What Goes Up Must Come Down

In late 1929, Anthony Overton was perceived to be the nation’s most successful black businessman. Yet, by the mid-1930s, the public’s perception of Overton had shifted dramatically. The Great Depression’s negative impact on African American real estate values negatively impacted the profitability of both the Douglass National Bank and the Victory Life Insurance Company. Also, disclosure of Overton’s long-standing, unauthorized funneling of Victory Life funds into Douglass National resulted in his ouster as president of Victory Life. Moreover, despite creative efforts to keep it afloat, the Douglass National Bank ultimately became a casualty of the Depression. In the end, Anthony Overton retained control of the Overton Hygienic Manufacturing Company and the Chicago Bee newspaper but had lost the honorific moniker “the Merchant Prince of his Race.”