Assuming this is the same “Kit” Owsley, the following possible lead comes from a Genealogy.com “GenForum” posting of October 21, 2001:

"Illustrated History of Grayson Co Texas" Pub 1967
Charles Miller, Union Sailor, 2nd mate on the Carondolet, first gunboat to run blockade of Vicksburg, founded the Courier with KIT OWSLEY in 1867.
Notation included: Sherman Courier 10 Jan 1914

In a later posting, the same contributor suggested that additional information on Kit Owsley might be forthcoming from the newspaper in Sherman, Texas, as he has been the subject of various articles over the years.

Do you have any idea what the C.B. initials stand for?