The northwestern bulletin., 1923-12-29
HEAD OF DOUGLAS
NATIONAL BANK.
SUES NEWSPAPER
Name of Cashier Is Used in
Scheme by False One Pro-
moter to Beat Investors.
FIXES EXTENT OF HARM
AT ONE MILLION DOLLARS
Anthony Overton Says Hearst
Interest Damaged Institution
by Libel0us Article.

Made the victim of a broadside
from the Chicago Herald and Exam
liner, the Douglass National Bank,
Chicago, the first and only Negro
National bank In existence, Of which
Anthony Overton is president, recoy-
cred from the blow and forced the
local dailies to a retraction Of former
news stories, and the exoneration Of
the bank from all connection with an
oil swindle bubble, the bursting Of
which, caused by an investigation d.
rected by Sheridan A. Brusseaux.
president of the keystone National
Detective Agency. resulted in a SEN
sation here this week.
Charges were made to the effect
that 75O investors had been swindled
of over half a million dollars In the
Admiral Oil Company Of this city
when 1t was learned that the presi-
dent of the concern had skipped town
and that one other important officer
was dead" L. A. Young, cashier
of the Douglass National bank, was
used by the promoters of the COM
pany to advance their schemes, his
name appearing on their prospectus.
Denies Charges.
Mr.. Overton Immediately came to
the bat to protect his institution. 1t
was made clear that the fake oil COM
panies had in no way been a part Of
the Douglass bank. Suit was filed
posthaste against the Hearst inter
ests in this city for $1.000,000 by Mr..
Overton through his attorneys, Rich
ard J. Hill and 8. A. T. Watkins, su-
preme councillor of the Knights OF
Pythias. This action on the part of
the bank president resulted in story
a column long in the local Herald Ex-
aminer, the headline of which admit
ted that the "Bank Was Unjustly
Named in Fraud"
Mr.. Overton gave the following
, public explanation: Bonds and
stocks Of the companies mentioned
were dated December, 1921. The
Douglass National bank was charter
ed June 81, 1929, and my connection
with the institution has been from
May, 1922. Apparently promoters OF
the financing corporation and the 9TH
er company involved used the name
OF the bank. When they did SO II
was without knowledge Of the bank
president or any of its other officials
The first thing I personally knew OF
any part of the transaction was some
two or three months after I took
charge Of the bank when several,
perhaps one. certainly not more than
three, coupons came in by mail from
a small town in Western New York
for redemption.
Warns Investors.
az started to find out what 1t was
all about and the directors took the
matter up. A notice was even posted
In the bank, warning depositors not
to consider any bond proposition In
which the name Of the bank was used
unless they personally saw me first. >
Thus the baby National banh
among Negroes comes out with clear
skirts in its first clash with race
prejudice.
Mr.. overton Is native OF Kansas
a graduate OF the State University
and since his youth has been various
ly engaged in business enterprises
He il known as a man Of few words
and decisive action. Besides being
president Of the Douglass Nationa
bank, Is the founder and owner of the
Overton Hygienic Company, which
institution alone is valued at ovel
one-auarter million dollars. He Il
regarded as one Of the most thorough
going business men OF the race.