president of the first-named bank. At 2 o'clock yesterday morning Judge Senn, of the City Court, on petition of the depositors of the savings bank, named George H. Stevenson as receiver for that bank, and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed T. O. Smith receiver of the latter bank. None of the Brimingham banks is affected by the failures. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits. The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000 and assets $67.000. The latter bank, it is stated, was closed as a precautionary measure, and it is believed it will pay out. Nothing has been heard of President Cornwell. President Cornwell left three notes explaining the shortage. In one, addressed to the public, he says that he lost the money trying to make back $42,000 he lost in a legitimate business transaction. He further exonerates all the officers of the bank and takes the whole blame on himself. In a letter to his wife, which she was instructed to open Wednesday, he stated that he would not commit suicide. In a ihird letter addressed to Cashier Cockrell he states that he had nothing left for him to do but "wander on the face of the earth or become a convict in the state mines." The shortage will not affect the Birmingham banks, as they all have taken their paper out. It is understood that a great part of the was in deposits of the merchants money of and miners, together with employes the rolling mills, furnaces and industrial plants of Bessemer. The City of Bessemer will lose $17,000

4. June 12, 1903 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, June 12, 1903

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Birmingham, Ala., June 12.-The doors of the Bessemer Savings bank and the Bank of Commerce, both 10cated at Bessemer, Ala., failed to open during the morning as the result of the shortage and supposed flight of T. J. Cornwell, president of the first named bank. At 2 a. m. Judge Senn of the city court, on petition of the depositors of the savings bank. named George H. Stevenson as receiver for that bank and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed Tom O. Smith receiver of the latter bank. None of the Birmingham banks are affected by the failure. The petition for a receiver in the case of the Savings bank sets forth that the liabilities are $235,000, of which about $230.000 was deposits.

5. June 12, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, June 12, 1903

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BROKE TWO BANKS BESSEMER WAS HARD HIT BY CORNWALL. RECEIVERS WERE NAMED FOR TWO INSTITUTIONS OF THE ALABAMA TOWN. Bessemer Savings Bank and the Bank of Commerce Failed to Open Their Doors-Application for a Receiver for Each Was Made. Court Granted the Petitions-Nothing Has Been Heard of Cornwall, Who Skipped Out With the Banks' Funds-Assets Small, Liabilities Large. Birmingham, Ala., June 11.-The doors of the Bessemer Savings Bank and the Bank of Commerce, both 10cated at Bessemer, Ala., failed to open to-day as the result of the shortage and supposed flight of T. J. Cornwall, president of the first-named bank. At 2 o'clock this morning Judge Senn of the City Court, on petition of the depositors of the savings bank, named George H. Stevenson as receiver for that bank, and on petition of the directors of the Bank of Commerce, in which Cornwall was interested, appointed Tom O. Smith receiver of the latter bank. None of the Birmingham banks are affected by the failures. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits. The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000, and assets $7,000. The latter bank, it is stated, was closed as a precautionary measure, and it is believed it will pay out. Nothing has been heard of President Cornwall.

6. June 12, 1903 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 12, 1903

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PRESIDENT GONE: BANKS ARE CLOSED And Institutions Face a Big Shortage in the Cash Balance. Girmingham, Ala., June 12.-The doors of the Bessemer Savings bank and the Bank of Commerce, both Iocated at Bessemer, Ala., failed to open as the result of the shortage and supposed flight of T. J. Cornwell, president of the first-named bank. At 2 a. m. this morning Judge Senn, of the city court, on petition of the depositors of the savings bank, named George H. Stevenson as receiver for that bank, and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed Tom O. Smith receiver of the latter bank. None of the Birmingham banks are affected by the failures. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits. The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000 and assets $67,000.

7. June 12, 1903 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 12, 1903

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TWO ALABAMA BANKS CLOSE President of One of Them is Missing and Receivers Are Appointed. BIRMINGHAM, Ala., June 11.-The doors of the Bessemer Savings bank and the Bank of Commerce, both located at Bessemer, Ala., failed to open today as the result of the shortage and supposed flight of T. J. Cornwell, president of the first named bank. Judge Senn of the city court, on petition of the depositors of the Savings bank, named George H. Stevenson as receiver for that bank and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed J. M. Smith receiver of the latter bank. None of the Birmingham banks is affected by the failures. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits. The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000 and assets $67,000. The latter bank, it is stated, was closed as a precautionary measure, and it is believed will pay out. Nothing has been heard of President Cornwell.

8. June 12, 1903 Evening Star Washington, DC
Article from Evening Star, June 12, 1903

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ALABAMA BANKS CLOSE. Shortage and Supposed Flight of President is Explanation. BIRMINGHAM, Ala., June 12.-The doors of the Bessemer Savings Bank and the Bank of Commerce, both located at Bessemer, Ala., are closed as the result of shortage and supposed flight of T. J. Cornwell, president of the first-named bank. Judge Senn of the city court, on petition of the depositors of the savings bank, named George H. Stevenson as receiver for that bank, and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed Tom O. Smith receiver of the latter bank. None of the Birmingham banks is affected by the failure. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000. of which about $230,000 was deposits. The assets are placed at $35,000.

9. June 12, 1903 New-York Tribune New York, NY
Article from New-York Tribune, June 12, 1903

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TWO ALABAMA BANKS FAIL. President of One Missing-His Thefts Carried Down Both. Birmingham, Ala., June 11.-The doors of the Bessemer Savings Bank and the Bank of Commerce, both at Bessemer, Ala., failed to open today, as the result of the shortage and supposed flight of T. J. Cornwell, president of the first named bank. At 2 o'clock this morning Judge Senn, of the City Court, on petition of the depositors of the savings bank, appointed George H. Stevenson receiver for that bank, and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, appointed T. O. Smith receiver of it. None of the banks here are affected by the failures. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000, of which about $230,000 were deposits. The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000 and assets $67,000. The latter bank, it is stated, was closed as a precautionary measure, and it is believed that it will meet its obligations. President Cornwell left three notes explaining the shortage. In one, addressed to the public, he said that he lost the money trying to recover $42,000 he lost in a legitimate business transaction. He exonerates all the officers of the bank and takes the whole blame on himself. In a letter to his wife, which she was instructed to open yesterday morning, he said that he would not commit suicide. In the third letter, addressed to Mr. Cockrell, the cashier of the savdngs bank, he said that he had nothing left to do but "wander on the face of the earth or become a convict in the State mines." It is understood that a great part of the money in the savings bank was deposits of merchants and miners, together with employes of the rolling mills. furnaces and industrial plants. The city will lose $17,000.

10. June 13, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, June 13, 1903

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Two Banks Close Their Doors. (By the Associated Press.) Birmingham, Ala., June 11.-The doors of the Bessemer Savings Bank and the Bank of Commerce, both located at Bessemer, Ala., failed to open today as the result of shortage and supposed flight of J. T. Cornwell president of the firstnamed bank. At 2 o'clock this morning Judge Senn of the city court, on petition of the depositors of the savings bank named George H. Stevenson as rereceiver for that bank and on petition of the directors of the Bank of Commerce in which Cornwell was interested, appointed Tom O. Smith receiver of the latter bank. None of the Birmingham people is affected by the failure. The petition for a receiver in the case of the savings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits. The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000 and assets $67,000. The latter bank, it is stated, was closed as a precautionary measure, and it is believed it will pay out. Nothing has been heard of President Cornwell.

11. June 13, 1903 Morris Tribune Morris, MN
Article from Morris Tribune, June 13, 1903

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BESSEMER (ALA.) SAVINGS BANK CLOSED AS A RESULT OF HEAVY SHORTAGE. BANK OF COMMERCE ALSO AFFECTED ESTIMATED THAT THE TOTAL DEFALCATION WILL AMOUNT TO OVER $200,000. Birmingham, Ala., June 12.-The doors of the Bessemer Savings bank and the Bank of Commerce, both 10. cated at Bessemer, Ala., failed to open during the morning as the result of the shortage and supposed flight of T. J. Cornwell, president of the first named bank. At 2 a. m. Judge Senn of the city court, on petition of the depositors of the savings bank, named George H. Stevenson as receiver for that bank and on petition of the directors of the Bank of Commerce, in which Cornwell was interested, ap: pointed Tom O. Smith receiver of the latter bank. None of the Birmingham banks are affected by the failure. The petition for a receiver in the case of the Savings bank sets forth that the liabilities are $235,000, of which about $230,000 was deposits, The assets are placed at $35,000. The liabilities of the Bank of Commerce are $43,000 and assets $67,000. The latter bank, it is stated, was closed as a precautionary measure. Nothing has been heard of President Cornwell, who left three notes explaining the shortage, In one, addressed to the public, he says that he lost the money trying to make back $42,900 he had lost in a legitimate business transaction. He further exonerates all the officers of the bank and takes the whole blame on himself. In a letter to his wife he stated that he would not commit suicide, but would let her know if he died. In a third letter, addressed to Cashier Cockrill. he states that he had nothing left to do but "wander on the face of the earth or become a convict in the state mines."

12. June 14, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, June 14, 1903

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New Sensation in the Bessemer Bank Failure the HOPEFUL DEPOSITORS It Is Claimed That Cornwall Bought the Bank in Illegal Manner and That the Former Owners May Be Held Liable. Bessemer, June 13.-(Special.)-No day is without an added sensation in connection with the failure of the Bessemer Savings bank, and this was no exception to the rule. There was great rejoicing this morning when the news became known throughout town that those in charge at the bank had received $12.627, and intense curiosity was maintained as to the source from which it came, as but $760 was found in the vault when it was opened yesterday in the presence of a number of witnesses. For a time speculation was rife as to where this additional sum came from. The following statement, which was given out this afternoon, explained the matter: Statement Given Out. "On Wednesday night when the board of directors were called together, or rather met, with Cashier Cockrell they commenced an examination of the holdings of the bank. Several of the directors were large depositors; some of them to an extent that would seriously imperil their affairs and credit, if their deposits were sacrificed. They hardly knew where they stood in relation to their connection with and duty to the bank. whether it was in the nature of a trusteeship or that it would justify them in some measure to protect themselves. They found, or rather the cashier disclosed to them, some $13,000. They called in their attorney and the matter was discussed, and it was found that the aggregate of the deposits of four of the directors about equalled the funds on hand. The attorney advised that with the acquiescence of the cashier these directors take this money and hold it subject to the developments which might ensue and the determination of their rights and claims in the premises, so each director apbecame the custodian of an amount proximately equalling his deposit, as follows: W. J. Long, $7067; Sam Lefkovits, $960; A. A. Randle, $2700; J. W. Rarden, $1900, aggregating $12,627 On the determination of the receivership and the final acceptance of George H. Stevenson by all interests as the recelver, Mr. Long returned the amount in his possession to the receiver, and he was followed in this course by the other the gentlemen mentioned, returning amounts in their possession. Drop In the Bucket. While $12,000 divided among the large number of depositors of the bank will prove but a drop in the bucket, it is at least something, and serves to brighten the spirits of those who thought they might lose their all. If it is decided that the $40,000 worth of real estate mentioned among the assets of the Bank of Commerce is really the property of the Bessemer Savings bank, the situation will be still further improved for the depositors. It now looks as though a substantial dividend might be realized for the deposi- soltors; that with the cash in hand, the vent paper and the bank building and other real estate holdings, probably $45,000 to $50,000 will be secured Cockrell Talks. H. D. Cockrell, the cashier, states that it was his determination if Captain Cornwall did not return with some money on Wednesday, to close the bank Thursday, as he realized his inability to keep it runHe ning longer on the funds in hand. explains his refusal to eash the notes presented by Birmingham parties after banking hours Thursday afternoon for about it $800 by saying that he did not think right to pay out money to them then when he knew he would have to refuse payment to others the next morning. H. M. McNutt of Birmingham has been added to the force of experts at work at the bank. Mr. McNutt was formerly secretary of the Bessemer Land and Improvement company and lived here for a number of years. Banks of Commerce All Right. It was not at first generally considered probable that the Bank of Commerce would resuone business, but E. H. Lopez, the president, states that is the intention, and that he hopes this can be brought about at an early date. He adds his assurance to that of the cashier, J. H. Bemis, that the depositors will be paid in full. Captain Cornwall's present whereabouts are unknown as far as the public of Bessemer is concerned, though many theories continue to be advanced as to where he would be most likely to hide himself. Directors In Name Only. Investigation of the accounts of the bank shows that Cornwall owned the entire capital stock, and that the directors were merely directors in name only, owning no interest in the bank. They had confidence in Cornwall and simply loaned him the use of their names. The facts in the case are that about three years ago Cornwall, it is said, purchased the entire stock of the bank, amounting to $100,000. from J. N. Carpenter of Natchez, Miss., and a party or parties in New York. Cornwall paid $100.000 for the stock. The records of the bank show that at the time he paid this money he put his note in the bank for $100,000. In other words, he purchased the entire stock of the bank with the money of the depositors. This, it is said, being clearly illegal, it is possible that those depositors who have lost their funds may bring suit to recover the amount paid to the former owners of the bank stock by Cornwall. It seems that the bank was entirely a one-man concern, and that no one knew anything about its affairs except Cornwall.

13. July 1, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, July 1, 1903

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Total $50,292.30 The report contains an itemized list of all the real and personal property, notes and other assets owned by the bank. Also a list of the accounts. Receiver Smith has also filed a bill in the City Court against the Bank of Commerce, T. R. Fulton and J. S. Winters. in which he prays that the court may take jurisdiction of the trust made by the deed of assignment and will direct and decree the management and administration of the execution thereof. and that an order may be made requiring all creditors of the defendant corporation to file their claims in the City Court within a time fixed by the court. Also that an order be granted authorizing the receiver to convert all the property of the defendant corporation into cash and that the rights, equities and preferences of all creditors of the defendant corporation, shall be settled by decree of the court, and distribution made of the assets of the defendant corporation. This bill was the result of the various claims of priority which have been made by different individuals and corporations who are creditors of the Bank of Commerce. The Bank of Commerce of Bessemer went into the hands of a receiver immediately after the flight of Captain T. J. Cornwell, president of the Bessemer Savings Bank, and the collapse of that institution. From the report of the receiver it would appear that the condition of the bank is such that all claims can be paid off in full, as the assets exceed the liabilities $33,305.39.

14. February 21, 1904 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, February 21, 1904

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BESSEMER PEOPLE ARE INTERESTED Discussing Bond Issue for New High School CORNWELL MAY RETURN Reported That His Friends Are Ready to Go on His Bond and That He Will Come Back for Trial. Bessemer, February 20.-(Special.)-The people of Bessemer are already interested at in the on the issue of of present proposed coming $35,000 election worth buildbonds to build a new high school ing, which comes off on Monday, February 29. The plan submitted for the new structure, which will probably be adopted by the council is a three-story brick building. On the first floor will be six recitation rooms and a hall; on the second floor will be six recitation rooms and an auditorium; on the third floor will be a gymnasium. The proposed building will be modern and first-class in every respect. This action was deemed expedient by the board of education, owing to the congested condition of the schools. The board recommended the erection of the building to the mayor and aldermen, who in turn called an election so that people might express their opinion in the matter. It is not anticipated that there will develop much opposition at the polls to the plan suggested by the council. Working Hard for College. The committee that was appointed by the citizens' mass meeting two weeks ago to canvass in behalf of the proposed synodical college for men, will renew its labors next week with zeaious determination. The chances for Bessemer's securing the institution are indeed bright. The citizens all want the college and every one is doing his share in having it located in the Marvel City. Bessemer proposes to grant the conditions laid down by the committee of the Alabama synod. and it is hoped by April 5. the day on which all the bids will be opened, to present the town's claims in such manner as to convince the members that the Marvel City is the logical site for the location of the college. Chances for Railroad Bright. The central committee and the subcommittees are working strenuously getting matters in shape preparatory to breaking dirt for the trolley car line that the citizens of Bessemer propose to build from this city into the Blue Creek district. It is proposed also to build a line from this city to Blocton. It is reported that the people along the proposed routes a are delighted with the project and number have expressed their willingness not only to give rights of way, but to put up a bonus for the lines. Case Taken Under Advisement. After hearing the arguments in the mandamus proceeding against the mayor and aldermen. taken out at the instance of the of Twentieth and an cows at B aldermen street, the running wholesale seeking to pass of to merchants force ordinance large, the mayor to Judge prohibit court case were Clay took titioners the Jones of under represented the Bessemer advisement. by city Attorney The peW. S. Welch and the city by City Attorney L. D. Godfrey. It will probably be several days before Judge Jones renders his decision. To Pay Divedends. The receivers of the defunct Bessemer Savings bank are getting matters in shape to pay the first dividends to the creditors of the bank, which will probably be some date between now and the first of March. At the first payment the receivers think that they will be able to wipe out 30 per cent of the late bank's indebtedness. They have in hand now, counting the proceeds from yesterday's sales, $65,000. From this amount, however, will have to be deducted $4760. the amount of a mortgage held by Mr. Frutell of Mississippi. Captain Cornwell May Return. mer Bessemer Capt. last to T. June, this Savings J. Cornwell, it is bank, in stated, the president who will left probably of Besse- the return city next few days. Following hard after Captain Cornwell's departure from the Marvel City the Bessemer Savings bank and the Bank of Commerce closed their doors. Governor Jelks has called in the reward for the arrest of Captain Cornwell, and a number of his friends in Bessemer, it is stated, have arranged to furnish bonds on the indictments returned against him by the grand jury. Captain Cornwell has been in Honduras a for cablegram number the past stating of several Bessemer that months. all friends arrangements On yesterday sent a had been perfected for his return. Ca

15. March 20, 1904 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, March 20, 1904

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Dividend for Creditors. Creditors of the Bessemer Savings Bank in Bessemer, a suburb twelve miles from Birmingham, began receiving their first dividends from the receiver this morning, twenty-five percent. being paid. The citizens who had money on interest or on time deposit do not receive a dividend, the money paid today being for those who had open accounts at the bank. As soon as the first dividend has been paid the receiver will commence work on selling property left unsold and arrange for another payment. It is not believed that another dividend will be available for some time to come. The affairs of the Bank of Commerce, which closed at the same time that the Savings Bank did, have hardly been mentioned for the past few months, but it is understood that the receiver, Colonel Tom O. Smith has fund in hand that will pay off . per cent. of the indebtedness of this bank. The bank was closed down to keep off a run when it was known that the Bessemer Savings Bank had failed. If the receiver is able to pay 75 per cent. on the first dividend it is believed that the bank will be able to pay dollar for dollar to the creditors of the

16. January 24, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 24, 1905

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RECEIVER MAY YET APPEAL THE CASE Suits Are Between Bessemer Defunct Banks LARGE SUMS ARE INVOLVED Decision of Judge Senn Against Bessemer Savings Bank May Be Carried to Supreme Court, Which Will Postpone Dividend. Bessemer, January 22.-(Special.)-It is probable that the case of the receiver of the Bessemer Savings bank vs. the receiver of the Bank of Commerce will be appealed to the supreme court. Last Saturday Judge Senn of the Birmingham city court rendered a decision disallowing the claims of the receiver of the savings bank against the Bank of Commerce. It is known that the attorneys of the receiver of the savings bank are considering carrying the case to the higher court. The suit was instituted against the Bank of Commerce for $19,000, which it is claimed was turned over to the bank shortly before the defunct savings bank went to the wall. This case, it is understood, was only a forerunner to proceedings that the receiver is considering beginning for the recovery of $20,000 or $25,000 worth of real estate which was turned over to the Bank of Commerce prior to the suspension of both the Bank of Commerce and the savings bank. It is known that there is a movement on foot looking to a settlement between the receivers of the two banks. If this is effected the case, it is understood, will not be appealed to the supreme court. In case the decision of the lower court stands the depositors of the Bank of Commerce will be paid a dividend which will amount to about three-fourths of the sum due the depositors. Bessemer V/aterworks. The putting into operation of the new waterworks system, scheduled to take place today, has been delayed until Wednesday. Tomorrow the mains will be tested and Wednesday the water will be turned on. As the reservoir is not completed the water will be, for the present, pumped direct from the springs. When the new system is put in operation the old system now in will be put out of operation. The fires in the boilers will be banked in order that it may be used in case of an accident to the new system. To Blow in Furnace. It is rumored that furnace No. 5 of the Bessemer division of the Tennessee company will be relighted in a few days. The furnace has recently been overhauled and repaired and today a large force of men was put to work on the plant, preparatory, it is supposed to putting it into blast. At present the Tennessee company has in operation in the Bessemer division furnaces numbers 3 and 4.

17. April 26, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, April 26, 1905

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COMPROMISE SEEMS TO BE VERY POPULAR MAJORITY OF THE DEPOSITORS OF THE LATE BANK OF COMMERCE MAY ACCEPT OFFER OF RECEIVER STEVENSON, Bessemer, April 25.-(Special.)-The answers to the letters sent out by Receiver G. H. Stevenson of the Bessemer Savings bank to the depositors of the Bank of Commerce, offering to buy claims, indicate that a majority of the depositors of the defunct Bank of Commerce will accept Mr. Stevenson's offer. The proposttion of Mr. Stevenson is to pay the open depositors of the bank 66 per cent on their claims and the savings depositors 40 per cent of their claims. A number of the depositors it appears has taken the view that it is preferable to take the compromise than to wait until the question is finally settled. According to the decision rendered by Judge Senn of the Birmingham city court the depositors are at liberty to accept or reject the offer of compromise. To Attend Unveiling. The local camp of Confederate Veterans and the Bessemer chapter Daughters of the Confederacy will attend the unveiling of the Confederate monument at Capitol Park, Birmingham, tomorrow. All those attending the exercises will leave for Birmingham on the 8 a. m. car. Joseph Falkner Dead. Joseph Falkner, aged 35 years and a kinsman of Col. J. M. Falkner of Montgomery, died yesterday afternoon at his home at Brighton after a short illness. The remains were sent to Vincent today for interment. Mr. Falkner was carpenter for the Woodward Iron company and is survived by a wife and two children. Personal and General. The Bessemer Elks held a rousing meeting last night. The lodge decided to give a "book social" on Thursday afternoon, May 4 for the benefit of the library fund. One of the most delightful social events of the season was the german given by Mrs. C. P. Martin tonight at the Beavers hall in compliment to Mrs. J. W. Legg of Marietta, Ga., and Mrs. Thornton Adams of Missisippi. Mrs. J. Fred Robertson is visiting in Charleston, S.C.

18. June 29, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, June 29, 1905

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DECREE RENDERED ENDING BANK CASE JUDGE SENN ORDERS PROPERTY OF BANK OF COMMERCE TRANS. FERRED TO RECEIVER FOR THE BESSEMER SAVINGS BANK. Judge Charles W. Senn, in a decision handed down yesterday, settled the litigation which has been in the city court for sometime, in the cases of T. O. Smith and E. H. Lopez, vs. the Bank of Commerce of Bessemer. The decree allows preferred depositors sixty-six and two-thirds cents on each dollar deposited in the bank. and savings depositors 40 cents on the dollar. All of the property of the Bank of Commerce was ordered transferred to George H. Stevenson, receiver of the Bessemer Sav= ings Bank. Judge Senn rendered the decree legalizing the findings of the following men interested in the litigation. who held a conference and reported the above decision to Judge Senn: Tom O. Smith, receiver of the Bank of Commerce; Carter and Odell, representing thet depositors; H. M. McNutt, expert accountant: George H. Stevenson, receiver of the Bessemer Savings Bank; and Lee C. Bradley, who filed the petition requesting the appointment of a receiver for the defunct bank. The conference was lengthy, all the important facts in the case being considered before the final agreement was made.

19. July 11, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 11, 1905

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RECORDS OF COURTS In the city court of Birmingham Mrs. Lulu B. Harton has filed suit against her husband, H. M. Harton, and C. Wichle, C. B. Powell as guardian, and R. D. Johnston. She has also brought suit against M. K. Gilkey, R. D. Johnston, H. M. Harton and C. B. Powell, as guardian. The suits are brought to recover possession of certain property, the deeds to which, it is alleged, she did not sign willingly. It is averred that he husband, by threats and intimidation, compelled her to give her signature to certain deeds and mortgages. She claims that this was planned as means to secure funds for the advancement of certain financial schemes. It is also averred that the plaintiff received no consideration for the deed and mortgages. Tom O. Smith, receiver and assignee of the Bank of Commerce of Bessemer, has made the legal transfer of the property of that institution to George H. Stevenson, receiver of the Bessemer Savings bank. The deed was made and filed yesterday in the probate court, in accordance with an order issued recently by Judge Charles A. Senn of the city court, settling the litigations arising from the failure of the Bank of Commerce. I Marriage licenses have been issued from the office of the clerk of the probate court as follows: Frederick de Wolfe of Vandiver to Miss Alice Parker. Poe Brattan of Thomas to Miss Mamie Rhodes. The following real estate transfers have been filed in the probate court: J. D. Lanier and wife to Enda Ash, lot 2, block 20, Ware's addition to Birmingham; consideration, $1650. Ensley Land company to Robert E. Devereaux et al., lots 13, 14, 15, block 17, Ensley; consideration, $1000. S. P. King to Sarah F. Wilson, part block 803, Birmingham; consideration, $3750. Mary E. Williams and husband to D. W. Morris, lot 2, block 17, Ensley; consideration, $1800. Jonas Schwab to Woodlawn Presbyterian church, lot 6, block 5, Woodlawn; consideration, $1250. Avondale Land company to John McLean, land in Avodale; consideration, $1250. M. F. Wood and wife to Mrs. Clara E. Smith, property in East Lake; consideration, $9500.