Are the words "To Whom It May Cornern" all capitalized in a letter? Is that statement followed by a colon (:) or semi-colon (;)?

Yes. But that is the last resort on a letter, it ought to be addressed to the person whom you intend to read it.

To Whom It May Concern:
This letter is to advise you ...

In a letter, the phrase "To Whom It May Concern" is typically capitalized, but it is not necessary to capitalize every word like "To Whom It May Cornern" in your question.

Regarding the punctuation, after the phrase "To Whom It May Concern," a colon (:) is generally used. In the example you provided, it correctly uses a colon following the phrase:

To Whom It May Concern:

Using a colon after "To Whom It May Concern" is appropriate because the colon introduces what follows, which is the main body or purpose of the letter. A semicolon (;) would not be used in this case.