The Phoenix index., 1942-02-21
Blame Maynard
Continued from Page u


the local community Of Green
wood, as the rapidly growing town
about Tuskegee campus is named
It did a thriving business, made
small loans and served as de-
pository for both the institute and
local merchants. Its closing is
definite inconvenience TO the
population in and near the school.
Tuskegee institute auditors dis
covered the first discrepancies.
Maynard has been a cashier OF
the bank since 1885, when he sue
ceeded Robert Cover, who had been
in charge for many years and who
retired because of illness. Prior
to that time Maynard, who came
to Tuskegee from Atlanta and is
graduate of Morehouse college
had served as Covers assistant.
He was highly regarded in the
community for his affability and
courteousness and had gained a
reputation for business acumen and
ShrewedneSs Unmarried, he had
acquired considerable property re-
Gently.
The story behind the alleged en-
bezzlenlent is the usual Sordid tale
of dishonesty, breach of trust, and
a foolish attempt to live beyond
ones means, that generally goes
with cases of theft in high places.
Maynard, it disclosed, always
appeared prosperous, drove expen-
sive automobiles, and bore the en-
viable reputation of having The
most luxuriously furnished res
dence in Tuskegee. He was widely
known as the most lavish host in
the community and the social al
fairs he sponsored we're eagerly
looked forward to.
Though unmarried, he had pur'
chased an impressive residence IL
the Greenwood section, which he
proceeded to equip with $50
glass enclosed bath tub and kit
chen furnishings, roughly estimat'
ed to cost we'll above the $20N
mark.
It was Just prior to his departure
for the Philadelphia meeting that
state banking auditors became
aware OF irregularities. A small
bookkeeping item dealing with the
transfer of accrued interest to his
personal account was called to the
attention of DR.. Patterson, who
also serves as president Of the
bank. At that time, it was learn
ed, no one suspected that an,
huge sum was missing.
ASKED TO RESIGN
Maynard, though he sought to
explain away the interest trans
fer. was asked for his immediate
resignation "for the best interest;
of the school,"
He left the GROUNDS to attent
the meeting called by Major r. r
Wright, president Of the Nationa
Negro Bankers association, a
philadelphia. The meeting was &
discuss the sale Of defense homo
and the development of a nationa
Negro holiday.
After Mavrard's discharge th'
task of administering the bank fel
upon his assistant, Robert Sea,
J brooks, a graduate of the school
Seabrooks. who Is believed to r.
involved also to the extent o
guilty knowledge, at least, went t.
officials and confessed the situa
ton. Maynard telephoned the banl
examiners from the east and cam
back at their invitation to hell
untangle the records whereby h
had concealed his speculations. NJ
word Of when the bank would re
sumo operations has been given
Maynard was covered by a bond o
$1,000, and Seabrooks by bond e
$1,000.
STATE TO PROSECUTE
Prosecution of Maynard, it wa
disclosed, will be completely out o
the hands of school authorities
Since the bank is chartered by tn
state. Alabama banking official
will conduct the presentation g
evidence to the Macon count
grand jury.
Bonding officials expressed q, de
sire that those responsible for tn
shortage be prosecuted.
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TT~.: Es~tA