76. Bessemer Savings Bank (Birmingham, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 10, 1903
Location
Birmingham, Alabama (33.521, -86.802)

Metadata

Model
gpt-5-mini
Short Digest
9e72476a

Response Measures

None

Description

Articles (June 1903) report the bank's president T. J. Cornwall absconded after a large shortage and the bank closed its doors and asked for a receiver. No article describes a depositor run; the bank entered receivership and remained closed (receiver selling assets and later paying a dividend in 1904).

Events (3)
1. June 10, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President T. J. Cornwall absconded after a large shortage (~$230,000–$280,000) attributable to his misappropriation/failed speculative attempts; bank closed and sought a receiver.
Newspaper Excerpt
With President T. J. Cornwall in parts unknown and short nearly $280,000, the Bessemer Savings Bank ... will close its doors and ask for a receiver to-morrow morning.
Source
newspapers
2. June 11, 1903 Receivership
Newspaper Excerpt
With President T. J. Cornwall in parts unknown and short nearly $230,000, the Bessemer Savings Bank ... will close its doors and ask for a receiver today. (reports dated June 11). , asked for a receiver and later references to Receiver George H. Stevenson (1904) selling assets and paying dividend indicate receivership was imposed and sustained.
Source
newspapers
3. March 15, 1904 Other
Newspaper Excerpt
Report that Receiver George H. Stevenson of the Bessemer Savings Bank filed out that a sale had been made ... Judge Charles Senn will order a dividend of 25 per cent to be paid the depositors within the next five days. ... claims against the bank amount to $242,419.38. It is believed cash on hand about $50,000.
Source
newspapers

Newspaper Articles (7)
1. June 11, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 11, 1903

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Article Text

BANKER SHORT $280,000. President T. J. Cornwall, of Birmingham, Ala., Disappears, BIRMINGHAM, Ala., June 10.-With President T. J. Cornwall in parts unknown and short nearly $280,000, the Bessemer Savings Bank, one of the strongest institutions in the district, will close its doors and ask for a receiver to-morrow morning. President Cornwall left notes explaining that he lost the money trying to make back $42,000 he had lost in a legitimate business transaction. He further exonerates all the officers of the bank and takes the whole blame on himself.

2. June 11, 1903 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 11, 1903

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Article Text

Bank President Short in HisAccounts Birmingham, Ala., June 11.-With President T. J. Cornwall in parts unknown, and short nearly $230,000, the Bessemer Savings Bank, one of the strongest institutions in the district, will close its doors and ask for a receiver today. President Cornwall left three notes explaining the shortage. He says he lost money trying to make back $42,000 he lost in a legitimate business transaction. 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 theearth or become a convict in the state's mines.

3. June 11, 1903 The Washington Times Washington, DC
Article from The Washington Times, June 11, 1903

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Article Text

SAVINGS BANK WRECKED; PRESIDENT HAS FLOWN Shortage of $230,000 in a Birmingham Institution. BIRMINGHAM, Ala., June 11.-With President T. J. Cornwall in parts unknown and short nearly $230,000, the Bessemer Savings Bank, thought to be one of the strongest institutions in the district, will, close its doors and ask for a receiver today. President Cornwall left three notes explaining the shortage. In one, addressed to the public, he says he lost the money trying to regain $42,000 he lost in a legitimate business transaction. In a letter to his wife Cornwall said he would not commit suicide, but would let her know if he died. In a third letter, addressed to Cashier Cockrill, 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. The shortage will not affect the Birmingham banks, as they had taken their paper out. The bank will probably pay only a small percentage on its deposits. The bank was organized in 1891, with a capital stock of $100,000, and had deposits of about $260,000.

4. June 12, 1903 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, June 12, 1903

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Article Text

PRESIDENT IS GONE AND BANK CLOSES T. J. Cornwall, of Birmingham 1/3., Causes Big Shortage. BIRMINGHAM, Ala., June 11.-With President T. J. Cornwall in parts unknown, and short nearly $280,000, the Bessemer Savings bank, one of the strongest institutions in the district, closed its doors and asked for a receiver.

5. June 13, 1903 Fitzgerald Enterprise Fitzgerald, GA
Article from Fitzgerald Enterprise, June 13, 1903

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Article Text

BANK PRES DENT SKIPS. He Stole $280,000 and Bis Bank In Hands of Receiver. Birmingham, Ala., June 10. With President T.J. Cornwall in parts unknown and short nearly $280,000, the Besseme Savings Bank, one of the strong est institutions in the district, will close its doors and ask for a receiver tomorrow morning. President Cornwall 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 D ame on himself. In a letter to his wife, which she was instructed to open this morning, he stated that he would not committ suicide, but would let herknow if he died. In a third letter, addressed Cashier Cockrill, he states that he had nothing left for him to but "wander en the face of earth, or become a convict state mines."

6. June 17, 1903 The Star Reynoldsville, PA
Article from The Star, June 17, 1903

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Article Text

President Absconds. With President T. J. Cornwall in parts unknown and short nearly $280.000, the Bessemer Savings bank, at Birmingham, A!a., one of the strongest institutions in the district, will close its doors and ask for a receiver. President Cornwall. in a letter left for Cashier Cockrill, states that he had nothing left for him " do but "wander on the face of the earth or become a convict in the state mines."

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

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Article Text

The News of Birmingham Birmingham, March 14.-(Special.)-On was stated that some sales had bo mode at $9.75. The quotations had a the report of Receiver George H. Stevenupward tendency, and today it was giv son of the Bessemer Savings Bank, filed out that a sale had been made, immer today in the City Court, it is stated that ate delivery, at $10. One of the larger 1 Judge Charles Senn will order a diviterests announced that since March 1 th dend of 25 per cent to be paid the deposhad sold 75,000 tons of iron, delivery du itors within the next five days. This will ing the next four months. General col not close the matter as the bank has not ditions in the Birmingham district a in shape all the assets. The claims against improving. the bank amount to $242,419.38. While the The report of the Tennessee Coal, Ir amount of cash in hand is not stated, it and Railroad Company for the year en Is believed to be about $50,000. More will ing December 31, given out today, mak be realized later on. a good showing. The net earnings fro