probably not. first of all, they were in the middle of the atlantic. Second, neither the titanic or the rescuing ship would have anything to tow. and lastly, since the titanic was the largest ship at it's time, and that would mean it was also one of the heaviest, thus, the sinking titanic would eventually pull the rescuing ship down with it
After it hit the iceberg, it began to split in two. One side nearly imploded from the water pressure, becoming a tangled mess of steel, and the other descended to the bottom of the ocean almost immediately. So I don't think so.
The only ship near by thought that the flares were fireworks and seeing as they said it was unsinkable no ships would have even thought to investigate even though It wasn't salvageable they still could have rescued more people