The Birmingham age-herald., 1903-06-12
Clusters of Disappointed People Gather Around the De-
 funct Institution
RECEIVERS APPOINTED
 FOR BANK OF COMMERCE
To Prevent Run Another Bessemer Bank Closes It's Doors, But 1t ls Believed All Depositors
 VIII Be Paid.

Bessemer. June 11.-(specia1.) )-Like a derelict upon a troubled sea leaving in- numerable wrecks in it's aimless course the defunt Bessemer Savings bank looms | up In the city on whose thrift 1t was built as an omen of i'll luck and 8 warning to the craft which has so far eluded ths 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 disap- pointed and hcartbroken people gathered in little knots around the collapsed insti- tuition hoping against hope that some de- velopment would restore to them their hard-earned savings, but their hopes gradually sank with the sun as 1t fell be- hind 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
  to the people of Bessemer.
 George H. Stevenson, superintendent of the Bessemer water works has been ap- | pointed receiver for the Bessemer Saw | ings bank on a petition filed by l. A Lewis, the Roman Grocery company, c. L. Odell, William Jackson, J. H. Wiles, | Mrs B. c. Wiles, Esther Gilbreath, W. D. Taylor. M. NJ. Dennis, ". D. Longm J. W. Harden, J. A, Estes and " W l Bearden. The appointment was L. # shortly after midnight by Judge Cha A. Senn. H
 Lee Moody, on petition of the board H directors and other depositors, was als appointed to the place at 6:20 this morny ing by Judge A. A. Coleman.
 Both promptly qualified and made bond Mir. stevenson's being fixed at $40,- GOO and MT. Moody's at s25.0O0 MT. Ste venson's appointment having a priority of several hours, he has taken charge of the banks 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 affairs and It's financial condition.
 There have been no startling develop ments today, though some highly sensa- tional rumors were circulated this morn | ing.
 One of these was that a long-dstancs l telephone message received from i Cornwall himself this morning, but on running down this rumor 1t was found | to be without foundation. Another was that a telegram had been received from l Cornwall. This was also untrue, but a telegram did come from Atwood Violett &s Co.,, of New York wno represent Cap | tain Cornwall
 Refused to Honor Draft.
 It stated that the Chase National bank of New York had refused to honor draft for s26O made on 1t and signed by T. J. Cornwall and asked what they should do.
 II. c. Cockrell, cashier of the Bessemer Savings bank, and E. H. Lopez presi- dent of the Bank of Commerce. have both been confined to the house by ill., ness throughout the day so it has been difficult to secure information regarding the affairs of either Danx.
 The notice which was found on the Bank of Commerce this morning was no surprise to its depositors or 10 the pulp | lie generally, 1t being thought unlikely | that the management would permit the inevitable run to be made upon 1t this morning.
 Notice on Bank Door.
 The notice read: This bank has been | placed in the hands of T. O. Smith, re- ceiver, by appointment from the City | court of Birmingham This bank will pay every depositor in fuli. A complete state ment 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 faIIure 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 h full. Though Captain Cornwall is believed to have been a heavy stockhold- CT In same. 1t 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 1t this morning.
 Financial Condition.
 The following is given ut as the financial condition of the bank:
 Received from deposltors, S35,ooo.
 Other liabilities, Ssooo.
 Cash on hand, about Ssoo0.
 Accounts and notes receivable, $1s,- 900.
 ! Real estate, about S40,0oo. ! T. O. Smith, the receiver. had no state ] ment to make further than that the in- dications were good for the paying up of | all depostors 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 . | movement among some of his friends to raise money for his defense should he decide to return and stand trial | Even Captain Cofnwaifs Friends. how
  (Contlnued on Second Paael