55. 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
ce0a779c

Response Measures

None

Description

The Bank of Commerce (Bessemer, AL) closed its doors June 11, 1903 and a receiver (T. O. Smith/Tom O. Smith) was appointed by the city court as a precautionary measure after the Bessemer Savings Bank's shortage and the flight of its president T. J. Cornwell. There is no clear contemporaneous description of a depositor run on the Bank of Commerce itself; it was closed and placed in receivership by court order and ultimately wound up under receivership with dividends paid later. OCR typos corrected (Cornwell/Cornwall variations, receiver initials).

Events (2)
1. June 11, 1903 Receivership
Newspaper Excerpt
Judge Senn ... appointed Tom O. Smith receiver of the [Bank of Commerce]. The receiver was appointed to prevent a sympathetic run on the bank by reason of the failure of the Bessemer Savings Bank and to protect the interests of all depositors and prevent a sacrifice of the assets of the bank. (news reports, June 11-12, 1903).
Source
newspapers
2. June 11, 1903 Suspension
Cause
Government Action
Cause Details
Board/directors petitioned city court and the court appointed a receiver to close the bank as a precautionary measure and to prevent a sympathetic run following the failure/shortage and flight of the Bessemer Savings Bank's president.
Newspaper Excerpt
This bank has been placed in the hands of T. O. Smith, receiver, by appointment from the City court of Birmingham.
Source
newspapers

Newspaper Articles (21)
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 Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, June 12, 1903

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Receivers for Two Bessemer Institutions. The Bank of Commerce Closes to Protect Its Creditors and, It is Said, All Will Be Paid in Full. Birmingham, June 11.-(Special.)-Hundreds of persons were on the streets of Bessemer this morning discussing the conditions of the banking institutions of that place. Two of the banks were open and ready for business and were responding to every demand made on them. They experienced no run. The doors of the Bessemer Savings Bank, of which T. J. Cornwell is President, who is now absent and his whereabouts unknown, were closed and thereon was the following notice: "Owing to financial difficulties, this bank is closed pending the winding up of its affairs. H. D. Cockrell." It was announced that the whereabouts of Cornwell. the President, were unknown. Receivers were asked for and were appointed for this bank, George H. Stevenson, Superintendent of the Bessemer Waterworks, and Lee Moody of Bessemer. being named. They are making an inventory of the affairs of the bank. It is stated, though not officially, that the losses amount to between $50,000 and $300,000, and the assets will hardly go above $50,000. The statement made is that $42.0000 was lost in poor investments. To recover this other expenditures to the amount of $55,000 were made. The balance of the losses is not accounted for, and could possibly be explained by Cornwell. The doors of the Bank of Commercce, h E. H. Lopez, President, at Bessemer. were closed also today and on the door was posted the following notice: "This bank has been placed in the hands of T. O. Smith. receiver, by apa pointment from the City Court of Birmingham. This bank will pay every depositor in full. A complete statement will be made by the receiver as soon as it can be compiled. The receiver was appointed to prevent a sympathetic run on the bank by reason of the failure of the Bessemer Savings Bank and to protect the interests of all depositors and prevent a sacrifice of the assets of the bank. E. H. Lopez, President." Receiver T. o Smith took charge early today and at noon he made a statement in which he said that from the figures shown him by Cashier J H. Bemis of this bank, every dollar will be paid to depositors and the stockholders will lose nothing. The Bessemer Savings Bank was one of the most popular banking institution in Bessemer. carrying deposits of not only the greater portion of the merchants, but also of many of the laboring people. Every confidence was placed in the President and today the several hundred people hanging about the street corners discussing conditions contained many who had their savings of years in the bank. Cashier H. D. Cockrell of the Bessemer Savings Bank, is a brother-in-law of Cornwell, and today he was considerably overcome by the severe strain through which he went from yesterday until today. He was up almost the end tire night and only went to sleep this 5 is morning when the receivers appointed d by the courts came down to take charge. According to the bill praying for a recelver, the assets of the bank were placed n at not more than $35,000 and the liabilie ties $235,000. The bill shows that the bank was practically owned by T. J. Cornwell. The last seen of Cornwell was in Bir-

3. 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.

4. 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

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

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Clusters of Disappointed People Gather Around the Defunc Institution RECEIVERS APPOINTED FOR BANK OF COMMERCE To Prevent Run Another Bessemer Bank Closes Its Doors, But It Is Believed All Depositors Will Be Paid. Bessemer, June 11.-(Special.)-Like a derelict upon a troubled sea leaving innumerable wrecks in its aimless course the defunt Bessemer Savings bank looms up in the city on whose thrift it was built as an omen of ill luck and a warning to the craft which has so far eluded the tempest of dishonesty and speculation. Today scores of once happy people are penniless and the cruel hand of poverty is laid upon the door of the working man who has labored for years to spend his declining days in comfort. All during the day clusters of disappointed and heartbroken people gathered in little knots around the collapsed institution hoping against hope that some development would restore to them their hard-earned savings, but their hopes gradually sank with the sun as it fell behind the distant chain of mountains Nothing has been heard from T. J. Cornwall and until the experts on the books have made a report nothing will be known as to the probability of the partial recovery of the enormous loss to the people of Bessemer George H. Stevenson, superintendent of the Bessemer water works has been appointed receiver for the Bessemer Savings bank on a petition filed by I. A. Lewis, the Roman Grocery company, C. L. Odell, William Jackson, J. H. Wiles, Mrs. E. G. Wiles, Esther Gilbreath W D. Taylor, M. M. Dennis, W.J. Long J. W. Rarden, J. A. Estes and W Bearden. The appointment was L shortly after midnight by Judge Cha Senn A Lee Moody, on petition of the board directors and other depositors, was als appointed to the place at 6:20 this morn ing by Judge A. A. Coleman. Both promptly qualified and made bond, Mr. Stevenson's being fixed at $40,000 and Mr. Moody's at $25,000. Mr. Stevenson's annointment having a priority of several hours, he has taken charge of the bank's affairs. Preparing Statemehnt Tonight he states that he will have nothing to give out until tomorrow when he hopes to be able to make some state. ment regarding the probability of an early settlement of the bank 8 affairs and its financial condition. There have been no startling developments today, though some highly sensational rumors were circulated this morn. ing. One of these was that a long-distance telephone message was received from Cornwall himself this morning, but on running down this rumor it was found to be without foundation. Another was that a telegram had been received from Cornwall. This was also untrue, but a telegram did come from Atwood, Violett & Co., of New York, who represent Captain Cornwall. Refused to Honor Draft. It stated that the Chase National bank of New York had refused to honor a draft for $260 made on it and signed by T.J. Cornwall, and asked what they should do. H. C. Cockrell, cashier of the Bessemer Savings bank, and E. H. Lopez, president of the Bank of Commerce, have both been confined to the house by illness throughout the day, so it has been difficult to secure information regarding the affairs of either bank. The notice which was found on the Bank of Commerce this morning was no surprise to its depositors or to the public generally, it being thought unlikely that the management would permit the inevitable run to be made upon It this morning Notice on Bank Door. The notice read: "This bank has been placed in the hands of T. O. Smith, receiver, by appointment from the City court of Birmingham. This bank will pay every depositor in full. A complete statement will be made by the receiver as soon as it can be compiled. The receiver was appointed to prevent a sympathetic run on the bank by reason of the failure of the Bessemer Savings bank. and to protect the interests of all depositors and prevent a sacrifice of the assets of the bank.' Bank of Commerce Safe. The general belief is that this bank will pay la full. Though Captain Cornwall is believed to have been a heavy stockhold er in same, it is not thought that the bank was affected by his speculations, though financially unable to have stood the heavy run which would have been made on it this morning. Financial Condition. as The following is given o ut the financial condition of the bank: Received from depositors, $35,000. Other liabilities, $8000. Cash on hand, about $9000. Accounts and notes receivable, $18,000. Real estate, about $40,000. T. O. Smith. the receiver. had no statement to make further than that the indications were good for the paying up of all depositors in full. Will Offer Reward for Cornwall. A movement is on foot to raise money to offer as a reward for the apprehension fo Captain Cornwall. There is also a movement among some of his friends to raise money for his defense should he decide to return and stand trial. Even Captain Cornwall's friends. how(Continued on Second Page)

6. 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.

7. 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.

8. 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.

9. 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.

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. June 19, 1903 Highland Recorder Monterey, VA
Article from Highland Recorder, June 19, 1903

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THE LATEST NEWS IN SHORT ORDER Domestic. Lewis Nixon resigned as president o the United States Shipbuilding Com pany. Thomas Marcum, bother of J. I Marcum, for whose murder Curtis Je and Thomas White are being tried Jackson, Ky, made a dramatic addres for the prosecution. The Equitable Assurance Compan has refused to pay $55,000 insurance o the life of Arthur R. Pennell, who fig ured in the noted Burdick case in Bu falo, on the ground that Pennell was suicide. The hotel employes' strike has cause rich women to help do the hotel cook ing. the guests to wait upon each othe and to cat under police protection. In the Textile Workers' strike th eighty-ninth firm granted the demand It is rumored that Col. Robert ( Clowry is to retire from the presidenc of the Western Union Telegraph Com pany, and Charies A. Tinker take hi place. The one hundred and twenty-sixt anniversary of the American flag wa observed at the Betsy Ross House i Philadelphia. Judge Gray, chairman of the Anthra cite Strike Commission, appointe Prof. Charles P. Neil, of Washingto commissioner to compute the increas of miners' wages under the slidin scale. Mrs. Isaac Poore, the wife of a far mer of Washington county, Tenn., wh was criminally assaulted by a negro is expected to die. A mob was dis suaded from lynching the negro. The doors of the Bessemer (Ala. Savings Bank and the Bank of Com merce were closed, the president of th former, who is a confessed defaulte being a fugitive. James Dumas, proprietor of a trans fer company, in Indianapolis, Ind killed Sarah F. King, wife of Wesle R. King. a workman, and then com mitted suicide. Mrs. Mary McKnight, who confess ed having poisoned her brother an his wife and child in Kalkaska, Micl was arraigned and pleaded not guilty The hearing in the case of th charges against the coai-carrying rai roads was continued before the Inter state Commerce Commission, sittin in New York. The United States Circuit Court o Appeals refused to modify its recer decree allowing the Pennsylvania Rai road to remove Western Union wires. A number of New York merchan brought charges of extortion and con spiracy against various steamship line running to South Africa. President Ramsey, of the Wabas Railroad, denied that there was an truth in the various sensational rai road rumors. Three robbers looted an express trai on the Erie Road, near Englewood, Ind and two were captured with their pocke full of loot. A meeting was held in New York e the Cotton Duck Corporation, bt nothing was done toward the proposo combination of plants. In the trial of Robert A. Ammon. New York, William F. Miller testifie that he gave Ammon $255,000 and go back only $5,000. Governor Heard, of Louisiana, signe the death warrant of A. E. Batzon, coi victed of killing seven members of tl Early family. Judge Horton, in Chicago, fined t1 members of the Northern Illinois Co Dealers' Association $500 each for coi spiracy. Gen. Alexander McDowell McCoo United States Army, retired, died at tl home of his daughter, in Dayton, O. Seven persons were drowned at Abe deen, Ark., on White River, by tl capsizing of a houseboat. Robert Neill was robbed while e route from Liverpool to New York o the steamer Germanic of $20,000. Justice Lacombe, in the United State Circuit Court in New York, decide that the presidents of coal roads mu answer certain questions propounde by Interstate Commerce Commission. Foreign. The army is controlling Servia an the people remain calm in advance the election of the new king. Ex-Congressman W. Bourke Cocl ran was given a dinner by members the Irish party in the House of Con mons restaurant in London. Premier Guiseppe Zanardelli formal announced the resignation of the Italia Cabinet. The Allan Line steamer Norwegian ashore at Cod Roy, N. F., and is like to be a total wreck. Monsignor Kelly, rector of t1 American College in Rome, gave a di ner in honor of Mgr. F. Z. Rooker at Bishop Dougherty. Lady Henry Somerset was re-elect president of the World's W. C. T. I in session in Geneva, Switzerland. Prince Peter Karageorgevitch, declar king of Servia by the conspirators ar military officers who murdered Kir Alexander and Queen Draga, who is st at Geneva, says he has not yet receiv the tender of the crown. The provi ional premier of Servia says the Parli ment must first elect the king. Kar georgevitch will be chosen because Ru sia and Austria will favor his selectic are awaiting

14. July 1, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 1, 1903

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RECEIVER SMITH MAKES A REPORT HE SHOWS THE ASSETS OF THE bessemer BANK OF COMMERCE TO BE IN EXCESS OF THE LIABILITIES. Receiver T. O. Smith of the Bank of Commerce of Bessemer, which closed its doors soon after the departure of T. J. Cornwell, president of the Bessemer Savings bank, has filed his report as to the bank's condition with the judge of the City court. The following is the statement: Resources-

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. November 30, 1904 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 30, 1904

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BUILDINGS SOLD BY TWO RECEIVERS BANK RECEIVERS AT BESSEMER MAKE SALE-NEGRO LABOR AGENTS ARE ARRESTED Bessemer, November 29.-(Special)-The receiver for the Bank of Commerce and the receiv- I for the Bessemer Savings bank have sold the stores, corner. of First avenue and Nineteenth street, to the Alabama Brewing company for the sum of $7800 The buildings were the property of the defunct Bank of Commerce and the sum realized by the sale will be held by Receiver T. O. Smith until the litigation now pending in the courts between the receivers of the two banks is adjusted. The sale was made by mutual consent of the receivers and under a decree handed down by the Birmingham city court. The store are each 25 by 100 feet and are considered as being well located property. It is understood that the Alabama Brewing company will occupy both the buildings. Labor Agents Arrested. Two negro labor agents were arrested last night charged with soliciting negro coal miners to go to Texas, and were arraigned beinre Mayor Huey in the police court this morning and fined $10 each. The negroes stated they were employed by white men. All this fall labor has been very scarce in Bessemer and it seems strange that labor agents should invade this section. Today the Tennessee company imported ninety men to work around the furnaces and coak ovens, but as arrangements are not all completed to put the other two furnaces in blast, forty-five of the men were sent to Pratt City to work in the mines of that division. December 5 Probable Date. Arrangements are expected to be completed for the first train of the Seaboard Air Line w come into Bessemer over the lines of the Frisco company. In order to handle the business of both lines the Frisco company will lay a number of additional tracks. E. B. Stubbs, the agent for the Frisco, has been &ppiinted agent for the Seaboard. Carnival Is Interesting. The Red Men's carnival that is in progress in Bessemer this week continues to draw large crowds. Much interest is being manifested in the contest for the queen of the cornival, and the votes cast have already run up into the thousands. The crowning of the queen Thursday will be the event of the carnival week. The net proceeds of the fair will go to assist the worthy poor during the coming winter, the funds to be distributed by the Red Men. Personal an: General. The Rev. Dr. J. L. Brittain returned today from the annual session of the North Alabama conference at Talladega. The appointment of Dr. Brittain to the pastorate of the First Methodist church for another year, is being received with much gratification by the people of this city. J. Jaffee, who has been one of Bessemer's leading jewelers for several years, will remove to Birmingham after January 1 and Segan business at that city.

17. December 1, 1904 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 1, 1904

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Defunct Bank's Property Sold. The receiver for the Bank of Commerce and the receiver for the Bessemer Saving Bank have sold the stores on the corner of Nineteenth Street and First Avenue, Bessemer, to the Alabama Brewing Company. This was the property of the defunet Bank of Commerce and the money realized by the sale will be turned over to T. O. Smith of Birmingham, the receiver for the bank, until the litigation pending in the courts between the receivers of the two defunct banks. The business of the Bank of Commerce is now being settled up and the receiver expects to declare a dividend as soon as the litigations are settled up. This bank failed when the Bessemer Savings Bank broke and the receiver has not been able to declare a dividend on account of the litigations.

18. 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.

19. 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.

20. May 18, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, May 18, 1905

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DEPOSITORS TO BE PAID TODAY Stevenson Will Pay Bank of Commerce Depositors RESULT OF COMPROMISE Bank Failed in July, 1903, for About $20,000-Odd Fellows to Have Grand Picnic Today. Bessemer, May 17.-(Special.)-Receiver George H. Stevenson of the Bessemer Savings bank announced this afternoon that he would pay the claims of the depositors of the defunct Bank of Commerce tomorrow as per his compromise offer. The proposition of Mr. Stevenson was to pay 60 per cent of the claims filed by those having regular deposits in the defunct bank and 40 per cent of the claims of those having time deposits in the bank. The payment of the dividends will be made at the Bessemer National bank beginning in the morning shortly after banking hours. The Bank of Commerce failed in July, 1903. shortly after the Bessemer Savings bank, of which Capt. T. J, Cornwell was president, went to the wall. The extent of the failure of the institution amounted to something over $20,000. Thomas O. Smith was appointed receiver of the bank and in a few months succeeded in closing up the business of the bank so as to get sufficient funds in hand to pay off a considerable portion of the losses. As the Bank of Commerce was closely connected with the Savings bank, the receiver of the Savings bank sought to recover the property owned by the Bank of Commerce. Pending the final adjustment of this case Receiver Stevenson submitted an offer to the depositors of the Bank of Commerce to compromise their claims, which were promptly accepted by depositors. Odd Fellows' Picnic. The Bessemer and the Marvel City lodges, Independent Order of Odd Fellows, will give their annual picnic at Hawkins Springs tomorrow. An interesting programme has been arranged for the day, and every one is asked to bring a basket. Special cars will leave Bessemer over the North Bessemer car line at 10 o'clock. All the Odd Fellows of the Birmingham district are invited to attend. The closing exercises of the Jonesboro public schools, which take place on Thursday and Friday night, will be as follows: THURSDAY NIGHT. Song, "Alabama Recitations," Irene Butler, Clay Burgin, Alma Scott. Song, Carrie Belle Smithson and Gladys Martin. Recitation, Arline Mooses Drill, "Come and Play With Me." Recitation, James Reid and Carrie Belle Smithson. Son "In Grandma's Day. Recitations, Sam Curl. Gladys Martin. Thelma Dudley. Pantomine. "Coming Through the Rye." Recitations, Clarence Saunders, Marjorie Williams. Lucile Mitchum, Alice Burnette. Song, Thelma Dudley. Recitation, Arley Payden. "Newsboys' DriH." Recitation, Clay Brown. Doll song and march. Recitation, Edith Lawrence Play. "Courting of Mother Goose." Recitation. Loid Coughlin. Pantomine, "Old Folks at Home.' FRIDAY NIGHT. MAY 19. Song, "America." Prayer. Recitations, Leon Williams. Marie McGrew. Helen Wilson. and Wellington Houston. Play, "Dr. Cure All." Recitations, Claude Payden. Evah Morris. Agnes Coughlin, Lela Cardwell, Play, "New Noman's Reform Club." Pantomime. "Hiawatha," Song. "Home, Sweet Home." Personal and General. The Rev. I. O. Adams, rector of the Trinity Episcopal church. is attending the session of the Alabama diocese in session at Anniston this week. "The Great Truths of the Twentieth Century" was the theme of the Rev. O. P. Spiegel's sermo ntonight. who is conducting the revival at the First Christian church this week. Mrs. W. D. Lanier, who attended the grand chapter of the Daughters of the Confederacy at Mobile as a delegate from the Bessemer chapter. has returned home. Mrs, W. D. Taylor entertained at bridge whist this afternoon in compliment of her sister, Mrs. A. S. Bozeman of Meridian, Miss. Mrs. Lester Kennedy left yesterday for Bekley. W. Va., to visit relatives.

21. 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.