Jackson advocate. [volume] (Jackson, Miss.) 1939-current, 1942-02-21
Blame Maynard
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local merchants. It's closing is a
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 tina. time Maynard, who came
to Tuskegee from Atlanta and is q
graduate of Morehouse college
had served as Covers assistant.
He was highly regarded in the
community for his affability and
courteousness and had gained q
reputation for business acumen and
shrewedness. Unmarried, he had
acquired considerable property re-
Gently.
The story behind the alleged en-
bezzlement 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 resi-
dence in Tuskegee. He was widely
known as the most lavish host In
the community and the social af.
fairs he sponsored were eagerly
looked forward to.
Though unmarried, he had pur.
chased an impressive residence in
the Greenwood section which he
! proceeded to equip with $500
glass enclosed bath tub and kit.
chen furnishings, roughly estimat-
ed to cost well above the $2,0N
mark.
1t 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 any
huge sum was missing.
| ASKED TO RESIGN
Maynard, though he sought to
explain away the interest trans
fer, was asked for his immediate
resignation 'sfor the best Interests
Of the school,"
He left the grounds to attend
the meeting called by Major r. r !.
Wright, president Of the National
Negro Bankers association, at
Philadelphia. The meeting was to
discuss the sale of defense bonds
and the development of national
Negro holiday
After Mayrard's discharge the
task of administering the bank fell
upon his assistant, Robert Sea-
brooks, a graduate of the school.
Seabrooks. who is believed to he
involved also to the extent OF
guilty knowledge, at least, went to
officials and confessed the situa
ton. Maynard telephoned the bank
examiners from the east and came
back at their invitation to help
untangle the records whereby he
had concealed his speculations. No
word of when the bank would re-
sumo operations has been given
Maynard was covered by bond of
5000, and Seabrooks by bond Ct
5000.
STATE TO PROSECUTE
| Prosecution of Maynard, it was
disclosed. will be completely out of
the hands of school authorities.
Since the bank is chartered by the
state, Alabama banking officials
will conduct the presentation of
evidence to the Macon county
grand jury.
Bonding officials expressed a de-
sire that those responsible for the
shortage be prosecuted.