The Montgomery advertiser., 1903-06-12
Receivers for Two BeS- Semer Institutions. The Bank of Commerce Closes to Pro- tect Its Creditors and, It is Said,
 All Will Be Paid
 in Full. |

Birmingham, June 1.-(Special)-Hun dreds 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 respond ing 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 follow ing notice: Owing to financial difficul- ties, this bank Is closed pending the winding up of its affairs. H. D. Cock rell." It was announced that the where abouts of Cornwell. the President. were unknown.
 Receivers were asked for and were ap- pointed for this bank, George H. Ste venson, Superintendent of the Bessemer Waterworks, and Lee Moody of Bes- semer. 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 50,0o0 and $300,- 600, and the assets will hardly go above $5o.000. The statement made Is that $42.- 0000 was lost in poor investments. To recover this other expenditures to the amount of $55,0 900 were made. The bal ance of the losses is not accounted for and could possibly be explained by Corn well.
 The doors of the Bank of Commerce., F. 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 ap- pointment from the City Court of Bir-
 mingham. This bank will pay every de- positor in full. A complete statement
 will be made by the receiver as soon as it ! can be compiled. The receiver was ap- pointed to prevent a sympathetic run on
 the bank by reason of the failure of tke Bessemer Savings Bank and to protect the interests of all depositors and pre- vent 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 H. Bemis of this bank, every dollar will be paid to de- positors and the stockholders will lose nothing.
 The Bessemer Savings Bank was one
 of the most popular banking iretit"tic1e only the greater portion of the mer- chants. but also of many of the laboring people. Every confidence was placed in the President and today the several hun- dred 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-Iaw of Cornwell. and today he was consider ably overcome by the severe strain
 through which he went from yesterday
 until today. He was up almost the en- tire night and only went to sleep this | morning when the receivers appointed
 by the courts came down to take charge
 According to the bill praying for a re- ceiver, the assets of the bank were placed
 at not more than $35.0O0 and the iiabili- | ties s235, ,000 The bill shows that the
 bank was practically owned by T. J. | CornwelI.
 The last seen of Cornwell was in Bir-