The Montgomery advertiser., 1903-06-30
cornwell Nav Return.

A meeting of certain depositors of the Bessemer Savings Bank and friends of Capt. T. J. eCornwell, the fugitive Presi- dent of that institution, has been held for the purpose of considering the letter re- gently received by W. T. Kennedy from Captain Cornwell In this letter Captain Cornwell expressed a desire to come back to Besserner and to assist in straighten- ing out the affairs of the bank if he could do so without being moiested. Extracts from this letter are given as follows:
 T am so greatly distressed over this matter that 1 want to return to Beseemer if possible, and want you to. propose to the depositors that if they will allow the receiver to go ahead with the work and declare a dividend. and will accept my notes for the remainder. I will come back and go to work and pay every dollar that is due,
 If they assure me that I will not be molested, I will come back and do this want to live and die with my friends that I have lived so pleasantly with and to show them that am a man. I trust the people will allow this"
 The meeting at which this letter will come up will be an adjourned meeting from one held Saturday afternoon. It is understood that some of the friends of Captain Cornwell, who are desirous Of having him return to the city, are under taking to have financial assistance ex- tended to him in the matter of straight ening out his affairs. A proposition will be formulated. it Is understood .and this will be submitted to the depositors. If they agree to its terms. Captain Cornwell will be notified of the action, and if sat- fsfactory to him he may be in Bessemer again at an early date. The nature of this proposition cannot be forecastsd, but 1t Is probable that 1t will contain some provision under which the depositors are to receive their money back in full within i've years, the money to bear 6 per cont interest while outstanding.
 While there are some citizens of Bes- semer who are in favor f accepting the proposition of Captain Cornwell, the srg- gestion is not altogether approved by others, some of whom seem to think that 1t would place the city in a compromising position to enter into an agreement on the lines suggested Others do not believe that Captain Corpwell will be able to have his notes secured in a way to make them negotiable and would not be willing to accept the proposition unless he was nbie to do this. The proposition is arouslng a great deal of comment and is a matter of general interest, but the general opin- ion Is that Captain Cornwelrs return is doubtful.
 The letter, so far as can be learned, throws no light upon the whereabouts of Captain Cornwell, but that he can be communicated with there is no doubt.
 It is not unlikely that MT. J. N. Car penter, formerly President of the Bes- semer Savings Bank, who sold the same to T. J. Cornwell, will make, with in a short time, a payment to the receiver of the bank in the sum of $i00,000. Mir. Car penter, while here on a visit since Corn wells flight, made the statement that # he were in any way legally bound to the depositors for any loss incurred, he would make restitution ,and aksed for thirty days time to investigate the matter. which time will expire July A. There Is no doubt but that he had been advised by very able counsel here and elsewhere that the sale of the stock to Cornwell and Cornwell's method of paying for same was entirely illegal, and that he (Mr. Carpenter) Is. in the eyes ot the law, still the owner of the capital stock of the Bessemer Savings Bank This is the view that is generally, held by the members of the local bar. In case Mir. Carpenter carries out what now seems to be his present intentions, the assets of the bank will be swollen to S150.O00. probably $175,- 900. and this will enable the receiver to declare dividends of something like 75 cents on the dollar.
 MT. Carpenter is amply able to do this, and is very jealous of his credit ,and that of his son, who was formerly cashier of the bank.