Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1895-02-22
THE LEXINGTON, VA, BANK
WIPED OUT.
THE CASHIER STEALS si45,ooo


THE CASHIER STEALS si45,00o.
| The bank of Lexington, Va, chartered
State Bank, and the only bank there doing
general banking business, failed to open its
doors last Friday morning at the usual hour.
A notice posted on the front door announced
I that the bank was closed to permit an inves-
tigation of its affairs. The announ cement
created great surprise, as not the least sus-
picion of unsOuudness had ever been whs-
pered or thought Of.
At an early hour John L. Campbell, the
new president, only in office for few weeks,
had the directory in the bank, and experts at
work on the books. The cause of the sudden
closing of the bank was due to the unexpect-
ed departure of Mr.. q. M. Figgatt, for twenty
| five years or more cashier. He left letters
to friends saying that he was short in his &C
| counts and before leaving he made over to a
trustee all his property in favor of the bank
to make up his shortage as far as it would
60, property amounting to $4,000.
In addition to this he was bonded for $40. 900
with ten or more substantial men as surety
All day long Saturday, the streets in the
with groups of prominent town and country
people, depositors and sureties on Cashier
Figgatt's bond discussing the situation in all
| its phases. and the consensus of opinion
was surprise that Cashier Figgatt's de-
| falcations, covering period of twenty three
years-since 1872-shOuld have gone unde-
tected by the president and board of direct
Ors of the bank, who are shrewd, practical
business men, and personally interested in
the successful operation of the bank and its
affairs.
Late Saturday afternoon the following
statement was posted in the banks windows,
| as result of the work of the board of direct
ors, and the long-looked-for announcement
upon which much speculation had been made,
was eagerly read, after which the stiffness
| and surprise was painful for time:
THE BANKS STATEMENT.
The following statement shows the condi-
ton of the Bank of Lexington, as near as the
examination. made somewhat hurriedly, but
which is believed to be approximately cor
| rect, indicates
Liabilities due depositors and
banks, $198, AZ. This sum is made up as
follows: Balance due depositors, as per
ledger, $l67, AZ; due per statement, appa-
rently as per loose statements, $4,000; bal
ance due banks and bankers. $4,000.
Assets-Cash on hand, Sc, 573. IL; cash tickets
value, VI, 12o 20; Corporation bonds SIC, 800;
Manufacturing Companies bonds (estimat-
ed), 81. 600; bills and notes ESTIMATED value),
500. 900; real estate and fixtures, $4,000. To
balance, So, 200. 10; making $l9S ,402.42.
(Signed) j. K. EDMONDsON,
Trustee.
SHORT OVER $145,OOO.
This statement develops the astounding
fact that Figgatt has swamped the $4,000 Of
the banks capital stock, and in addition $780,
leaving in cash due depositors the insignifi-
cant sum of $6,573.12. The bank is therefore
short $65, 2O0.1O in cash, with only little
over Sc, 500 with which to pay depositors $72,-
600.
The Virginia Military Institute fund is out
about $40, 600. which will materially cripple
that institution for time, while the fund of
Washington and Lee University loses moth
ing. All the professors and employees of the
latter institution were paid few days ago,
and their money was deposited in this bank.
The collapse therefore, leaves them in a
badfx.
FIGGATT TOOK MONEY WITH HIM.
A prominent director of the bank, IN reply
to an inquiry if Mr.. Figgatt. the absconding
cashier, had taken any of the banks money
with him, said to newspaper man to-day
There was a deposit of $4,000 made the even
ing before the departure of Mr.. Figgatt, of
which there was evidence. but the money was
not to be found. This statement would
seem to explode the theory held here, based
upon the statement made in a note left by
Figgatt, that he did not carry a cent of the
banks money with him. Mr.. r. X. Goodwin,
brother-in-law of Mr.. Figgatt, and an assist
ant in the bank, was exhonorated by Figgatt
of any and all blame in the defalcation,
OTHER PEOPLE MIXED UP IN IT.
Rumors are flying thick and fast from all
quarters that one of the most conservative
men on the board of directors has stated that
there are other people mixed up in this aft air
with Mr.. Figgatt, outside the bank, and that
interesting and startling developments are
likely to come to the surface, involving 9TH
ers, in a few days. 1t is said that Figgatt
left here with two large yalises heavily pack
ed. and it is sHrmised that it was with funds
of the bank. The closing of the bank in:
wolves all branches of business, and will Sc
riously cripple business here for some time to
come. The County Treasurer's funds were all
in this bank.
EFFORTS TO CAPTURE HIM.
Steps have been taken to arrest the fugitive
cashier, and it is believed to be only ques-
tian Of q few days before he will be appre-
hended, as he is a man that can easily be dis
tinguished from many others. Mr.. Figgatt
has been dissipated man for years, and for
year has drank hard, but he was not ex-
trayagant in his tastes or expenditures, but a
simple liver. What he has done with the vast |
SUM of money is ereat mystery.
DESCRIPTION OF THE EMBEzzLINa CASHIER.
Z. M. Figgatt is a heavy-set man, weighs 1876
pounds, height five feet ten inches legs
slightly bowed, short gray beard, full gray
m9nstache, eyes dark gray, almost brown;
walks slightly stopped, ana very slowly on
account of soMe inward affection; full stom--
ach, rudy complexion, face fabby, very
aHable ip manner and smooth of speech.
Talks slowly and mods his head as he talks. |
His hair has been dark, but IS now two-thirds |
gray; his appearance shows him to be addicted
to drink. Always wore dark SLOUGH hat, |
and had on dark-gray suit when he left.
Age about 60 years. May now be shaved
He vent from Potefoprt county to Lexington
in 1857, and was employed as a clerk by the
late Mr.. John II. Myers in his dry goods
store. He served all through the war and
was secretary for Gen. I. J. jackson. He
went back to Lexington after the war, and as
be has often said, ''had just seventy five
l,,t L.,
ss%|s T ls s Pist{s 81 6 ' se f.