The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-02-17
lEX|NGTONPS SID PLIGHT
Complete Collapse Of the Bank
Through Figgatt's DefaIcation.
ALL BUSINESS PARALYZED
His Embezzlement Covers a Period
of Twenty-Three Years and
Amounts to $4,000. His
Fast Life. Others impli-
Gated. Excitement.
BY Southern Associated Press.

y
special to tue Post from Lexington
says: The deialcation of NJ. Figgatt,
which has swamped the Bank of
Lexington, the only banking insti-
sntion here and the principal fnnn-
cial agent of Rockbridge county,
with population of over 30, 900
people, large number OF whom are
prosperous we'll to do farmers, con.
,lnues to be the all absorbing topic.
Business is practically suspended to
discuss the situation.
The news of the banks collapse
did not reach the county until late
yesterday afternoon, and this morn
ang ut an early hour n large number
of the country depositors came in TO
verify the report, which had not re-
ceived much credit Mt first. When
they got here they soon learned the
worst. The bank directors, with ex-
perts, have been in session since
yesterday continuously, trying to
ascertain the banks condition.
All day long the streets in
the vicinity of the bank have been
dotted with groups of town aud
county people, depositors and sure
ties on Cashier Figgatt's bond, dis
cusslng the situation mall its phases.
!he consensus of opinion is surprise
expressed that Cashier Figgatt's de
Mlcations, covering period Of
fwenty-ihree years, since 1872,
should have gone undetected by the
president and board OF directors.
who are shrewd. practical business
men and personally Interested in
Z lne E,,l
Late this afternoon the first state.
ment was posted as result of the
work OF the Board of Directors, nnd
the long look-fOr announcements,
upon which much speculation was
made, was engerly read:
The first statement shows the
condition of the Bank OF Lexington
rs near as the examination made
hurredly, but it is believed to be
approximately correct, indicates:
"LiabllitIes-B Balance due deposl.
tors and banks, Sl9S, 402. ~. This
sum is made up as follows: Balance
due depositors, rs per ledger, SlG7,
dO2.l9; due per statement apparent
7y ms per loose statements, s$25. 600;
balance due banks and bankers,
tG coo.
"Assots, cash on hand, SG,573,l2:
cash tickets, value 81, ,l29.2U: corpo.
cation bonds, $50, 800; manufactnr-
ing counties bonds. 1000: bills aud
notes, estimated value 500, 600: real
estate and iiNtutures, $1,000. To
balance $50, 200. 10, making $l9S,
eU2. -.
.Signed) j. X. EDMuNpsoN,
Trustee"
The statement develops the as
aounding fact that Figgatt has
swamped the $50, 900 of the banks
capital stock and, in addition, S65.-
eco. 10 of the S72, 900 belonging to
deposltors, leaving cash due depos.
1tors the insignificant sum of Sc.
G13. u.
The bank is therefore short Sc
2uO. 10 IN cash, with only Il little
over Sc. 800 with which to pny de.
positors Sl2, 600. The Virginia Mil.
itary Institute is out about so, 600.
which Will materially cripple that
institution for time. while the fund
OF Washington and Lee University
foses nothing.
All the professors and employees
OF the lattGr institution were paid n
few days ngo md their money was
deposited IN this bank. The col
Iapse therefore leaves them in n bad
fix. A missing deposit OF IS. coo. A
prominent director of the bank, in
reply to au inquiry If MIR.
tlggatt, the abscondng cashier,
had taken nny of the banks money
with HIM, said to-day: There
was deposit OF $1,000, made the
evening before the departure of
hlr. Figgatt, of which there is evi.
dence, but the money is not to be
found, which statement would seem
10 explode the theory held here,
based upon statements made in u
cote left by Flggntt, that he did not
carry cent, of the banks money
with him. 1t is now believed that
figgatt did take large sum of
money with him.
Mr. Il. X. Goodwin, brother.in law
oil Flggatt, and an assistant in the
bank, was eXonerated by Figgatt of
any all blame In the defalcntion.
humors are flying thick and fast
sfom various quarters that one of
the most conservative men on the
board OF Directors has stated that
there are other people mixed up IN
tins affair, with Mir. Figgatt, outside
OF the bank, and that interesting and
startling developments are likely to
come to the surface, involving others,
al few days.
1t is sald that Figgatt left here
With two large valisss heavily