4373. Douglass National Bank (Chicago, IL)

View Charter #12227 on SPMC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 12227
Charter Number: 12227
Start Date: June 1, 1931*
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 8b1aea43

Response Measures

Accommodated withdrawals, Public signal of financial health, Partial suspension

Other: Receiver appointed and depositors later received dividend checks in 1935.

Receivership Details

Depositor recovery rate: 46.3%
Date receivership started: 1932-05-21
Date receivership terminated: 1940-04-25
Share of assets assessed as good: 7.7%
Share of assets assessed as doubtful: 89.4%
Share of assets assessed as worthless: 2.9%

Description

Multiple articles document a depositor run in June 1931 that was halted by a van load of cash and invoking a 60-day savings moratorium. The bank later suspended/closed in mid-1932 and a receiver was appointed. Newspaper dates vary (some pieces reference May 1932, others June 1932); I use June 1931 for the run and June 1932 for the suspension/receivership. Causes: the 1931 run was triggered by failures/closures of other local banks and panic; the 1932 suspension/closure was driven by steady withdrawals, impaired securities, and loss of confidence tied to related Overton enterprises.

Events (5)

1. June 27, 1922 Chartered

Source: historical_nic

2. June 1, 1931* Run

Cause: Local Banks
Cause Details: Runs and failures of several other Chicago banks (Binga State, Lincoln State, Southside Trust, Washington Park National, etc.) sparked depositor panic and heavy withdrawals at Douglass National.
Measures: Displayed a van load of cash from correspondent bank in full view of depositors; president gave reassuring speech and invoked the 60-day (savings) moratorium clause to limit withdrawals.
Newspaper Excerpt: At one time there were four hundred people in the bank intent upon making withdrawals. Finally after assuring speech, President Overton invoked the clause on savings and the run rapidly subsided.
Source: newspapers

3. May 21, 1932 Receivership

Source: historical_nic

4. June 20, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Steady withdrawals, insufficient clearing funds, large impairments on securities and loans, and weakened confidence—partly tied to related Overton enterprises—forced directors to close the bank to attempt reorganizations.
Newspaper Excerpt: The directors of the Douglass National Bank chose discretion as the better part of valor and ordered the famous institution temporarily closed in the hope of being able to effect readjustments and reorganization.
Source: newspapers

5. June 29, 1932 Receivership

Newspaper Excerpt: That checks for twenty per cent dividends were ready for depositors of the Douglass National Bank, was announced by Clarence F. Buck, receiver for the institution, this week.
Source: newspapers

Newspaper Articles (18)

1. August 9, 1930 The Chicago Defender Chicago, IL

Article from The Chicago Defender, August 9, 1930

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3 Chicago Banks Closed by State Continued from Page fender reporters to get touch with this paper be cleared up. the Bankers that time it was State failed, and futile attempt Mr. Flowers at present "some- other national the city in Florida. 47th and South that an at the State tempt made consolidate Inquiries Binga bank Binga State, Douglass National the day of the closing brought and the Whatthe answer have no statemade it also fell give the Citizens State bank TuesPresident Overton of the Douglass National willing throw his bank withstand aid to Mr. Binga, but the fashthat Binga The The closing of the Binga Institu- said stricken have declined into the deal depositors in banks start because felt the paper held run which few the Binga State bank wasn't as survive brought about by security the Lincoln State bank strange then Mr. Binga is About year ago several directors aid Insull pursued certain officials, power in Chicago and the Middle directors, Mr. Insull check would about some embarrasing $200,000 and sent it the bank, situations. the that reported that the bank inthe full amount up. The time given short the that unable the rental The closing Thursday Last January the bank ex. Thursday night the directors visited they held meeting. talk satisfied the methods The loan there those who bethe Binga State bank have that penny the bank The lost depositors. This bank not be about until the bank living up to the letter of go over Asked to Clean Up Paper committee was appointed is that Mr. Binga say consisting Webb, be the comptroller of the Pullman the those ters Benevolent chair instead Again rumored that man; R. the being entirely group the bank races Eighth infantry the of national guardsmen; John the Dunbar in New Marshall, vice president of the bank York parole the State bank was organized 1908 the Eighth Illinois: Mr. Ebenezer Dr. Wilberforce Williams. state This committee, according and capital now to the workings the $45,000 and deposits bank, upon of discovered existence heavy worth loans. by and heavier This discovery brought in the bank sums $28,000 examiners again and and other large sums the mittee have reported the paved the posisum much larger than first placed Since the month of May the state have that the assets and effected

2. December 20, 1930 The Afro-American Baltimore, MD

Article from The Afro-American, December 20, 1930

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on Bank; Five Face Year in Jail with "grapevining" the rumor that the Douglass National Bank was threatened with- with to closing, nearly $200,000 draw prominent persons have been brought before criminal court Those the arrested but who denied their guilt are: Chandler Michigan Avenue, John Lusk, 5937 bond employ former the William the bank: the Berean BapBraddan, pastor Church chaplain Eighth Illinois Regiment; Attorney the Payne, attorney for linois Aaron Labor and Mrs. Rosie Newton, 3611 Prairie and $500 fine is the in jail year under the state penalty for circulating such rumors.

3. December 20, 1930 The Afro-American Baltimore, MD

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Cause on Bank; Five Face Year in Jail with "grapethat the Douglass vining" National Bank was with closing, to withdraw $200,000 last week, prominent persons, have been brought before the criminal court who denied Those arrested but Owen, John guilt Lusk 5937 Michigan Avenue, bond in the employ bank; the William the Braddan, pastor of the Berean Baptist Church and chaplain Eighth Illinois Regiment; Aaron Payne, attorney for and the Mrs. linois Labor Rosie Newton, 3611 Prairie Avenue. and $500 fine the A year in jail penalty under the state law for circulating such rumors.

4. June 20, 1931 The Afro-American Baltimore, MD

Article from The Afro-American, June 20, 1931

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COIN IS STACKED OF CUSTOMERS Douglass National Bank Weathers Storm which Closed 24 Others. 400 IN LINE Savings Clause is Invoked. CHICAGO. cago suffered the worst financial flurry in its history last week. white banks, several of them with heavy deposits, closed their doors within a space of three days. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. interview President Anthony Overton stated to the Associated Negro Press that the depositors of the Douglass National need have no fear to the stability of their instituaddition to the bank's liquid condition, it has back of it the Federal Reserve System well as its correspondent the Continental and Commercial, which the largest bank west New York and the strongest banks the world,' said erton. The disthe merof the Foreman National banks, $300,000,000 institution, First Half dozen important outlying institutions which the controlled were forced close the city became panicky Runs began the smaller institutions. of which closed in Southside Close Colored people, scarcely recovering from the Binga, Banker's State, Citizens Trust crashes, suffered verely The Lincoln State, 31st and State Streets. with deposits, good portion which said to belonged colored people, closed voluntarily when threatened with run. The Southside Trust and Savings, 43d and Cottage Grove Avenue, with $4,000,000 deposits and the Washington Park National with $9,000,000, both of which heavily populated districts and the dustrial 47th and State Street, smaller institution. were whose cessation of business affected colored people In most the banks affecting colored people plans foot open. Lincoln State in which Alderman Louis B. Anderson rector, and number Negroes stockholders, including Charles Jackson, and Dr. Williams, announce plans for early reopening Van Load of Money The Douglass showed remarkable strength. van load of money sent by the Continental and Commercial through which it clears. The money stacked up in sight the depositors on Tuesday gathered in numbers. At one time there four hundred people in the bank intent upon making withdrawals. Finally after assuring speech, President Overton invoked the clause on savings and the run rapidly subsided. Only Bank Open The Douglass National the only bank open from 22d Street 63d Street and Cottage Grove to Wentworth Avenues, territory comprising some 400 square blocks and including most the colored inhabitants of the city Within the year ten banks have closed this trict. The directors are said to be considering plans capturing as much of this business as possible.

5. June 25, 1931 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, June 25, 1931

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Van Load Of Money Halts Run On Bank (Continued from Page One.) ple, closed voluntarily when threatened with a run. The Southside Trust and Savings, 43rd and Cottage Grove Avenue, with $4,000,000 deposits, and the Washington Park National with $9,000,000. both of which touch heavily populated colored districts, and the Industrial at 47th and State Street, a smaller institution, were among those whose cessation of business affected colored people most. The Douglass National, the only remaining colored bank in Chicago, withstood the storm. Van Load of Money The Douglass showed remarkable strength. A van load of money was sent out by the Continental and Commercial through which it clears. The money was stacked up in sight of the depositors who on Tuesday morning gathered in numbers. At one time there were four hundred people in the bank intent upon making withdrawals. Finally after a reassuring speech, President Overton invoked the sixty-day clause on savings withdrawals and the run rapidly subsided. Only Bank Open The Douglass National is the only bank open from 22nd Street to 63rd Street and Cottage Grove to Wentworth Avenues, a territory comprising some 400 square blocks and including most of the colored inhabitants of the city. Within the year ten banks have closed in this district. The directors are said to be considering plans for capturing as much of this business as possible. In an interview President Anthony Overton stated to the Associated Neoro Press that the depositors of the Douglass National need have no fear as to the stability of their institution. "In addition to the bank's liquid condition, it has back of it the Federal Reserve system as well as its correspondent bank. the Continental and Commercial, which is the !argest bank west of New York and one of the strongest banks in the world," said Mr. Overton. In most of the banks affecting colored people plans are on foot to reopen. The Lincoln State. in which Alderman Louis B. Anderson is a director. and a number of Negroes stockholders, including Charles S. Jackson, and Dr. A. Wilberforce Williams, announce plans for early reopening.

6. June 25, 1931 The Northwest Enterprise Seattle, WA

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Bank President President of the Douglass National Bank, the only remaining colored bank Chicago stopped run on the bank last week by having van load of money stacked up in sight of the depositors.

7. June 25, 1931 The Northwest Enterprise Seattle, WA

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Van Load Of Money Halts Run On Bank (Continued from Page closed voluntarily when ened with run. The Southside Trust and Savings, 43rd and Cottage Grove Avenue with deposits, and the Washington Park National with $9. 000.000 both of which touch heav. ily populated colored districts, the Industrial at 47th and State Street, smaller institution, were among those whose cessation of business affected colored people most The Douglass National the only remaining colored bank in withstood the Van Load of Money The Douglass showed remarkable strength. load money sent out by the Continental and Commercial through which it clears. The money was stacked up in sight of the depositors who on Tuesday gathered in At one time there were four hundred people the bank intent upon mak ing Finally after reassuring speech, President Overton invoked the sixty-day clause on sav ings withdrawals and the run rapidly subsided Only Bank Open The Douglass National the only bank open from 22nd Street 63rd Street and Cottage Grove to Wentworth territory comprising some 400 square blocks and cluding most of the colored inhabitants of the city Within the year ten banks have closed in this district. The are said to be considering plans for capturing as much of this business as possible. In an interview President Anthony Overton stated to the Associated Ne. Press that the depositors of the Douglass National need have no fear to the stability of their institution. "In addition to the bank's liquid condition, it has back of the Federal Reserve system as well its correspondent bank the Continental and Commercial. which is the largest bank west of New York and one of the strongest banks in the world, said Mr. Overton. In most of the banks affecting colored people plans are on foot to reopen. The Lincoln State. in which Alderman Louis B. Anderson director. and number of Negroes stockholders. including Charles S. Jackson, and Dr. Wilberforce Williams. announce plans for early reopening. are prominently identified with the activities of Portland and will be greatly missed Mr. Troutman clerk of the Vestry board of St Philips church and has been Taithful in attendance. Mrs. Troutman an active member the church and Guild and of staunch members of Mt. Hood Chapter S. Their daughter, Miss Virginia Avery, has completed business course at the Commercial High and is also proficient at the art dressmaking. William Duncan Allen, Jr., Rob. ert Allen and Miss Nellie Allen are expected home this week from school. W. D. Allen, is instructor of music at Howard University, where "Bob" is student, majoring business administration. Miss Allen has completed the music course at Oberlin College. W. D. Allen, well known business man of Port land, the father of these talented young folks. They spend the with their father. Mr. R. Blackburn has returned from trip to Colorado and Kansas. Everyone looking forward to the first boat excursion of the season July fourth on the boat Swan. Given the Rose City Lodge No. E. of Mr. R. Blasingame the Exalted Ruler and Mr. A. Jones heads the entertainment committee. Mr. and Mrs. Robert Fagan of St. Paul are visiting in the city and enjoying visit with their friends, Mr. and Mrs. Berrie Tinseley. Mr. and Mrs. M. Chesley, cent arrivals from South Orange, were guests of Mrs. G. Randall for motor drive to many points of interest about the city and VancouWashington. Mr. and Mrs. Chesley are in the employ of R. R. Adams, new manager of the Meier and Frank's department store.

8. July 11, 1931 The Afro-American Baltimore, MD

Article from The Afro-American, July 11, 1931

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Overton Bank Ends Moratorium CHICAGO sixty-day mora torium placed by the Douglass Na. tional Bank upon withdrawal ings accounts expires August 19. moratorium was made use of to stop run on the Douglass bank when white Chicago banks failed leaving Douglass the only institution the Southside President Overton expressed the view this week that his bank was sound and certain to hold its present status.

9. May 24, 1932 Chicago Tribune Chicago, IL

Article from Chicago Tribune, May 24, 1932

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NEW WAUKEGAN BANK RECEIVER IS APPOINTED Trial of Miller and Bains Is Postponed. L. Elmer Hulse, a Waukegan real estate dealer, was appointed receiver of the closed Waukegan State bank yesterday as the trial of William H. Miller, former director of the bank, was postponed. In Chicago the trial of John Bain, head of chain of twelve banks now closed, also was postponed. Circuit Judges Edward D. Shurtleff and Ralph Dady, sitting at Waukegan, came to an agreement on the appointment of Hulse as receiver. Previously Judge Shurtleff had removed Fred W. Whitney as receiver and appointed John R. Fulton, but Judge Dady, claiming jurisdiction, ordered Whitney to continue. State Auditor Nelson, refusing to recognize either, appointed a custodian to take charge of the bank's affairs. Attorney Albert L. Hall, acting as a friend of the court and in behalf of commit seeking to organize new bank to replace the closed one, submitted the plan to the judges through which both Whitney and Fulton were asked to resign. He said the appointmentof Hulse would be satisfactory to the state auditor. In dismissing jury which had been selected to try Miller on charge of conspiracy to defraud the public through the issuance of false statements about the bank's financial condition, Judge Shurtleff said that owing to the receivership disagreement the custodian recently appointed by State Auditor Nelson had sealed records that would be needed in the trial. State's Attorney Smith said that a new bank probably would be organized by the time Miller's case is called, and he indicated that the charge against Miller and other officials of the bank would then be dropped. The Bain trial was continued because of recent decision by the Illinois Supreme court that no judge could sit in the Criminal court with. out being specificially assigned there. Judge John M. O'Connor of the Appellate court had agreed to preside at the trial, but decided he had better wait until he is duly assigned. The Douglas National bank, 3621 South State street, was closed yesterday by the board of directors. It has deposit liabilities of approximately $400,000 and a capital of $250,000. The directors said the bank is solvent but further operation would be dif ficult because of steady withdrawals.

10. May 28, 1932 Twin-City Herald Minneapolis, Robbinsdale, MN

Article from Twin-City Herald, May 28, 1932

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tributed the fail- ANTHONY OVERTON ure to a lack of confidence. He has served as president for less than a year replacing as active bank head, his father-in-law, Anthony Overton, head of numerous enterprises. For over a year the Overton enterprises, the bank, Victory Life Insurance company have been torn by dissension. The trouble came to the surface when two officials of the insurance concern, James E. Stamps and Chas. Shaw were ousted from the board of directors at the annual meeting of the stockholders. Then followed a campaign in the press between the two factions. Overton finally ousted the men from the company payroll. The ousted officials were favored by a New York faction headed by Dr. P. M. M. Savory, a heavy stockholder in the company. Overton was backed by most Chicagoans. When Hill was elected Douglass Bank president, Overton was. elevated to the chairmanship of the board. Overton's friends claim the bank is solvent and that the failure of the colored people of the Illinois metropolis to support the institution is the cause for its closing. Opponents of Overton claim the bank was mismanaged and used to further the interests of other Overton enterprises including the CHICAGO, BEE, a weekly newspaper, the Overton Securities, Overton National Finance Company, Douglass National. Securities, Great Northern Realty Company, Victory Underwriters, the cosmetic company, the Overton-Hygienic Products company and three building projects, the Overton Building, the Frances Building and the $50,000 Bee building. Rumors as to the actual standing of the bank and the other Overton enterprises have been rife in Chicago since the closing of the Binga State Bank about two years ago. The Douglass Bank has withstood successfully several runs started by these rumors. Negro business leaders the country over are expressing their regrets over the Chicago situation feeling that Negro confidence in their own business enterprises always at low ebb will be further undermined. They point to the fact that many of the biggest white owned and controlled banks and concerns have failed since the period of depression began and that business failures are not peculiar to Negro business.

11. June 2, 1932 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, June 2, 1932

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Only National Bank Owned By Negroes Forced To Suspend His Bank Closes Closing Leaves Sixth Colored Chicago Without Fireman Slain Colored Bank In Mississippi CHICAGO.-After battling valiantly but futilely against the relentless NATCHEZ, Mass.-Another Negods of the depression for more gro died a martyr to the fight of than two years, the directors of the Negro firemen to retain their place Douglass National Bank chose diswith the railroads in the South, Sunn cretion as the better part of valor day. The victim was Will Harvey, and ordered the famous institution 35 years old, fireman for the Yar temporarily closed in the hope of ZOO & Mississippi Valley Railroad. y being able to effect readjustments Shot Down On Street is and reorganization. At a coroner's inquest, witnesses d The order was forced upon the testified that Harvey was walking rs board. Ever since the financial strucalong a street on his way to the S, ture of the Negro community of railroad yards about 4 p. m., when rs Chicago's south side began to cruman automobile pulled up to the curb ly ple in July, 1930, when the Binga beside him. Several shots were fired al State Bank failed, Anthony Overton, from the car and Harvey fell morpresident and chairman of the board, tally wounded. The witnesses said and his corps of advisors had strugsomeone in the car called out as gled on with courage against a fate they drove off, "We got him." that was certain. Harvey was the sixth colored fireLast week the bank did not have man shot to death. The N. A. A. C. sufficient funds to meet its clearing P. was aroused by the reign of terror house obligations. The obligations and has taken steps to bring action were $8,000. All that the bank had to protect the colored firemen and was $5,600. punish their assailants. Slow paper and depreciated securMost of the shooting has been ANTHONY OVERTON ities strangled the institution. Withdone with shotguns from dark autodrawals increased their percentage S Chairman of the board of directors mobiles, but in a few instances guns over deposits until the bank was of the Douglass National Bank and have been used as locomotives passfaced with a condition where $1,500 of president of Victory Life Insurance ed under overhead bridges. was being withdrawn each day laCompany of Chicago, who is being Want Negroes Discharged against $300 that was deposited. discussed in many circles this week the The reign of terror is laid to emHit By Depression following the closing Friday of the A. ployment of Negro firemen, while Each day brought the institution Douglass Bank. rd, white workers go without jobs. Durnearer and nearer the brink. During ek. ing the prosperity era firemen's job eight years prior to the depression, the on the Louisiana division of the Ilthe bank had only been required to New Mississippi Bill ere linois Central were divided 50-50 make up some $80,000 in impaired rth between Negroes and whites. The securities or loans. In two years of white firemen accepted the division For White Supremacy the depression, the impairment isen because there was plenty of work amounted to nearly $300,000. Just a for both. The depression came and by week before the bank closed Richthe JACKSON. Miss. An effort to the white firemen asked a 5 per cent ard Hill, Jr., the lawyer-president emreduction in employment of Negro avoid duplication of the Texas case (Continued to page 4) firemen This request was granted in Mississippi. in which the United hers

12. June 2, 1932 The Northwest Enterprise Seattle, WA

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Colored Bank In Chicago Closed (Continued from Page 1) had worked prodigiously and successfully to restore an impairment of $113,000. Fifty per cent of this impairment was made up by assessments on stockholders and 50 per cent through the collection of loans. The closed bank has notes and securities of about $600,000, half of which are in mortgages and loans and the other half in bonds, socalled gilt-edged which suffer because of the depressed markets. The deposits at the time the bank closed amounted to $405,000. About $75,000 was in commercial accounts and the rest in savings. "At one time we purchased $20,000 worth of bonds of the Youngstown Steel and Tube Company," explained Anthony Overton, 66-yearold chairman of the board. "We bought them at $101 and later had a purchaser at $112, making eleven dollars on each bond. They seemed good to us. We purchased $5,000 worth more at $99-today they're worthy only $50." "We could open tomorrow with $20,000," Overton stated, "and run for four or .five months. But we would be forced to lead the same hand-to-mouth existence which has been ours for the past year. The depositors themselves can open the bank if they want to, The permit to organize the Douglass National Bank was granted by the comptroller of the currency appointed by President Harding soon after he was inaugurated on March 4, 1921. The organization drifted for several months, during which less than $20,000 of the proposed $250,000 capital was paid in. During May of 1922, about twelve months after the permit was granted, the organization then having raised less than $20,000 of the $250,000, Overton was called in to assist in raising the additional money. The necessary money was raised and verified and the charter granted June 27, 1922, and the bank was opened on July 1. Overton was president. At its peak, the Douglass Bank had on deposit more than a million and a half dollars. These deposits were cut down, either from necessity or fear to $405,000. More than seventy banks, only one of them colored, failed in Chicago, and, as their lights blinked out, public confidence was shaken. The bank withstood three runs. The public can only conjure the effect of permanent closing of the Douglass Bank, if only the associated Overton interests are taken into account. Mr. Overton admits that if the bank is to remain closed permanently, it would cause some concern as to the position of the Victory Life Insurance Company. There is some disposition to believe that the Overton-Hygienic Company has been kept free from entanglement, but it is not possible to report as much of the Chicago Bee and the subsidiary printing company of which the other Overton businesses were large customers.

13. June 9, 1932 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, June 9, 1932

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Seek Colored Receiver For Douglass Bank CHICAGO.-A committee of Chicagoans has been seeking the appointment of a colored man as receiver for the closed Douglass National Bank in a move led by William D. Allimono, local accountant. The name of A. M. Burroughs, an attorney, has been mentioned. The committee has been active in seeking the endorsement of various organizations and officials for Mr. Burroughs, contending that inasmuch as 95 per cent of the deposits in the bank were those of colored people and that the stockholders and officials were 100 per cent colored, that 1 a Negro should have the opportunity of administering the affairs of the S defunct institution. n Board Opposed Richard Hill, Jr., president, and Anthony Overton, chairman of the board, could not be reached over the week-end for a statement. Mr. Allimono said, however, that he t doubted whether the former officials favored the appointment of a Negro 0 since they stated that an appoint1. ment of Mr. White, a white man, who is now serving as receiver for several closed national banks, was only an appointment as "acting rer ceiver" and that a permanent official would not be named until the a bank examiners had made a report e upon the assets and liabilities of the is institution. S Appeals to Senator Glenn and Con1-1 gressman DePriest were made. Mr. DePriest informed the committee that a receiver had been named, but that he was proposing the names of several colored lawyers with the hope of having one of them serve as iattorney for the receiver. Senator on Glenn advised that the receiver, he ts understood, was already named. sh Mr. Overton is said to be endeavne oring to interest a group in reorganizing the bank. A week ago he told the Associated Negro Press that if sufficient capital could be found to reopen the institution, he would aid to the best of his ability, stepping out when the revival was accomplished to permit the election of whatever new officials were desired.

14. June 29, 1932 The Daily Worker Chicago, IL

Article from The Daily Worker, June 29, 1932

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Editor of Bee Chicago in Victory Insurance Fraud CHICAGO, the fact that the Victory Life Insurance Co., whose policy holders are almost entirely Negro was banned (from doing business in Illinois, over weeks ago, pending an investithe Chicago Bee, one of the local Negro papers, carries large two column half page advertisement the June 25th paper for more insurance in this company. The owner of the Chicago Bee and the president of the Victory Life Insurance Company the same An- thony Overton, Negro misleader reputed millionaire, who juggled the finances of the Douglass National Bank, now closed and in which thousands of Negro workers lost their last few Over $400,000 in deposits were lost when the Douglass Bank crashed few weeks ago. Overton unloaded stock of various companies in which he was interested on the bank He used funds which he borrowed from the bank to finance his paper the He managed the affairs of the insurance company swell, that the state insurance commission Members of dered the company to stop soliciting Workers' Club new business until the company was investigated. $337,000 of insurance Trial Wednesday tied up in the company. Mr. Overton still has his own paper four members which he can use fraudulently to Workers' tain new insurance business, McKiernan despite and Cooney any rulings which made to arrested and viciously tempt to safe-guard the interest the policy holders.

15. July 21, 1932 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, July 21, 1932

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# Slipping Backwarda Chicago again breaks into the news columns. Once again one of Anthony Overton's concerns makes the front page. It was first the Victory Life Insurance Company when two dismissed employes went to court to get an injunction to keep Mr. Overton from discharging them, the events that followed which including the ousting of the two employes who were directors of the company, the stormy board meetings and the publicity given the whole affair. Then came the closing of the Douglass National Bank. Now comes the news that the Victory Life Insurance company is in the hands of a receiver. The failure of big Negro business to succeed may be laid upon the general business conditions of the country. Certainly, no one expects more of America's black business enterprises than of the white ones. However, the future looks rather dark for the boy or girl when the only places of first class employment open to them are fast shutting their doors, either because of bad management or economic conditions. Go over the list in the last two years, National Benefit Co., Binga State Bank, Douglass National Bank, and on down the line. It will take the Negro 40 years to regain the lost business prestige.

16. July 22, 1932 The St. Louis Argus St. Louis, MO

Article from The St. Louis Argus, July 22, 1932

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APPOINTED ATTORNEY FOR DOUGLASS BANK nouncement made Saturday that Alva former president the Cook County Bar had been appointed the receiver the National Bank which closed June 20 The appointment made on recommendation Congressman DePriest Attorneys for the receivers of Binga State bank and Douglass National are thus The for the Douglass bank white.

17. October 20, 1932 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, October 20, 1932

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What Price Knowledge The newspapers are giving a great deal of space to the amazing tangle of Samuel Insull's public utilities dealings and the way in which the master mind of finance conducted his busines. Now, shortly after the failure of several of some of the supposed biggest banks in the country came the closing of the Binga State Bank, the failure of some Negro businesses and more recently the closing of the Douglass National Bank. Chicago was hard hit. So was Washington when the National Benefit Life Insurance company went into the hands of the receivers, the Woodman of the World in Hot Springs, Ark., couldn't continue and the Victory Life Insurance Company in Chicago went into the hands of the receivers. The Negro was following right on the heels of the white man. So with the fall of the Insull empire and the revelations that followed kept the reading world informed how the little purchaser of stock was practically fleeced. "We have no high finance," we felt and let it go at that. But here comes some news that interest our own people. Gaither Page, of Kansas City Mo., promoter of a sixstory deluxe club building with stores below and luxurous apartments above, finds himself called upon, by the small investors in the enterprises, to explain what went with the monies collected and paid out. Page kept the books "in his head." The result is the referee in bankruptcy said it was a "most mixed up affair" which he would try to straighS ten out. The Kansas citizens are out their savings. The only difference between them and the stockholders in the Insull companies is that the stockholders of the last named conS cern are out much larger money What price knowledge,

18. February 21, 1935 The Northwest Enterprise Seattle, WA

Article from The Northwest Enterprise, February 21, 1935

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Douglass Depositors To Get Dividends CHICAGO - (ANP) - That checks for twenty per cent dividends were ready for depositors of the Douglass National Bank, was announced by Clarence F. Buck, receiver for the institution, this week.