Bank of Commerce (Bessemer, AL)

Episode Information

Episode UID
6396688391242
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
639668839 hash
Start Date
June 11, 1903
Location
Bessemer, Alabama (33.402, -86.954)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eda3c1073f4ed7fb

Response Measures

None

Description

Closed after an admitted shortage and the supposed flight of a bank-connected president; receivers appointed and bank remained defunct.

Events (3)
1. June 11, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure was caused by a shortage/defalcation linked to the flight of T. J. Cornwell, president of the related savings bank; Bank of Commerce closed as precaution and failed to open.
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
Judge Senn ... on petition of the directors of the Bank of Commerce ... appointed Tom O. Smith receiver of the latter bank.
Source
newspapers
3. July 1, 1903 Other
Newspaper Excerpt
The Bank of Commerce has been taken out of the hands of the receiver and turned over to an assignee ... Tom O. Smith ... has been made the assignee.
Source
newspapers

Newspaper Articles (22)
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 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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."

10. 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.

11. 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

12. 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-

13. July 2, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, July 2, 1903

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NO OVERTURES MADE TO END STRIKE OF MINERS by the Bank of Commence of Bessemer, to T. O. Smith, receiver for the instituAbout 13,000 Men Are tion. The deed conveys all property, money and effects of the bank to Mr. Now Idle. Smith and states that he is to collect all debts and make all payments of debts due by the bank and turn over to the bank any surplus if there shall be any. Big Corporations Have Some Coal on

14. July 2, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 2, 1903

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BANK IS TURNED OVER TO ASSIGNEE Bessemer Institution Has Now a Brighter Future in Store YOUNG MAN IS FOUND DEAD Decision of Supreme Court in Police Commission Case Gives General Satisfaction-The News of a Hustling Town. Bessemer, July 1.-(Special.)-The Bank of Commerce has been taken out of the hands of the receiver and turned over to an assignee, the board of directors having by application to the court converted the receivership into an assignment. This has been done to facilitate the settlement of the officers of the bank. Under the law an assignee has far more power and discretion in settling the affairs of an estate than a receiver. The latter is compelled to work specificaly in such matters under the immediate direction of the court, while an assignee can go ahead and do the work without reference to the court, only making his report to the court after the work is accomplished. This change in the status in the of the Bank of Commerce will now enable a speedy settlement of its affairs. The report of the bank's affairs, filed by the receiver and published yesterday is considered quite encouraging here, showing as it does a surplus of $33,000, but in judging of same it should be remembered that the real estate valued at nearly $44,000 and claimed among the assets of the bank is also claimed by the Bessemer Savings bank. Should the courts award it to the latter the depositors will lack something of receiving their money in full though their loss will not be great. Tom O. Smith, the receiver, who is represented here by J. H. Bemiss, has been made the asignee.

15. 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

16. 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

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

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Paying Dividends. Receiver George H. Stevenson of the Bessemer Savings bank, by the authority given him by a decision of Judge Senn, began paying the dividends to the depositors of the Bank of Commerce today. Nearly $25,000 will be paid to the depositos, 66 2-3 per cent on regular deposiand 40 per cent on time deposits, As soon as the receiver winds up the affairs of the Bank of Commerce he will begin getting the business of the Bessemer Savings bank in a shape to pay another dividends, a 25 per cent dividend having been formerly paid to the depositors of this institution.

20. May 23, 1905 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, May 23, 1905

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JAMES FITZGERALD HURT IN RUNAWAY Depositors of Bank of Commerce Pleased With Dividend 90 PER CENT ACCEPT OFFER More Furnaces May. Soon Go in Blast as Result of Activity at the Mines-Personal and General. Bessemer, May 22.-(Special.)-James Fitzgerald, proprietor of the Bessemer Bottling works, was seriously injured in a runaway this afternoon at 3 o'clock near Fossil mines. He was thrown from his buggy and his leg badly fractured. and he sustained several other injuries. Mr. Fitzgerald was calling on some of his customers near Fossil mines, when the spirited horses he was driving became frightened and started on a mad run down the side of the mountain. The driver lost control of the animals and they dashed down the hill at a rapid pace, finally overturning the buggy and throwing Mr. Fitzgerald to the ground. The injured man was brought to Bessemer where his injurtes were attended to by Dr. Spencer and Dr. Robinson. He was later carried to his home, where he is reported as resting quietly tonight. Mr. Fitzgerald removed to this city several months ago from Atlanta, and has since had the management of the bottling works. He was formerly a citizen of Woodlawn. More Furnaces in Blast. The damage done to Sumter mines by the recent fire has about been repaired and it is understood that the mine will shortly be put into condition for the mining of coal to be resumed. The work at the John and Adger mines which were hampered by the fire in Sumter mines, has now assumed normal conditions. As a result of the Blue Creek mines being in operation again it is thought that the two furnaces of the Tennessee company, No. 1 and No. 2, which have been cold since last June, will against be put into blast. Bank of Commerce Affairs. Fully 90 per cent of the depositors of the defunct Bank of Commerce have accepted the offer of Receiver George H. Stevenson of the Bessemer Savings bank without carrying the matter in the courts and the paying of the dividend is proceeding rapidly. The depositors of the bank appeared to be elated over the turn the affairs have taken and readily agreed to Mr. Stevenson's offer. There is still' $1843 of deposits in the Bank of Commerce but Mr. Stevenson has been unable to obtain the address of the depositors. The other depositors with the exception of those representing $2468 have accepted the otfer and most have already been paid their dividend. Of this $2468 the receiver has heard from less than half. What the wish of the other half is in regard to accepting the compromise is unknown. As soon as the affairs of the Bank of Commerce is settled, arrangements will be made to turn over all the property of the bank, aggregating over $20,000 to the receiver of the Bessemer Savings bank, who will at once take up the proposed the payment of another dividend to the depositors of the savings bank. It is noted that all the interest bearing deposits of the Bank of Commerce have been paid out but of $100 of this sum there is 2. dispute over $21 as to whether it is an interest bearing or regular deposit. The offer of Mr. Stevenson to pay off the depositors of the bank was reached after a long conference between the attorneys and the reecivers of the defunct banks. Revival Continues. It was decided last night to continue the revival services that have been in progress at the First Christian church until Wednesday night. Tonight the Rev. O. P. Spiegel,who is conducting the services preached a sermon, "Is There a Hell?" Tomorrow night his theme will be, "The Joys of Heaven" and Wednesday night he will preach on "The Judgment to Come." Non-Jury Docket. The Bessemer city court convened this morning and took up the trial of the non-jury criminal cases on the docket. Personal and General. At the meeting of the Bessemer Royal Arch Masons next Tuesday night the past master and the most excellent master's degrees will be conferred on D. G. Meadows and C. M. Tiller, Mrs. H. D. Kieth, who was operated on for appendicities at a Birmingham infirmary Saturday, is reported as resting well tonight.

21. June 29, 1905 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, June 29, 1905

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Birmingham, June 28.-(Special.) The litigation which has been going on in the city court for some time, wherein T. 0. Smith and E. H. Lopez were plaintiffs and the Bank of Commerce of Bessemer was the defendant in separate suits, was settled today by a decree handed down by Judge Charles W. Senn. The decree allows preferred depositors 66 2-3 cents on each dollar deposited in the defunct financial institution and 40 cents to the savings depositors. All the property owned by the Bank of Commerce was ordered by the court conveyed to the receiver of the Beasemer Savings Bank. This litigation has been on for some time. The Bessemer Saving Bank became defunct about two years since. Shortly after the failure of this bank the Bank of Commerce also became defunct. The depositors appear to be satisfied with the settlement of the litigation.

22. 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.