The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-20
THE SHORTAGE GROWING.
FTGGATS DEFALCaT ION AMOUNTS
TO NEARLY 100000.
IAsuit of a Further Exnmination-No I'd
ipgs ne to His Whereabonts--tome Ef-
feets Of the Wreck.


developments In the Bank OF Lexington
robbery by the abscondins cashier. c. NJ.
I1ggat.
President John l.. Campbell. OF the
bank. gives out the following figures ass
result OF the last investigation OF the
board OF directors: Assets from all sources
(samo as previously reported. si$.9i2.S2;
liabilities due depositors and banks
and bankers, s2l2clGS This makes
an additional shortage OF $4,000
over that previously reported IN
the statement OF the board Of directors
made Saturday. which was 5000, now
making the shortage IN sight 500 que
dcpositors. which. with the 5000. repre-
sentinS the capital stock OF the bank
runs UP the steal 10 the grand total OF
$500. which is the amount 50 far known
that F.ggat has sunk for the bank stock
holders and the cOnid.ug public as de-
positors. A private ledger Of F!ggats has
been found In which was entered 5000.
representing individual depositors, when
arc not of record In the banks books at
all. This amount Is included In the def
cit given above. As a result OF the notice
posted yesterday by the bank officers. re-
tifcates OF deposit to be handed in for
comparison with the banks books. large
mg jorlty OF the depositOrs have promptly
responded. and bank books are stacked
head high. In the examination Of these
books. and comparison OF the entries
with the banks regular set Of books. II -
found that the shortage Will be materially
Increased.
HOW HE DECEIVED THE OFFICERS.
As II is now known that Figgat's mode
of classifying the accounts of the bank
were most systematic and wide reaching
in their effect. covering. it is believed, al
most every account kept with the institu-
tion and II Is a remarkable fact that + <
ga possessed the faculty of carrying these
accounts he d!d. and successfully de-
ceiving for tweuty-threc years the best
business and financial talent OF the cOun-
~. Here Is a sample Of his system: A
depositor would deposit. say. 500. against
which he would check. say Sl4. leaving a
bd.ance OF 1886 when the directors would
20 to examine the books for balances they
would find 800 to the credit of the de-
positor, with the 81 raised 10 $}li leaving
balance on the books OF $50. In this
way Figgat pocketod $500. The accounts
were thus manipulated. balanced and re-
worked from time TO time. ana all checks
were promptly returned each month. Inc
directors had no way Of checking the
balances.
The following Is tho last statement rem
defed the bank 10y figgat. on the eth
or February, which, COMPARED with that
made by the trustee the day after the
crash shows a rotten condition:
saturday. February 9th.-Liabilitics.
oapltal stock, $4,000; surplus fund. $1,000:
pront and loss S1,2G.53; exchange. so ~.
discount and interest. S521.4G: Individual
ueposis SO6n.@7; due to banks and bank
erS' sZSoooS; total $751; SSH Assets:
Expense account, $223.63: property Geal
$500 anu anu hNtures) $500; bills and notes.
sIlo' 'oo'S3, bond account, S350D: dine
from bankers. 81. 49,. so: cash currency and
checks' s2Sos3.3S. Total. $lSlS3S17
VERY BAD SHOWING.
A glance at these figures AT once n aoo
~ evident that the bank lacked i'm aseets
sho,W.lp of the MOI ey rtoulred IN ,o,,
depcsitors ana that the stock which four
years ago readily sold at $50 per share
/. osAaT,was total loss. mo estimate
Oh inc asxets Of the bank was REGARDED "a
liberal one by those who knew IT'S
financial condition. SO far il &c shown
that when Figcat left he carried off ar
least $4,000 in cash. If not more and MS
statement LETT IN a note that he did NOT
take away a cent with him has been ok
ploded.
me bonds Of the absconding cashier
ana bank clerks amount to Sl2OOO0 which
n realized will more than cover me
amount due bankers, banks and deposit
ors, put, OF course, the $4,000 bank stock
Us dead loss to the holders on which
not cent will be realized Among the
rumors current on the street since the
failure of the bank was one 20 the effect
that the absent cashier had left pack
ages or considerable value to be deliver
ed 10 MI. {. W. irvine and Mr. J. A.
Straub. An investigation of these rumors
showed the folio wing TO be the facts of
the case.
On Saturday morning two large sealed
envelopes, one addressed to c. W. ir-
vine. and the other TO j. a Straub, were
delivered at the hotel. Mr.. Irvine opened
the package bearing his name and found
the contents to be several negotiable
notes and deed of trust on Buena Vista
lots. In which he and Mr. Figgat were
mutually interested; two bonds and cur
rency TO the amount of his last two de-
posits in the Bank of Lexington. with
the tickets of deposit. Not a word accom-
panied this package. Mr. Straub found
the package addressed TO him TO contain
Rockbridge county bonds and cash TO
nearly the amount of the balance due him
in bank. Mr.. Straub had asked Mr.. Eng
gat TO invest his money for him, and
the bonds were accompanied by a note
saying: II bought these bonds for you
several weeks ago. and have lately
charged the amount TO your account"
HAD NOT DETN CREDITED.
These gentlemen, after ample Cousidera-
ton sent for Mr.. j. l.. Campbell. pTesi-
dent OF the bank, stated the ,ase to him
and told him that they 1eld the packages
intact Upon examination of the bank
books Ii was found that the two deposits
had never been credited 10 MIR. Irvine, and
THAT MIR. Straub's account was charged
with the amount IN the envelope, Both
OF these gentlemen requested President
Campbell 10 make a full and detailed re-
port OF the foregoing facts to the board
OF directors The value of these amounts
makes something like $500. II current
reports be true there are other amounts
IN the hands of other gentlemen LETT by
Figgat, which will show up in a few
days.
The statement given the board of di-
rectors by Cashier FigSat at the regular
weekly meeting OF the board. Saturday.
February 9th. when ali accounts were
examined weekly. is as follows; $2S,59o.S5.
The bank books at close of business on
Thursday. l4th. showed. Cash and cash
items" of s22 2ii.12. j. X. Edmondson, as
sisnee. finds Cash, s6.573l2: cash tick
cts, yll29.20. The face value OF the cash
and cash tickets found by him in making
the examination was $lS. 49, There
were S6959.Ol of valueless tickets. There
was SS5s2.u cash and cash tickets OF which
there was absolutely nothing 10 be seem
OF value or of no value. The inference,
and the just one Is that the sS,5S2,n was
made away with by F1ggat just before his