The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-17
FIGGATT'S RUINoUS FLIGHT.
HE LEAVES THE BANK $4,000 WITH
WHICH To PAY $4,000.

A Probability That the Cashier Car
ried Considerable Money Away
with Him in His FIight-RumOrs
OF Startling Disclosures Involving
Persons Outside the BanlS-The
Stealing Going on for Twenty
Three Years-Where the Money
Went q Mystery.
Washington, Feb. 16.-A special 10 the
Post from Lexington. Va, says: The de-
falcation Of Cashier Charles NJ. Figgatt,
which has swamped the Bnak of Lexlng-
ton, the only banking institution here, and
the principal financial agent Of Rock
bridge county, with a population of over
10000 people. large number Of whom are
prosperous. We -to-do farmers, continues
to be the all-absorbing topic.
Business is practically suspended to dis
cuss the situation. The news of the banks
collapse did not reach the country till
late yesterday afternoon. and this morn
ing at an early hour a large number Of
the country depositors came in to verify
the report. which had not received much
credit at first. When they got here they
soon learned the worst
1.-THE bank directors. with experts. have
been in session since yesterday. trying to
ascertain the banks condition. All day
long the streets in the vicinity of the bank
building have been dotted with groups of
prominent town and country people, de-
positors and sureties on Cashier Figgatt's
bond, discussing the situation in all its
phases. Surprise is expressed that Cash
Ter f F'ggatts defalcauons covering period
of twenty-three years, since 1872, should
have gone undetected by the president
and board of directors of the bank, who
are shrewd, practical business men, per-
sonally interested in the successful opera
ton of the bank
Late this afternoon the following state
ment was posted in the banks window
as a result of the work Of the board Of
directors, and 'the long-looked for an
nouncement, upon which much specula-
tion had been made, was eagerly read:
1.-The following statement shows the
condition of the Bank Of Lexington as
near as the examination, made some
what hurriedly, but which is believed
to be approximately correct, indicates:
"Liabilities-Balance due depositors and
banks, $19s. 1922. This sum is made up as
follows: Balance due depositors as per
ledger, S167, 402.2i. Due, apparently, as per
loose statements, $4,000. Balance due
banks and bankers, $4,000.
"Assets-Cash on hand. S6,573f2; cash
tickets value, 81. 1920; corporation bonds.
$40 500; manufacturing company's bonds,
estimated. $1,000; bills and notes, esti-
mated, 100000; real estate and fixtures.
$4,000. To balance S65,20010, making $685.,
4O24 42.
(signed) ~ X. Edmonson,
Trustee.
This statement develops the astound-
ing fact that Figgatt has swamped the
$4,000 of the banks capital stock, and in
addition $50, 10 of the $1,000 belonging
to depositors, leaving in cash due depos-
itors the Insignificant sum of S6,5l3l2 The
bank is therefore short S65, 2OO,1O in cash.
with only a little over $500 with which
to pay depositors $72. 900.
THE Virginia military institute is out
about $50 900, which will materially cripple
that institution for a time while the fund
of Washington and Lee University loses
nothing. All the professors and employees
of the latter 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 Figgatt, the ad-
sconding cashier, had taken any of the
banks money with him, said to a news
paper man to-day: There was a deposit
Of s. 600 made the evening before the de-
parture Of Mr.. Figgatt, of which there is
evidence 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 Fig
ha he rnf nj NJ
banks money with him.
ut is now believed that Figgatt did
take a large sum Of money with him.
''R. X. Godkin, brother-in-law of Fig
gait, and an assistant in the bank was
exonerated by Figgatt of any and all
blame in the defalcation.
"Rumors are flying thick and fast from
various quarters that one of the most con-
servative men on the board of directors
has stated that there are other people
mixed up in this affair with Figgatt, out
side of the bank, and that interesting and
startling developments are likely to come
to the surface, involving others in a few
days.
''It 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 in
wolves all branches of business and wiz
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 question
of a few days before he will be appre-
hended, as he is man that can be easily
distinguished from many others.
"Figgatt has been a dissipated man for
years, and for year past has drank hard,
but he was not extravagant in his tastes
or expenditures, but simple liver. What
he has done with the money is still mys-
terry"
CANADA's CABINET.
Dissolution on the goth Instant