Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-02-20
Defaultlng Bank Cashier at Lexington

De1aultlnS Bank CASHIER at Lexington
1t is the unexpected that happens
it is the man with a good reputation
that deceives the public, as it is the
supposed empty pistol OF gun that does
the most damage. Lexington was sur
prised and shocked on last Thursday
when it found that it's bank was closed
and that c. NJ. Figgatt its trusted
cashier for twenty-five years had de-
faulted for a large amount and had
disappeared.
l. A special from Lexington to the
Washington Post under date of last
Saturday says
The defalcation of Cashier NJ Fig
gait, which has swamped the Bank of
Lexington, the only banking institu-
ton here and the principal financial
agent of Rockbridge county, with a
population of over $4,000 people, a
large number of whom are prosperous,
well to do farmers, continues to be the
all a describing topic. Business is prac-
tically suspended to discuss the situa-
ton.
The news of the banks collapse did
not reach the county until late yester-
day afternoon and this morning at an
early hour large number of the coun-
try depositors came in to verify the re
port. which had not received much
credit at first. When they got here
they soon learned The worst. The bank
directors with experts have been in
session since yesterday continuously
trying to ascertain the banks con-
ditiOn.
All day long the streets in the vi
entity of the bank have been dotted
with groups of town and county PEG
pie, depositors and sureties on Cashier
Figgatt's bond, discussing the situation
in all its phases. The consensus of
opinion is surprise expressed that
iug period of twenty three years.
since 1872, should have gone unde-
tected, by the president and board of
directors, who are shrewd practical
business men, personally interested in
the successful operation of the bank.
Late this afternoon the first state
ment was posted as result of the
work of the board of directors. and the
long looked for announcement, upon
which much speculation was made,
was eagerly read
The statement develops the astound-
ing fact that FIggatt has swamped the
$780, of the banks capital stock and
in addition $65. 200. 10 of the $72, 900 be-
longing to depOsitOrs. leaving cash due
depositors the insignificant SUN of $6,
573 IL. The bank is therefore short
$65, 200 10 in cash with only a little over
sc $40 with which to pay depositors
$72 600. The Virginia Military Insti-
tute is out about 100000 which will
materially cripple that institution for
time, while the fund of Washington
and Lee University loses nothing. All
the professors and employees of the lat
ter institution were paid a few days
ago, and their money was deposited in
this bank. The collapse therefore
leaves them in a bad fix.
A prominent director of the bank, in
reply to an inquiry if Mr.. Figgatt, the
abscOndiDg cashier, had taken any of
the banks money with him, said to-
day: There was deposit of $4,000
of Mr.. Figgatt, of which there is EVIL
dence, but the money is not to be
found" which statement would seem
to explode the theory held here based
upon statements made in a note left
by Figgatt that he did not carry cent
of the banks money with him 1t is
now believed that Figgatt did take a
large sum of money with him. Mr.. E..
X. Goodwin, brother in law of Figgatt
and an assistant in the bank, was eX-
onerated by Figgatt of any and all
blame in the defalcation.
Rumors are flying thick and fast
from various quarters that one of the
most conservative men on the board of
directors has stated that there are
other people mixed up in this affair,
with Mr.. Figgatt, outside of the bank
aud that interesting and startling de
velopments are likely to come to the
surface involving others in few days.
1t is said that Figgatt left here with
two large valises heavily packed, and
it is surmised that he took with him
funds of the bank. The closing of the
bank involves all branches of business
and will seriously cripple trade here
for some time to come. The county
treasurer's funds were all in this bank.
Steps have been taken to arrest the
fugitive cashier and it is only a ques-
ton of few days before he will be ap-
pretended, as he is a man that can be
easily distinguished from many others.
Mr.. Figgatt has been a dissipated man
lOT years anu lOT year pdsG Has uFduh
hard, but he was not extravaganza in
his tastes or expenditures, but a simple
liver. What he has done with the
money is still a mystery"
LATER.
The deed of assignment made by Fig
gait was in favor OF the sureties and
not the bank, as first reported. In it
is life insurance policy paid up for
$4,000. The whole is valued at say
$40, 200. He owned an interest in coal
mines in the New River district, on the
Chesapeake and Ohio Railroad in West
Virginia, possibly worth $25 600. Those
in position to know say that interesting
developments will show up in the next
few days. Some think if Figgatt is
captured and brought here he will i'm
plicate others in the defalcatiOn out
side of the bank, but this is only specu
Iation. An examination of the account
of the Virginia Military Institute made
to-day shows the defalcation to be
$4,000 larger than at first reported
$155, 900 instead of $145,000
The House of Representatives Thurs
day, by majority of Al, voted down
the proposition to give the Treasury